New OCC Acting Comptroller References Upcoming Review Of Key Regulatory Standards

-

- Advertisment -

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
WFC
, JPMorgan Chase
JPM
, and Bank of America
BAC
. Treasury Secretary Janet Yellen picked Hsu, who previously served as an Associate Director in the Division of Supervision and Regulation at the Federal Reserve Board of Governors.

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.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. AllStocksNews.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Owen Mayhttps://allstocksnews.com
Owen May is the editor-in-chief of AllStocksNews. He has a master's in economics and you will find him covering various topics.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Latest News

July 4 celebrations could be hit by shortage

Another possible shortage might mean the sky isn't as bright this Independence Day.Weeks ahead of July 4th festivities, Phantom...

Jada Pinkett Smith Shares Tupac Poem For His 50th Birthday

Image Source: Getty / Kevin.Mazur/INACTIVE Jada Pinkett Smith is remembering Tupac Shakur on what would have been his 50th birthday...

‘It was exhaustion, it was sadness, it was fatigue’: America’s mayors call it quits

Before the pandemic, anti-vaxxers were mostly fringe groups. Now, Covid culture wars and red state laws to restrict vaccine...

Exploring Fractional Collateral Backing for Stablecoins

What defines collateral and value? Recent insights from Caitlin Long, a Wall Street veteran and the Founder and CEO...
- Advertisment -