text: Trump Picks Ex-Banker Otting to Regulate Wall Street at OCC - Bloomberg
  June 5, 2017, 8:59 PM EDT
  Joseph Otting, a former lieutenant of Treasury Secretary Steven Mnuchin's at OneWest Bank, has been tapped to lead a U.S. regulator that oversees more than 1,000 lenders -- including Wall Street giants.
  In 2011, OneWest was involved in an enforcement action in which the government ordered mortgage servicers to review whether their foreclosure practices were appropriate. It took four years -- most of Otting's tenure -- for the company to satisfy the concerns of the OCC and other banking regulators.
  "The president's choice for watchdog of America's largest banks is someone who signed a consent order -- over shady foreclosure practices -- with the very agency he's been selected to run," Senator Sherrod Brown, the banking panel's top Democrat, said in an emailed statement. "If Mr. Otting didn't deal fairly with the customers at his own bank, it's difficult to see why he's the best choice to look out for the interests of customers at more than 1,400 banks and thrifts across the country."
  The White House described Otting as having "a long career in financial services working for a number of highly regarded regional banks." If he takes over the OCC, Otting will run an independent agency within the Treasury Department that supervises the banking units of major financial firms including JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. He also would become a member of the Federal Deposit Insurance Corp.'s board and the Financial Stability Oversight Council.