Reports: Otting tells staff he will submit resignation by week’s end, on same day CRA rewrite finalized

On the same day that his agency finalized what is arguably the most momentous regulatory action of his tenure in rewriting anti-redlining rules, the comptroller of the currency announced his resignation will be submitted by week’s end, according to reports Wednesday.

According to reports, Comptroller Joseph Otting shared these plans Wednesday with staff at the Office of the Comptroller of the Currency (OCC). Otting has been comptroller since November 2017.

Earlier in the day, the OCC announced it had finalized new rules for implementing the Community Reinvestment Act (CRA). The FDIC, which had joined the national bank regulator in proposing the rules, declined to join in issuing the final rule. Meanwhile, the American Bankers’ Association issued a statement that was, at best, unenthusiastic about the OCC’s final rule on CRA.

Also according to reports, OCC Chief Operating Officer Brian Brooks will take over as comptroller, effective May 29.

Brooks has been COO and first deputy comptroller (a position that is designated by the Treasury secretary) since April 1. He joined the agency from Coinbase, Inc., where he served as chief legal officer since September 2018. He previously served as executive vice president, general counsel, and corporate secretary of Fannie Mae. He also served as a member of the senior executive team of OneWest Bank, N.A., from 2011 to 2014. Prior to joining OneWest, he served as managing partner of the Washington, D.C., office of O’Melveny & Myers LLP.

To take the OCC position a little less than two months ago, Brooks stepped down from the boards of directors of Fannie Mae, where he had served since March 2019, and Avant (an online lender), where he had served since 2017.

He holds a bachelor’s degree from Harvard University in government and a law degree from the University of Chicago.

Otting’s impending resignation was first reported by the Wall Street Journal; Politico reported Otting’s Wednesday announcement to staff and appointment of Brooks.

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