Simply two months after becoming a member of the Workplace of the Comptroller of the Foreign money as chief working officer and first deputy comptroller, Brian Brooks has now ascended to the highest job on the banking regulator.
On Friday, Brooks formally turned the appearing comptroller of the forex when Joseph Otting stepped down from the position.
Otting introduced his departure final week, simply sooner or later after the OCC launched its last rule on “strengthening and modernizing” the CRA, which requires banks to satisfy the credit score wants of all communities they serve, together with low- and moderate-income neighborhoods.
Brooks is new to the OCC, however is aware of each Otting and Division of the Treasury Secretary Steven Mnuchin effectively.
Brooks and Otting each beforehand labored with Mnuchin at OneWest Bank, which Mnuchin and his companions at Dune Capital Administration shaped after shopping for the stays of IndyMac Federal Bank from the FDIC in 2009. Mnuchin and his companions later bought OneWest to CIT Group in 2015.
Otting served because the CEO of OneWest from 2010 till 2015, whereas Brooks served as OneWest’s vice chairman and chief authorized officer.
Mnuchin spoke extremely of Brooks final week when Otting introduced his departure.
“I am confident that Brian will lead the agency effectively during this challenging time,” Mnuchin stated in a press release. “He recognizes the importance of a robust federal banking system to the health and strength of the nation’s economy and has the skills and experience to succeed in this important role.”
As for Brooks, his first act as comptroller was to put out his mission for the banking regulator, citing the current challenges banks have confronted within the wake of the pandemic and casting a watch to the longer term.
“I am deeply honored to serve my country as Acting Comptroller of the Currency and lead this important and prestigious agency during this challenging time,” Brooks stated in a press release.
“Over the past several months, the federal banking system has been integral to the nation’s response to COVID-19. It has been a central means to deliver relief to businesses and consumers and has continued to function admirably under significant stress. Banks and savings associations entered this crisis well positioned to play this important role. They remain a source of strength for the economy and an engine of opportunity,” Brooks continued.
“The nation can rely on the federal banking system due in large part to the 3,600 men and women of the Office of the Comptroller of the Currency who have maintained a flexible regulatory framework in which banks can evolve to meet the needs of their communities; rigorously examined banks to ensure their safe, sound, and fair operation; and when necessary exercised our authority to enforce corrective action,” Brooks stated.
“An agency with a 157-year history understands COVID-19’s seemingly long shadow is temporary. While managing through its effects will take significant focus and effort, we must not lose sight that we aim toward a longer, brighter purpose,” Brooks added. “We should approach our work not just with an eye to the next year, but to ensure the federal banking system adapts to the changing needs of consumers, markets, and the nation for the next 50 or 100 years.”
To that finish, Brooks laid out 4 priorities for the OCC shifting ahead, together with:
Construct upon accountable innovation to assist the banking system sustain with modifications in the best way American customers and companies handle their funds. Improve the power of the federal banking system by enhancing the scope and relevance of the nationwide constitution.Guarantee banks serve their total group by means of honest entry to credit score, capital, and monetary providers.Present OCC staff partaking, rewarding, and difficult profession alternatives.Based on Brooks, innovation is a “personal passion of mine.”
“The OCC can build on its foundation of innovation to provide banks and thrifts the regulatory certainty, the flexible framework, and oversight that allows them to evolve and capitalize on technology and innovation to deliver better products and services, to operate more efficiently, and to reduce risk in the system,” Brooks stated.
“We should support banks’ use of new technology, products, and models that safely and fairly accelerate the velocity of money, create greater financial inclusion, and empower consumers and businesses with more control over their financial affairs.”
In closing, Brooks honored Otting for his service on the OCC and thanked Mnuchin for naming him appearing comptroller.