Today, Michael Hsu began serving as the Acting Comptroller of the Currency.  This past Friday, the Treasury Department announced that Mr. Hsu had been designated Acting Comptroller by Secretary of the Treasury Yellen.

Mr. Hsu replaces Blake Paulson, who served as Acting Comptroller of the Currency since January 14, 2021.  Mr. Paulson is returning to his role as the Senior Deputy Comptroller and OCC Chief Operating Officer.

President Biden has not yet announced his nominee for Comptroller.  While serving as Acting Comptroller, Mr. Paulson did not signal any intention to revisit the positions taken by the OCC under the leadership of former Acting Comptroller Brooks on issues such as the OCC’s true lender and CRA rules (and indeed sent a letter to Senators in support of the true lender rule).  Mr. Hsu will be watched closely for any indication of his views on these issues.

Prior to joining the OCC, Mr. Hsu served as an Associate Director in the Division of Supervision and Regulation at the Federal Reserve Board.  At the Fed, he led the Large Institution Supervision Coordinating Committee Program, which supervises the global systemically important banking companies operating in the United States.  He has also served at the International Monetary Fund, the Treasury Department, and the SEC.