A former high lawyer at Coinbase is about to take the highest job at a serious U.S. bank regulator, at the very least briefly.
Brian Brooks, the primary deputy comptroller and chief working officer within the Workplace of the Comptroller of the Forex (OCC), is poised to turn into performing comptroller as his boss, Joseph Otting, is planning an imminent departure.
Otting can be stepping down after reforming guidelines designed to stop monetary establishments from discriminating in opposition to low-income and minority people, Politico Professional reported Tuesday, and he intends to announce his departure after the brand new guidelines are finalized this week. The Wall Avenue Journal additionally reported Otting’s plans.
Brooks, because the First Deputy, will tackle the position of Appearing Comptroller of the Forex till U.S. President Donald Trump nominates a everlasting candidate and the U.S. Senate confirms them. The OCC is the one entity that charters nationwide banks within the U.S.
Neither outlet had a agency timeline for his departure.
Brooks took the position of First Deputy barely two months in the past, however has already introduced his help of a constitution which might permit crypto – and different fintech corporations – to be licensed by means of a nationwide regime, quite than have these firms safe cash companies enterprise licenses on a state-by-state foundation.
Previous to becoming a member of the OCC, Brooks was chief authorized officer at crypto exchange Coinbase. In recent times, he is additionally held management and advisory roles at Fannie Mae, and notably was the vice chairman of OneWest Bank between 2011 and 2014. OneWest was based and owned by Steven Mnuchin, now the U.S. Treasury Secretary who appointed Brooks to his OCC position.
Otting was additionally at OneWest, as president and CEO between 2010 and 2015.
A spokesperson for the OCC couldn’t instantly be reached for remark.
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