Former CEO of OneWest Bank is Trump's pick for key financial regulatory post

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Former CEO of OneWest Bank is Trump’s pick for key financial regulatory post

Former CEO of OneWest Bank is Trump’s pick for key financial regulatory post

LA TIMES-

President Trump on Tuesday nominated Joseph Otting, the former chief executive of Pasadena’s OneWest Bank and an ally of Treasury Secretary Steven Mnuchin, to a key financial regulatory position.

The move drew fire from consumer advocates and Democrats, who pointed out that Otting would be in a position of overseeing banks even though one he headed up has run into trouble with regulators.

Otting is being tapped to be the comptroller of the currency, a powerful regulator who oversees federally chartered banks, the White House announced Monday night. Those include the banking arms of some of the largest financial institutions in the country, including JP Morgan Chase & Co. and Wells Fargo & Co.

His role with OneWest, which has been criticized for its foreclosure practices, made Otting’s nomination concerning, said Sen. Sherrod Brown (D-Ohio).

[LA TIMES]

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