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More Changes At Federal Agencies

The legislative year might be winding down, but leadership changes continue at federal agencies. From events this week:

Joseph Otting is the new Comptroller of the Currency. He took this reigns this week, following confirmation by the U.S. Senate on a 54-43 vote. Otting succeeds Keith Noreika, who had been serving in an acting capacity following the resignation of Thomas Curry.

Mike Mulvaney is Acting Director of the Consumer Financial Protection Bureau. He succeeds Richard Cordray, who resigned as Director last week. Mulvaney's stewardship was challenged in the courts, but a federal district judge ruled that the President could make this appointment. Mulvaney is Director of the Office of Management and Budget. And he said he will split his time between OMB and the CFPB until the President nominates and the Senate confirms a new Director.

Marvin Goodfriend has been nominated by the President to become a Governor on the Federal Reserve Board. Goodfriend, a former Fed economist and current professor at the Carnegie Mellon University, will need to be confirmed by the Senate. There are currently three vacancies on the Fed Board, or four if you include a vacancy Janet Yellen will create when she ends her Fed tenure in February 2018. Federal statute requires at least one Fed Governor to have supervisory or industry experience in community banking; CSBS is responsible for this provision in law.

The White House announced that it will nominate Jelena McWilliams to become the next chair of the FDIC. McWilliams is currently chief legal officer at Fifth Third Bankcorp. If  confirmed, she will replace Martin Gruenberg, whose term as chair recently ended.

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