Yellen Names Fed’s Michael Hsu to Lead OCC on Acting Basis

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Treasury Secretary Janet Yellen appointed a Federal Reserve official to head the Office of the Comptroller of the Currency on an acting basis, filling a key banking regulation post for which the Biden administration has yet to nominate a permanent leader.

Michael Hsu, an associate director in the Fed’s Division of Supervision and Regulation, will join the OCC as first deputy comptroller and take the reins as the agency’s acting chief May 10, the Treasury Department said in a Friday statement.

The OCC, an independent bureau of the Treasury, oversees the national banking operations of Wall Street’s biggest lenders including JPMorgan Chase & Co. and Citigroup Inc. Hsu will replace the current acting OCC head, Blake Paulson.

The Biden administration hasn’t said when it plans to pick a permanent comptroller, which would require Senate confirmation. The White House had been considering Michael Barr, a Treasury official during the Obama administration, but his potential nomination was scuttled after it faced opposition from progressive Democrats.

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