U.S. Treasury Secretary Janet Yellen appointed Michael Hsu, currently a regulator at the Federal Reserve, to the role of acting comptroller of the currency.
Hsu’s official title at the Office of the Comptroller of the Currency (OCC) will be first deputy comptroller, but Yellen said Friday in her announcement that he will also serve as acting comptroller, effective Monday.
“Mike has devoted his career to the stability and supervision of America’s banking system. He is among the most talented and principled regulatory officials that I have had the pleasure of working with, and I am confident he will execute this role with integrity and efficiency,” Yellen said.
Hsu will replace Blake Paulson, a longtime OCC official who was named acting comptroller in January.
Hsu currently serves as an associate director in the Federal Reserve’s Division of Supervision and Regulation.
President Joe Biden has yet to name his nominee to head the OCC, a position that requires Senate confirmation. Michael Barr, a University of Michigan professor who worked in the presidential administrations of Bill Clinton and Barack Obama, was initially viewed as the favorite.
But several outlets, including Politico and American Banker, have reported Biden is now much closer to naming UC Irvine Professor Mehrsa Baradaran as his nominee to lead the OCC.
Politico also reported Manny Alvarez, currently commissioner of the California Department of Business Oversight, is another candidate under consideration by Biden.
Aaron Nicodemus covers regulatory policy and compliance trends for Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass.
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