May 2, 2017 / 3:48 AM / in 2 years

Trump administration set to replace top banking regulator Thomas Curry: WSJ

U.S. Comptroller of the Currency Thomas Curry answers a question during the Reuters Financial Regulation Summit in Washington May 16, 2016. REUTERS/Carlos Barria

(Reuters) - The Trump administration plans to replace Comptroller of the Currency Thomas Curry as chief overseer of federally chartered banks, the Wall Street Journal reported on Monday.

The change, which could happen as soon as this week, could lead to President Donald Trump replacing Curry with an acting head of the agency, WSJ reported, citing people familiar with the matter.

The Office of the Comptroller of the Currency (OCC), which oversees the federal banking system, administers hundreds of bank supervisors stationed inside large U.S. financial firms.

Curry, appointed by the Obama administration for a five-year term that expired in April, could remain in the role until a new appointment is made.

President Trump is considering Joseph Otting, a former banker at OneWest Bank who worked with Treasury Secretary Steven Mnuchin, to take on the responsibility of this office and replace Curry, the paper said.

Keith Noreika, a banking lawyer at Simpson Thacher & Bartlett LLP, is being considered as acting comptroller, WSJ said. Noreika was part of Trump’s transition team for Treasury. He also advised Treasury on its $250 billion Troubled Asset Relief Program, or TARP, in 2008.

The White House and OCC were not immediately available for comment.

Noreika did not immediately respond to an email seeking comment.

Reporting by Shalini Nagarajan in Bengaluru; Editing by Gopakumar Warrier

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