President Joe Biden said Tuesday that Saule Omarova’s nomination to lead the Office of the Comptroller of the Currency would be withdrawn, as her candidacy faced steep resistance in the Senate with Republican lawmakers criticizing her vision for banking regulation and her birthplace in the former Soviet Union.
In a letter yesterday to the U.S. Conference of Mayors, acting Comptroller of the Currency Brian Brooks said requirements that people wear face masks in public could lead to more bank robberies.
A day after releasing long-planned updates to the Community Reinvestment Act, Comptroller of the Currency Joseph Otting resigned, effective May 29. The OCC’s first deputy and Chief Operating Officer, Brian Brooks, will become acting comptroller of the currency, the OCC announced Thursday.
Wells Fargo’s phony account scandal has spurred a top U.S. bank regulator to count sales practices as a chief risk to the country’s banking system and to embark on a wide-sweeping review of large and mid-sized institutions.
