Business
08:12, 28-Nov-2017
Former banker Joseph Otting sworn in as top US bank regulator
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Joseph Otting, former banking executive and associate of US Treasury Secretary Steve Mnuchin, was sworn in as Comptroller of the Currency on Monday to serve as the leading regulator of national banks.
Otting will oversee major banks such as Bank of America Corp, JPMorgan Chase & Co and Wells Fargo & Co.
He spent more than 30 years as a banker with stints at US Bank and Union Bank and was most recently chief executive officer of OneWest, the California lender started by Mnuchin following the 2008 housing crisis.
Otting said on Monday that thriving banks could help advance President Donald Trump’s goal of improving the economy.
“Job creation and economic growth are part of the president’s agenda and banks can support those goals,” Otting said in a statement.
As the day-to-day regulator for large lenders, the Office of the Comptroller of the Currency is responsible for writing banking rules and helping to monitor the health of Wall Street.
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Source(s): Reuters