Report That Trump Preparing to Replace Head of OCC, Agency That Affects Consumers

WSJ has a story here (behind paywall).  The OCC famously declared state anti-predatory lending laws preempted as to national banks, which probably worsened some of the subprime lending leading to the Great Recession.  It also received 700 whistleblower reports about Wells Fargo employees gaming the incentive plans (that led to the unauthorized accounts scandal) back in 2010 but dropped the ball.  So this is an agency that affects consumer protection. The current agency head is Thomas Curry, an Obama appointee, whose term has expired but who is staying on for the moment. According to the WSJ:

President Donald Trump could soon replace Mr. Curry with an acting head of the agency, who would serve until a new comptroller is confirmed, these people said. The change could happen as soon as this week, they said.

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People familiar with the matter said Mr. Trump is considering for the job Joseph Otting, a former banker who worked with Treasury Secretary Steven Mnuchin at OneWest Bank.

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The administration is considering naming as acting comptroller Keith Noreika, a banking lawyer at Simpson Thacher & Bartlett LLP * * *


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