Former Coinbase platform chief legal officer Brian Brooks is about to take the top position at a major US banking regulator. The first subcontractor and chief operating officer of the Office of the Comptroller of the Currency (OCC) is about to become acting comptroller, as his boss, Joseph Otting, is planning an upcoming exit.
Thus, on Tuesday the Political Pro platform reported that Otting resigned after reforming rules designed to prevent financial institutions from discriminating against low-income people and minorities.
He also intends to announce his departure after the new rules are finalized this week. Other newspapers, such as the Wall Street Journal, also reported on Joseph Otting’s plans.
Former Coinbase Director
Former Coinbase chief legal officer Brooks, as First Deputy, will assume the role of Acting Comptroller of the Currency until President of the United States, Donald Trump, appoints a permanent candidate and the US Senate. USA confirm it. The OCC is the only entity that ships national banks in the US. USA
In this context, it is unclear how long this process could take. In Otting’s case, he was nominated in June 2017 and was subsequently confirmed by the US Senate. USA in November of the same year. Which means that the process could take a few months.
Brooks assumed the role of First Deputy just two months ago, and in his position has already announced different actions. Among them, it highlights its support that could allow Coinbase, and other FinTechs, to obtain licenses through a national regime. This, instead of companies securing state-by-state money services business licenses.
Why the interest in crypto? Brooks is the former legal director of Coinbase’s crypto platform, since he left to join the OCC. In recent years, he has also held leadership and advisory roles at Fannie Mae.
Similarly, Brooks was vice president of OneWest Bank in 2011 and 2014, and also served as president and CEO of OneWest in 2010 and 2015. Steven Mnuchin, owner and founder of OneWest, who is now the United States Secretary of the Treasury, He was the one who appointed Brooks to his role at the OCC.