WASHINGTON – The Office of the Comptroller of the Currency announced a series of organizational changes Tuesday that will result in key bank supervision units reporting directly to acting Comptroller Michael Hsu.
The changes, which the OCC said in a press release were designed “to enhance the agency’s efficiency and effectiveness,” will include the elimination of the chief operating officer’s position. That position is currently held by former acting Comptroller Blake Paulson, who will take on the role of senior deputy comptroller for supervision risk and analysis, the agency said.
Traditionally, the agency’s COO has had authority over several supervisory departments, including the offices of Bank Supervision Policy, Midsize and Community Bank Supervision, Large Bank Supervision, and Supervision Risk and Analysis, as well as the Office of Management. Under the restructuring, all five of those divisions will report to Hsu.
The agency also said it plans to merge its Enterprise Risk Management Office with the OCC’s Office of Enterprise Governance. The combined office will be overseen by Senior Deputy Comptroller Larry Hattix, who will take on the title of chief risk officer. He will succeed Bill Rowe, who will retire at the end of July.
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The changes, which are expected to be implemented sometime this summer, “will improve collaboration, alignment, and engagement within the agency,” said acting Comptroller of the Currency Michael Hsu.
The changes, which are expected to be implemented sometime this summer, “will improve collaboration, alignment, and engagement within the agency,” Hsu said in the press release.
The shake-up comes as Hsu, a Biden appointee, has signaled a change of direction for the OCC following Democratic criticism over how the agency was managed under the Trump administration. Paulson, who had become acting comptroller just days before President Biden took office, recently came under fire from Democrats on Capitol Hill after he urged lawmakers not to overturn the OCC’s controversial “true lender” rule.
The rule, criticized by consumer advocates who say it benefited predatory lenders, was invalidated by a Congressional Review Act resolution signed by Biden last week.