Former chief legal officer of the Coinbase platform, Brian Brooks, is about to take the lead at a major U.S. banking regulator. The first subcontractor and chief operating officer of the Office of the Comptroller of the Currency (OCC) will soon become the incumbent comptroller as his boss, Joseph Otting, is planning an upcoming exit.
The Politico Pro platform reported on Tuesday that Otting had resigned after a rule reform to prevent financial institutions from discriminating against people and low-income minorities.
He also intends to announce his departure after the new rules are completed this week. Other newspapers, such as the Wall Street Journal, also reported on Joseph Otting’s plans.
Former Coinbase director
Coinbase’s former chief legal officer, Brooks, will serve as the acting currency auditor until U.S. President Donald Trump appoints a permanent candidate and the U.S. Senate. USA confirm it. The OCC is the only company that sends national banks in the United States. United States
In this context, it is unclear how long this process could take. In Otting’s case, he was nominated in June 2017 and subsequently confirmed by the U.S. Senate. United States in November of the same year. This means that the process can take a few months.
Brooks assumed the role of First Substitute just two months ago and has announced various measures in his position. Among other things, it underlines its support, which could enable Coinbase and other FinTechs to obtain licenses through a national regime. This is instead of companies that purchase government licenses for money services.
Why interest in crypto? Brooks has been the former legal director of Coinbase’s crypto platform since he joined the OCC. In the past few years he has also held management and advisory positions at Fannie Mae.
Similarly, Brooks was Vice President of OneWest Bank in 2011 and 2014, and was President and CEO of OneWest in 2010 and 2015. Steven Mnuchin, owner and founder of OneWest, who is now the United States Treasury Secretary, was the one who appointed Brooks to his role in the OCC.