A former acting top regulator of national banks announced his retirement Friday, as other executive changes were announced by the agency.
Blake Paulson, who served as acting comptroller of the currency – the top position in the Office of the Comptroller of the Currency (OCC) – in 2021, and who most recently served as senior deputy comptroller for supervision risk and analysis, said he was retiring effective Aug. 31. He joined the agency in 1986 as a bank examiner, rising through the ranks to the top position – one he held for nearly five months – in the agency.
He succeeded Brian Brooks in January 2021 as acting comptroller (a position Brooks held since the resignation in May 2020 of Comptroller Joseph Otting). Treasury Secretary Janet Yellen in May 2021 named Michael J. Hsu acting comptroller; Paulson then reassumed the role of senior deputy comptroller and chief operating officer at the agency. In July 2021, Hsu announced that the chief operating officer role of the OCC was being “retired.” Paulson then took on a new role as senior deputy comptroller for supervision risk and analysis. That position was created, the agency said last year, after realigning its economics, supervision system and analytical support, and systemic risk identification support and specialty supervision units under the new office to be overseen by Paulson.
Taking on that position, as of July 1 and in an acting capacity, will be Jay Gallagher, deputy comptroller for systemic risk identification support and specialty supervision (SyRIS), the agency said. In the role, OCC said, Gallagher he will lead the agency’s economics, supervision system and analytical support, and SyRIS units.
Other changes announced by the agency Friday include:
- Peggy Sherry has been named acting senior deputy comptroller for management and chief financial officer. Her most recent position was principal deputy comptroller for management and deputy chief financial officer. Sherry replaces Kathy Murphy, who will be participating in the agency’s new sabbatical program for executives who have demonstrated exceptional leadership and service to the agency; she will spend up to one year in the program.
- Beverly Cole has been named acting senior deputy comptroller for midsize and community bank supervision (MCBS); she was most recently deputy comptroller for the northeast district. Cole replaces Sydney Menefee, who the agency said has announced her intent to depart the agency.