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Financial Services Law Insights and Observations

Michael J. Hsu named acting Comptroller of the Currency

Federal Issues OCC Covid-19 Climate-Related Financial Risks Fintech Supervision Bank Regulatory

Federal Issues

On May 7, Michael J. Hsu was designated acting Comptroller of the Currency, effective May 10. Previously, Hsu served as an associate director in the Federal Reserve’s Division of Supervision and Regulation where he led the Large Institution Supervision Coordinating Committee Program, which supervises global systemically important banking companies operating in the U.S. Hsu’s career over the past 19 years also included positions at the SEC, Treasury Department, and International Monetary Fund. In accepting the position, Hsu stated his focus “will be on solving urgent problems and addressing pressing issues until the 32nd Comptroller is confirmed.”

Hsu issued a statement to agency staff the same day outlining planned areas of focus including:

  • Addressing the “disproportionate impact” of the Covid-19 pandemic on rural and minority communities;
  • Confronting the risks and challenges of climate change, as well as the acceleration of technological development and digitization in the industry;
  • Understanding how “complacency about risk-taking is of increasing supervisory concern as [the industry enters] a phase of growth and heightened competition”; and
  • Reviewing key regulatory standards, as well as other matters pending before the agency, which will take into account both external and internal views.
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