Banking

5 policy challenges awaiting next OCC chief

WASHINGTON — After months of suspense over when the Biden administration would name an acting comptroller of the currency, reports began to circulate this week that the Treasury Department was set to appoint Michael Hsu, a senior Federal Reserve official, to the post.

It is still a mystery whom the administration plans to nominate for the permanent job after several names were floated. The new leadership of the Office of the Comptroller of the Currency will face a long to-do list of difficult policy questions ranging from reforming the Community Reinvestment Act to determining how the agency proceeds with its efforts to offer charter options to fintech firms.

An interim comptroller would likely play a key role advancing the ball on several issues until the administration’s nominee is confirmed.

If Hsu is officially tapped for the job, Democrats would welcome the move. Many have blamed the White House for leaving the agency on autopilot since Trump appointee Brian Brooks stepped down at the end of the prior administration and the baton shifted to Blake Paulson, an OCC career veteran. They say the delay in naming a new acting comptroller has wasted time on making progress on several policy fronts.

Here are five policy areas that will face a future comptroller of the currency on day one.



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