As reported by several media outlets earlier this week, Comptroller of the Currency Joseph Otting today announced that he would step down from office on May 29. Brian Brooks, a former vice chairman at OneWest Bank and general counsel at Fannie Mae banker who joined the OCC last month as first deputy comptroller and COO, will serve as acting comptroller upon Otting’s departure.
Otting’s exit from the agency comes just after the OCC moved unilaterally yesterday to finalize its Community Reinvestment Act modernization proposal—a longstanding priority for Otting since he became comptroller in November 2017.
“On his watch, Comptroller Otting took important actions that will help stabilize and grow the economy, and he started the long-overdue national conversation on modernizing CRA rules,” said ABA President and CEO Rob Nichols. “We welcomed his interest in hearing from all stakeholders, and we know the OCC will continue in that spirit when Brian Brooks takes over as Acting Comptroller.”