Mr. Michael Hsu started work yesterday as the new Acting Comptroller for the Office of the Comptroller of the Currency, the U.S. regulatory agency overseeing the largest federal banks such as Wells Fargo
Hsu, in speaking to the agency staff at the OCC on his first day today, indicated an upcoming, “…review of key regulatory standards…that will take into account a full range of views, both external and internal.” The new Acting Comptroller described the review as one where he wants, “…to make sure that we distinguish the forest from the trees, that changed circumstances due to the pandemic are considered, and that all alternatives are evaluated.”
Hsu’s referenced in his talk to employees that, “Technological change and digitalization have accelerated and are changing how people and businesses bank.” Other areas of concern laid out in his speech included the pandemic’s disproportionate impact on vulnerable communities, climate change, and complacency in risk-taking in a “phase of growth and heightened competition”.
Hsu described himself as a “career public servant and a bank supervisor at my core”. In describing his love of bank supervision, he described how it is dynamic, where, “curiosity, collaboration, and problem solving are valued and key to being effective as things change.”
At the Fed, Hsu led the Large Institution Supervision Coordinating Committee (LISCC) Program, which supervises the global systemically important banking companies operating in the United States. Prior to this, Hsu served at the International Monetary Fund, the U.S. Department of the Treasury, and the Securities and Exchange Commission, and had originally started his career in 2002 as a staff attorney in the Federal Reserve Board’s Legal Division.
Blake Paulson, who had served as Acting Comptroller since January 14 and had replaced Acting Comptroller Brian Brooks, will serve as Chief Operating Officer of the OCC. The full text of Hsu’s speech to employees can be found here.