OCC Comptroller Otting to Step Down; Temporary Replacement Named

Comptroller of the Currency Joseph M. Otting announced his resignation. The OCC named First Deputy and Chief Operating Officer Brian P. Brooks as Acting Comptroller. Mr. Otting's final day will be May 29, 2020.

The OCC stated that under Mr. Otting's leadership, the agency (i) "strengthened and modernized" rules to enact the Community Reinvestment Act, (ii) took steps to prevent predatory lending and (iii) revised rules to facilitate the implementation of Dodd-Frank. The OCC also cited "decisive[]" efforts the agency took in the midst of the COVID-19 pandemic to ensure the continued functioning of the banking system.

Mr. Otting's temporary replacement, Mr. Brooks, joined the OCC in 2018 after acting as Chief Legal Officer of Coinbase, Inc. Mr. Brooks previously worked as Executive Vice President, General Counsel, and Corporate Secretary of Fannie Mae, and before that Vice Chairman and Chief Legal Officer at OneWest Bank, N.A.