Joseph Otting was sworn in this week as the 31st Comptroller of the Currency after being confirmed by the U.S. Senate on Nov. 16.
Otting was nominated by President Donald Trump to replace acting comptroller of the currency Keith Noreika, who had served in that role since May when Thomas Curry stepped down after completing his term.
“Job creation and economic growth are part of the President’s agenda, and banks can support those goals by providing capital and financial services to the consumers, business, and communities they serve,” Otting said. “The nation needs the federal banking system to be safe and sound and to deliver its products and services in formats that are available to everyone. By doing so, the system will continue to be a source of strength for the economy and the nation. Just as community banks are anchors in their neighborhoods, the nation’s most complex and internationally active banks fuel industry and economic activity on a grand scale.”
Before becoming comptroller, Otting was president of CIT Bank and co-president of CIT Group from August 2015 to December 2015. From October 2010 through December 2015, he served as president and CEO of OneWest Bank. Overall, he’s worked in the banking industry since 1986.
“As comptroller, I look forward to enhancing the value of national bank and federal savings association charters, reducing unnecessary burden, and promoting economic opportunity while maintaining the safety and soundness of the federal banking system,” Otting said. “The OCC will operate as effectively and efficiently as possible and provide an environment that inspires engagement from every OCC employee. To achieve those things, I will rely on an open and inclusive process that seeks the voices of all of the stakeholders of the federal banking system.”
Otting holds a bachelor of arts in management from the University of Northern Iowa and is a graduate of the School of Credit and Financial Management at Dartmouth College.