White House to Nominate Banker Joseph Otting to Top Bank Oversight Post

Source: The Wall Street Journal.

White House to Nominate Banker Joseph Otting to Top Bank Oversight Post

Comptroller oversees most federally chartered banks, including Citigroup, Bank of America, J.P. Morgan Chase

By Ryan Tracy
June 5, 2017 9:24 p.m. ET

WASHINGTON - President Donald Trump will nominate Joseph Otting to a post overseeing federally chartered banks, a move that would place a former banker in a key role as the Trump team reviews financial regulatory policies.

The White House announced late Monday it intends to nominate Mr. Otting to be comptroller of the currency. The Senate will have to confirm him, a process that could take months. He had previously been reported as a candidate for the job and would replace Keith Noreika, the acting comptroller. The Trump administration installed Mr. Noreika about a month ago to replace former President Barack Obamas comptroller. ... Not much is known about Mr. Ottings regulatory views. But he is expected to adopt a similar tone to other Trump administration officials, who have called for a review of banking rules they say went too far under Mr. Obama and are curbing legitimate lending.
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Mr. Otting has worked in banking for decades. He began his career at Bank of America. At Union Bank NA in the 1990s, he was in charge of lending to medium-size companies. He later moved to U.S. Bancorp., where he helped build a middle-market business and oversaw an expansion of the lenders presence in California.

In 2010, he was hired as chief executive of OneWest, now owned by CIT Group. He was a lieutenant of Treasury Secretary Steven Mnuchin, who was chairman of OneWest. Among Mr. Ottings tasks was convincing regulators and community groups that the merger with CIT should proceed. ... OneWest was accused of abusing homeowners during the foreclosure process, a charge the bank disputed. Mr. Mnuchin faced questions about those issues during his confirmation hearing earlier this year, but the Senate confirmed him by a 53-47 vote.
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Appeared in the June 6, 2017, print edition as 'Trump Set To Nominate Otting for Comptroller.'

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White House intends to nominate banker Joseph Otting to top bank oversight post

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Previously at DU:

The White House just used a brazen backdoor move to bypass the Senate
https://www.democraticunderground.com/10029043059