New Comptroller of the Currency Sworn In

Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting was nominated by President Donald J. Trump in June 2017, and confirmed by the U.S. Senate on November 16, 2017. He will serve a five-year term as Comptroller.

Mr. Otting succeeds Keith A. Noreika, who has served as Acting Comptroller of the Currency since Thomas J. Curry stepped down in May 2017. Before joining the OCC, Mr. Otting was a longtime banking executive, having served as President of CIT Bank, Co-President of CIT Group and Vice Chair of U.S. Bank.

In a statement, Mr. Otting said that his experiences have informed his commitment to implementing effective regulation:

“As a career banker, I know firsthand the importance of effective supervision and the value that OCC examiners and other professionals provide. I also know the challenges bankers face as they work to meet customer needs while coping with unnecessary regulatory burden that makes it more difficult and complicated than necessary. In my experience, bankers support regulation, but effective regulation evolves with the changing needs of the nation and should be reviewed and modified as those needs change.”