Joseph Otting, former banker, sworn in as top U.S. bank regulator

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WASHINGTON, Nov 27 – Joseph Otting, a former
banking executive and associate of U.S. Treasury Secretary Steve
Mnuchin, was sworn in as U.S. comptroller of the currency on
Monday to serve as the leading regulator of national banks.

Otting will oversee big banks such as Bank of America Corp
, JPMorgan Chase & Co and Wells Fargo & Co.

He spent more than 30 years as a banker with stints at
U.S. Bank and Union Bank and was most recently chief executive
officer of OneWest, the California lender started by Mnuchin
after the 2008 housing crisis.

Otting said on Monday that thriving banks could help advance
President Donald Trump’s goal of improving the economy.

“Job creation and economic growth are part of the
president’s agenda and banks can support those goals,” Otting
said in a statement.

As the day-to-day regulator for large lenders, the Office of
the Comptroller of the Currency is responsible for writing
banking rules and helping to monitor the health of Wall Street.

-(Reuters)