Posted May 4, 2017
On May 3, the Treasury Department announced that attorney Keith Noreika will temporarily replace Thomas Curry to lead the OCC, effective May 5. Furthermore, the Trump administration is rumored to be considering Joseph Otting to fill the role on a permanent basis. Mr. Otting’s resume includes stints at U.S. Bancorp, CIT, and then as CEO of OneWest following the merger.
This shift at the OCC marks the administration’s first imprint on major bank regulatory agencies. Administrative relief through the regulatory agencies is likely to be the primary avenue for changes to the regulatory regime in the near term. Secretary Mnuchin’s June 2017 Dodd-Frank report will likely serve as the roadmap for these efforts.