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Trump Taps Commercial Banking Vet as Choice for Comptroller of the Currency

June 07, 2017, 08:00 AM

President Donald Trump announced on Monday that he plans to nominate Joseph Otting -- a veteran of the commercial lending industry -- as Comptroller of the Currency, a division of the Treasury Department.

Otting had a long career in financial services, and most recently he served as managing partner of Ocean Blvd LLC and Lake Blvd LLC.

He began his career at Bank of America, where he held positions in Branch Management, Private Banking and Commercial Lending. From 1994 to 2001 Otting was with Union Bank, where the last role he held was Executive Vice President and Head of Commercial Banking.

Later, Otting served as the Head of Commercial Banking of U.S. Bank, and head of its Wholesale Middle Market Business. He also led US Bank’s efforts in California as the senior executive responsible for expansion in the region. 

In 2010, he was named CEO of OneWest Bank -- which had been formed a year earlier by an investment group led by the current Treasury Secretary Steven T. Mnuchin, under whom Otting will serve.

Following OneWest's acquisition by CIT Group in 2015, Otting served briefly as Co-President and Chief Executive Officer and President of CIT Bank. According to a Bloomberg profile he oversaw the business operations of CIT’s Commercial Banking, and Corporate & Specialty Banking groups. 

Otting was terminated from CIT in December 2015 along with 13 other executives as part of a corporate reshuffling. The Wall Street Journal reported that Otting received a $12 million severance payment on his departure.

The Office of the Comptroller of the Currency is an independent agency within Treasury and is responsible for overseeing the nation's biggest banks, including Bank of America, JPMorgan and Wells Fargo.

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