Joseph Otting became the 31st Comptroller of the Currency, after being sworn into office by Treasury Secretary Steven T. Mnuchin on Nov. 27, 2017. Otting takes the helm at the Office of the Comptroller of the Currency in place of Keith Noreika, who had been serving as Acting Comptroller since May 2017 when Thomas J. Curry stepped down after completing his term as Comptroller. Commenting that it was an honor to have been nominated by President Donald Trump and confirmed by the Senate, Otting stated that he looks forward “to enhancing the value of national bank and federal savings association charters, reducing unnecessary burden, and promoting economic opportunity while maintaining the safety and soundness of the federal banking system.”
In his remarks after being sworn into office, Otting noted that “[j]ob creation and economic growth are part of the President’s agenda, and banks can support those goals by providing capital and financial services to the consumers, business, and communities they serve.” Otting commented that, based on his personal experience in the banking industry, he knows of “the challenges bankers face as they work to meet customer needs while coping with unnecessary regulatory burden that makes it more difficult and complicated than necessary.” Further, Otting said that “bankers support regulation, but effective regulation evolves with the changing needs of the nation and should be reviewed and modified as those needs change.”
Otting’s background. Otting, who worked for a number of regional banks during his career, most recently was managing partner of Ocean Blvd LLC and Lake Blvd LLC. While the White House observed that Otting previously served as President and CEO of OneWest Bank N.A. and as Vice Chairman of U.S. Bancorp., Otting’s nomination had been opposed by some Democrats, and some consumer groups, because One West Bank was the subject of a 2011 Office of Thrift Supervision enforcement order arising from its mortgage foreclosure practices. Further, according to Congresswoman Maxine Waters (D-Calif), when Otting was nominated as Comptroller of the Currency, One West Bank still was under investigation—stemming from the bank’s dealings with the Federal Housing Administration.
Otting holds a B.A. from the University of Northern Iowa and is a graduate of the School of Credit and Financial Management at Dartmouth College.
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