One of the nation's top banking regulators is leaving his post after two and a half years on the job.
Comptroller of the Currency Joseph Otting has officially tendered his resignation, citing no specific reason for his departure. Otting will formally step down on May 29.
The Office of the Comptroller of the Currency's (OCC) first deputy and COO, Brian P. Brooks, who previously worked with Otting at OneWest Bank, will become its acting head.
The OCC, which is part of the U.S. Treasury, is one of three main banking regulators in the U.S., alongside the Federal Reserve and the Federal Deposit Insurance Corp.
The financial industry is unlike most others in that banks actually have some choice when it comes to who regulates them. They can choose to be overseen by a state banking regulator or, if they choose to be nationally chartered, by the OCC. The OCC oversees banks such as Wells Fargo and Citibank, while the Federal Reserve oversees bank holding companies.
"It has been my distinct honor to serve the United States and this Administration as the 31st Comptroller of the Currency," said Otting, who was appointed by President Trump in 2017.
The resignation comes just one day after Otting finalized a sweeping overhaul to the Community Reinvestment Act, a law that ensures banks are doing their part to provide financial services to low- and moderate-income communities.
The new rule, which has generated much controversy in the industry over the years, is not expected to find much support at the FDIC or Federal Reserve, according to The Wall Street Journal.