Otting Confirmed as Comptroller of the Currency

The Senate today voted to confirm former bank CEO Joseph Otting as comptroller of the currency. Otting is a former president and CEO of California-based OneWest Bank, where he worked closely with now-Treasury Secretary Steven Mnuchin. He was confirmed by a vote of 54 to 43, with all Republicans plus Democratic Sens. Heidi Heitkamp (N.D.) and Joe Manchin (W.Va.) voting in favor.

American Bankers Association President and CEO Rob Nichols congratulated Otting on his confirmation. “The OCC was created more than 150 years ago to promote a vigorous and healthy national banking system, and Comptroller Otting is well prepared to handle this critically important task,” he said. “Given his wealth of experience, we know he understands the important role that banks play in promoting economic growth.”

Otting served as president and CEO of OneWest following the 2009 purchase of failed thrift IndyMac by the investor group led by Mnuchin. He left OneWest in 2015 following the bank’s acquisition by CIT Group. Previously, he held senior roles at U.S. Bank, including serving as vice chairman for commercial banking, head of commercial banking in the Minneapolis-based bank’s eastern region and market president for Oregon. Earlier in his career, Otting held management roles at MUFG Union Bank and Bank of America.

Nichols also thanked Keith Noreika, a lawyer who has served as acting comptroller since May. “His thoughtful review of bank rules and regulations has laid an excellent foundation upon which Comptroller Otting can continue to build,” he said. “We thank him for his service to the nation.”