October 11, 2017 / 10:32 PM / in 7 days

Senior U.S. banking regulator to step down in November: OCC

WASHINGTON (Reuters) - Amy Friend, senior Deputy comptroller and chief counsel at the Office of the Comptroller of the Currency (OCC), will step down on Nov. 11 after nearly five years in her post, the watchdog for federally chartered banks said in a statement on Wednesday.

Friend, a veteran banking regulator, played a key role in drafting and implementing rules for regulating banks outlined by the Dodd-Frank Act introduced after the 2007-2009 global financial crisis.

Her departure comes as Republican President Donald Trump’s administration moves to roll back many post-crisis reforms, saying it will help promote economic growth by cutting red tape.

In May, the administration took its first step in replacing Obama-era banking regulators when it appointed Keith Noreika, formerly a partner at law firm Simpson Thacher & Bartlett LLP, to serve as acting head of the OCC while it searched for a replacement for former chief Thomas Curry.

Former banker Joseph Otting is expected to be nominated to permanently replace Curry later this year.

Until the OCC completes its search for its next chief counsel, Karen Solomon will serve as acting senior deputy comptroller and chief counsel, the OCC said.

Solomon currently serves as one of two deputy chief counsels at the agency.

Reporting by Michelle Price; Editing by Jonathan Oatis

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