Blake Paulson | |
---|---|
Acting Comptroller of the Currency | |
In office January 14, 2021 –May 10, 2021 | |
President | Donald Trump Joe Biden |
Preceded by | Brian P. Brooks |
Succeeded by | Michael J. Hsu |
Personal details | |
Education | University of South Dakota (BS) |
Blake Paulson,a career national bank examiner,was the Acting Comptroller of the Currency. [1] Paulson became Acting Comptroller of the Currency on January 14,2021,upon the resignation of Acting Comptroller of the Currency Brian P. Brooks. As Acting Comptroller of the Currency,Mr. Paulson was the administrator of the federal banking system and chief officer of the Comptroller of the Currency (OCC).
Paulson previously served concurrently as the chief operating officer (COO) of the OCC and senior deputy comptroller for midsize and community bank supervision. As COO,he was responsible for OCC management operations,oversight of staff responsible for systemic risk identification and analytical support,and the Specialty Supervision System. He was designated the chief national bank examiner in April 2020.
In his role as senior deputy comptroller for midsize and community banks,Paulson was responsible for supervising 1,100 national banks and federal savings associations,and 1,600 OCC employees. Prior to that,he served as associate deputy comptroller and later,as deputy comptroller for the agency's Central District where he was responsible for the oversight of community banks and federal savings associations,independent data service providers,and trust companies across the upper Midwest.
In the 1990s,Paulson was the assistant deputy comptroller for midsize bank supervision where he was responsible for a portfolio of national banks with total assets between $10 billion and $30 billion.
On May 10,2021,Paulson was succeeded in his role as Acting Comptroller of the Currency by Michael J. Hsu. [2]
Paulson joined the OCC in 1986 in Sioux Falls,South Dakota. He has a Bachelor of Science in business administration from the University of South Dakota.
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions,the other being the National Credit Union Administration,which regulates and insures credit unions. The FDIC is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933,enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation,and bank runs were common. The insurance limit was initially US$2,500 per ownership category,and this was increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010,the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States of America,and since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds.
Banking in the United States began by the 1780s along with the country's founding and has developed into highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street,it is centered on various financial services namely private banking,asset management,and deposit security.
In banking,the term national bank carries several meanings:
A comptroller is a management-level position responsible for supervising the quality of accounting and financial reporting of an organization. A financial comptroller is a senior-level executive who acts as the head of accounting,and oversees the preparation of financial reports,such as balance sheets and income statements.
The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities,including low- and moderate-income neighborhoods. Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods,a practice known as redlining.
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter,regulate,and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. The acting Comptroller of the Currency is Michael J. Hsu,who took office on May 10,2021.
The Office of Thrift Supervision (OTS) was a United States federal agency under the Department of the Treasury that chartered,supervised,and regulated all federally chartered and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of the Federal Home Loan Bank Board,another federal agency. Like other U.S. federal bank regulators,it was paid by the banks it regulated. The OTS was initially seen as an aggressive regulator,but was later lax. Declining revenues and staff led the OTS to market itself to companies as a lax regulator in order to get revenue.
HSBC Bank USA,National Association,an American subsidiary of multinational company HSBC,is a bank with its operational head office in New York City and its nominal head office in McLean,Virginia. HSBC Bank USA,N.A. is a national bank chartered under the National Bank Act,and thus is regulated by the Office of the Comptroller of the Currency (OCC),a part of the U.S. Department of the Treasury. The company has 159 branch locations.
The Federal Financial Institutions Examination Council (FFIEC) is a formal U.S. government interagency body composed of five banking regulators that is "empowered to prescribe uniform principles,standards,and report forms to promote uniformity in the supervision of financial institutions". It also oversees real estate appraisal in the United States. Its regulations are contained in title 12 of the Code of Federal Regulations.
The Federal Housing Finance Board (FHFB) was an independent agency of the United States government established in 1989 in the aftermath of the savings and loan crisis to take over management of the Federal Home Loan Banks from the Federal Home Loan Bank Board (FHLBB),and was superseded by the Federal Housing Finance Agency (FHFA) in 2008.
Promontory Financial Group,a wholly owned subsidiary of IBM,is a global consulting firm that advises clients on a variety of financial services matters,including regulatory issues,compliance,risk management,liquidity,restructuring,acquisitions,due diligence,internal investigations and cyber security.
John G. Walsh is an American economist who was the acting Comptroller of the Currency from 2010 until 2012. He had been Chief of Staff and Public Affairs at the office since October 2005 and became interim Comptroller on August 15,2010 following John Dugan. He ceased being interim Comptroller with the April 9,2012 swearing-in of Thomas J. Curry as the 30th Comptroller of the Currency.
A bank examiner is a financial professional who has the task of making sure that banks and savings and loan associations are operating legally and safely,in accordance with the bank regulations imposed on these institutions by the chartering level of government. In the United States,they may conduct supervision on behalf of a U.S. government agency,the Federal Reserve System,a state banking authority,or for the financial institutions themselves as internal auditors. The main duties of a bank examiner are to ensure that a bank's operations are legal and can provide financial stability. A bank examiner will also review financial statements,evaluate the level of risk associated with loans,and assess the management of a bank.
Thomas James Curry is an American government official who served as the 30th Comptroller of the Currency of the United States from April 9,2012,until May 5,2017. Prior to becoming Comptroller of the Currency,Curry served as a Director of the Federal Deposit Insurance Corporation (FDIC) and as the chairman of the NeighborWorks America Board of Directors. He was born in Greenwich,Connecticut and raised in Stamford,Connecticut.
In banking,the Allowance for Loan and Lease Losses (ALLL),formerly known as the reserve for bad debts,is a calculated reserve that financial institutions establish in relation to the estimated credit risk within the institution's assets. This credit risk represents the charge-offs that will most likely be realized against an institution's operating income as of the financial statement end date. This reserve reduces the book value of the institution's loans and leases to the amount that the institution reasonably expects to collect.
Joseph M. Otting is an American businessman and government official. He served as the 31st Comptroller of the Currency from November 27,2017 to May 29,2020.
Marshall R. Diggs Sr was a United States Acting Comptroller of the Currency from April,1938 to September,1938.
Keith A. Noreika is an American lawyer who specializes in the regulation of financial institutions. He served as Acting Comptroller of the Currency from May 5,2017,to November 27,2017,following the 30th Comptroller of the Currency,Thomas J. Curry,and preceding the 31st Comptroller of the Currency,Joseph Otting. Noreika rejoined the law firm of Simpson Thacher on January 8,2018. He joined Patomak Global Partners as Executive Vice President and Chairman of its Banking Supervision and Regulation Group on July 5,2022.
Brian P. Brooks is an American lawyer,banker,entrepreneur,technologist,and former government official. He served as Acting Comptroller of the Currency from May 29,2020,succeeding the 31st Comptroller of the Currency Joseph Otting,until January 14,2021. Brooks was nominated twice by President Donald Trump for a five-year term as Comptroller of the Currency,once during the 116th Congress,and once in the 117th Congress.
Michael J. Hsu is an American civil servant who is the Acting Comptroller of the Currency. Prior to this role,Hsu served as an associate director in the Division of Supervision and Regulation at the Federal Reserve Board of Governors.