The Senate has confirmed the nomination of Joseph Otting as the next Comptroller of the Currency by a 54-43 vote. The vote was almost strictly on party lines, with only two Democrats voting in favor of confirmation. Otting’s term will run for five years.
Otting has worked for a number of regional banks and most recently was managing partner of Ocean Blvd LLC and Lake Blvd LLC. The White House release when his nomination was announced noted that he previously served as President and CEO of OneWest Bank N.A. and as Vice Chairman of U.S. Bancorp. He holds a B.A. from the University of Northern Iowa and is a graduate of the School of Credit and Financial Management at Dartmouth College.
Otting’s nomination was opposed by the Democrats, and some consumer groups, because One West Bank was the subject of a 2011 Office of Thrift Supervision enforcement order arising from its mortgage foreclosure practices. The bank also was fined for defrauding the Federal Housing Administration and was under investigation at the time of the appointment, according to Rep. Maxine Waters (D-Calif).
The new Comptroller will replace Keith Noreika, who has been Acting Comptroller since he replaced Thomas J. Curry on May 5, 2017.
Companies: Lake Blvd LLC ; Ocean Blvd LLC; One West Bank N.A.
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