Head of OCC Leaving

HousingWire is reporting that Comptroller of the Currency John Dugan notified President Obama on Thursday that he plans to leave office on August 14.

Legislation currently pending in the Senate would create a new consumer financial protection bureau will focus on the on the extension of credit to consumers in the form of mortgages, credit cards, and other such products.  The CFPB would also essentially combine the Office of Thrift Supervision (OTS) and the Office of the Comptroller of the Currency (OCC).

Dugan said in his letter of resignation that he felt confident enough in the recovery of the financial sector.  “While the financial system continues to face significant challenges, national banks have stabilized, confidence has improved markedly, and institutions are now in a much stronger position to help fund economic recovery,” he wrote.

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The reverse mortgage industry knows Dugan well after his reverse mortgages could be the next subprime comment during an American Bankers Association Conference last year.  “While reverse mortgages can provide real benefits, they also have some of the same characteristics as the riskiest types of subprime mortgages — and that should set off alarm bells,” he said.

According to the Wall Street Journal, the White House will face intense pressure to fill Dugan’s seat quickly, as the Office of the Comptroller of the Currency has expanded powers under the financial overhaul bill pending in the Senate.  If the Senate doesn’t move quickly to confirm someone for the post, the agency could have an “acting” comptroller, such as first senior deputy comptroller and chief counsel Julie Williams.

Big Names Walk From OTS and OCC Ahead of Financial Reform

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