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.
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.