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Capital One lawyer's pay revealed as nominee for agency inspector general

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People walk past a Capital One banking center in New York's financial district. REUTERS/Brendan McDermid

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  • Biden nominated Brian Tomney to serve as inspector general for Federal Housing Finance Agency
  • Tomney is head of corporate investigations, compliance ethics at Capital One

(Reuters) - The nominee for inspector general at the Federal Housing Finance Agency said in an ethics filing released on Monday that he earned more than $515,000 last year in salary and bonuses from Capital One Financial Corp, where he heads an investigations, compliance and ethics team.

The nominee, Brian Tomney, a former U.S. Justice Department lawyer, would serve as the internal watchdog at the U.S. agency overseeing home mortgage giants Fannie Mae and Freddie Mac. The inspector general's office conducts audits and evaluations, compliance reports and risk assessments.

Mandatory financial and ethics disclosures for U.S. agency nominees offer a window into compensation inside major U.S. companies and law firms. Disclosures record income from the prior calendar year up to the date of the filing.

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Tomney's Oct. 6 nomination is pending before the U.S. Senate banking, housing and urban affairs committee. He did not immediately return a message on Monday seeking comment.

The Biden White House said Tomney, corporate investigations head at Capital One since 2017, "leads a team of researchers and investigators that conducts independent investigations into allegations of internal fraud and unethical business practices."

Capital One will distribute deferred compensation plan funds to Tomney within three months of his departure from the McLean, Virginia-based company. His ethics disclosures said he will not be eligible for a 2021 bonus unless he is still employed at Capital One in February when the board of directors meets to approve 2021 compensation.

Tomney said in an ethics agreement submitted as part of his nomination that he will not participate "personally and substantially" in Capital One-related matters unless he receives a waiver or qualifies for a separate regulatory exemption.

Tomney held a variety of roles at the U.S. Justice Department from 2006 to 2017, including service as associate deputy attorney general.

President Joe Biden in July named Phyllis Fong the housing agency's acting inspector general.

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