OCC’s Otting Confirmed: Another Former OneWest Executive Takes Reins

Financial Services Law

On a largely party-line vote, the Senate has confirmed former OneWest president Joseph Otting as Comptroller of the Currency. With acting Comptroller Keith Noreika now out the door, Otting follows former OneWest leader (and current Treasury Secretary) Steven Mnuchin into a position of senior leadership in the Trump administration, a further reward for Mnuchin’s support during the Trump campaign. While it is not known as yet what positions Mr. Otting will pursue, most observers expect him to continue the direction already taken by Noreika on initiatives such as the proposed special-purpose national bank charter for fintech, as my colleague Craig Miller discussed last week.

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