OCC names agency veteran to head new division created in realignment

Jay Gallagher will, beginning Oct. 1, head one of the two new divisions created by the Office of the Comptroller of the Currency (OCC) as part of its supervision “realignment” announced this summer, the agency said Thursday.

Gallagher will be the deputy comptroller for the OCC’s new Systemic Risk Identification Support and Specialty Supervision unit. He will serve as a key advisor to the Committee on Bank Supervision (CBS) and other OCC senior leaders, the Chief Operating Officer, and the Comptroller on supervisory program matters, the agency said in an announcement.

Announcing its supervision realignment plans in July, the OCC said the Systemic Risk Identification Support and Specialty Supervision unit will bring together lead experts from Large Bank Supervision and Midsize Bank Supervision as well as teams responsible for the supervision of trust companies from the Northeastern District National Trust Banks team and significant service providers from Bank Supervision Policy.

Gallagher, the agency said Thursday, will “provide executive direction and set goals and objectives for a portfolio of nationally chartered trust banks and non-bank service providers, as well as the Lead Expert and Compliance Officer program supporting Large and Midsize Bank supervision and systemic risk identification.”

Gallagher is currently the Large Bank Supervision team lead responsible for capital markets, asset management, and capital activities. He has also served in the Midsize and Community Bank Supervision unit as an asset management expert and “was instrumental in the supervision of complex national trust banks,” the OCC said.

Gallagher joined the OCC in 1992 after earning a bachelor’s degree from Bloomsburg University in Pennsylvania. Prior to joining the OCC, he served in the U.S. Marine Corps.

Jay Gallagher Named Deputy Comptroller for Systemic Risk Identification Support and Specialty Supervision