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Keith Noreika to step down as Comptroller of the Currency

Following the confirmation vote for Joseph Otting

With former bank executive Joseph Otting soon to be confirmed as Comptroller of the Currency, Acting Comptroller of the Currency Keith Noreika submitted his resignation letter to Secretary of the Treasury Stephen Mnuchin.

Senate confirmed Otting to be comptroller of the currency on Thursday. All that is left is for President Donald Trump to appoint Otting to office and then he can be sworn in. This would make Otting the 31st comptroller of the currency.

Noreika served in the position for roughly six months, filling in the position when Thomas Curry stepped down as comptroller of the currency on May 5. Curry sat in the position for more than five years.

However, Otting’s name has been in the running to be the next comptroller of the currency since Noreika stepped in to temporarily fill the role.

And now that Otting is nearly done with his controversial confirmation process, Noreika sent in his resignation letter.

Otting served as the CEO of OneWest from 2010 until 2015, working alongside Mnuchin, the bank's former chairman.

Mnuchin also ran into trouble during his confirmation process due to his time at OneWest.

From the letter:

Thank you for giving me the opportunity to serve the United States of America and President Trump’s Administration as the Acting Comptroller of the Currency since May 6, 2017. Given the Senate’s confirmation of Joseph Otting as the Comptroller of the Currency, my time as Acting Comptroller is nearing its end.

Thank you again for giving me the opportunity to serve. I remain a strong supporter of the Office of the Comptroller of the Currency, which I was proud to lead. as well as this Administration and its goals, in which I was fortunate to serve.

Noreika may not have been in the position long, but he did manage to make headlines during his time there, most notably for his opposition to the Consumer Financial Protection Bureau’s arbitration rule. 

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