Trump picks regional banker as key U.S. bank regulator
Washington — President Donald Trump has chosen a regional banker as his nominee for a key government position in bank regulation.
Trump has chosen Joseph Otting as comptroller of the currency, heading a Treasury Department agency that is the chief overseer for federally chartered banks. If confirmed by the Senate, Otting will play a role in the Trump administration’s efforts to ease rules written under the Dodd-Frank law that stiffened financial regulation after the 2008-09 crisis.
The Office of the Comptroller of the Currency charters and supervises national banks and savings and loans.
Otting was CEO from 2010 to 2015 of OneWest Bank, where he worked with then-chairman Steven Mnuchin, who is now Treasury secretary. Democratic lawmakers have accused Mnuchin of running a “foreclosure machine” at OneWest.
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