The Washington Post: Top banking regulator, Joseph Otting, announces departure during pandemic

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The Washington Post, May 21, 2020: Top banking regulator, Joseph Otting, announces departure during pandemic

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A top banking regulator, Joseph Otting, announced Thursday that he will step down, a day after finalizing a sweeping overhaul of a 40-year anti-redlining law widely criticized by Democrats as potentially harmful to minority and low-income communities.

Otting did not offer a reason for his departure, which comes halfway through his five-year term as comptroller of the currency and during a global pandemic that is testing the resiliency of the U.S. financial system. His last day will be May 29.

Treasury Secretary Steven Mnuchin appointed Otting’s deputy, Brian P. Brooks, to take over the Office of Comptroller of the Currency on an acting basis. Brooks was once a top executive at OneWest Bank, which Mnuchin owned and where Otting served as chief executive. Brooks “recognizes the importance of a robust federal banking system to the health and strength of the nation’s economy and has the skills and experience to succeed in this important role,” Mnuchin said in a statement.

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