Trump reportedly considering former OneWest CEO to lead OCC

President Donald Trump is reportedly close to installing another former top OneWest Bank official in a significant role in the government, CNBC reported Tuesday.

According to the report, the Trump administration is “expected to name” Joseph Otting to serve as the Comptroller of the Currency, one of the country’s top financial regulators.

Otting served as the CEO of OneWest from 2010 until 2015, working alongside Steven Mnuchin, the recently installed Secretary of the Department of the Treasury and the bank’s former chairman.

Otting would replace Thomas Curry, whose term as the Comptroller of the Currency expires next month.

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NY Fed president compares Wells Fargo fake account scandal to subprime mortgage crisis

The president of the Federal Reserve Bank of New York told the Banking Standards Board in London on Tuesday that he sees quite a few similarities between the Wells Fargo fake account scandal and the subprime mortgage crisis of the late 2000’s.

New York Fed President William Dudley, in a speech entitled “Reforming Culture for the Long Term,” said that the goal-driven sales culture at Wells Fargo, which drove 5,000 of the bank’s former employees to open as many as 2 million accounts without authorization in order to get sales bonuses, reminded him of the environment that led to the mortgage crisis.

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