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Senate Shrugs Shoulders, Signs Off On Guy Who Specialized In Kicking People Out Of Their Homes

We’re sure Joseph Otting won’t allow the kind of things he got up to at the banks he’ll now oversee.
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Joseph Otting is the kind of nominee that once upon a time might have occasioned a big stink. A lifetime banking industry veteran whose most notable accomplishment was overseeing a particularly nasty mortgage bank engaged in some particularly shady practices at the height of the financial crisis might, in earlier, more innocent times, have been considered a bad fit for the Office of the Comptroller of the Currency, which exists to make sure that banks don’t get too nasty or shady. There might have been a public outcry, a bruising row over it in Congress, and a couple of “independent” Republicans—like, say, Dean Heller, whose state, Nevada, was ravaged by the practices of bank’s like Otting’s, and who might not feel much fealty towards a president whose pet names for him are “toxic” and “WEAK”—to cross party lines and vote against him.


But no: It is 2017, Donald Trump is president, Otting’s old boss is Secretary of the Treasury and this guy had no trouble winning confirmation as Secretary of Commerce. And so quietly and with the support of Dean Heller and Susan Collins and every single other member of the Republican caucus of the United States Senate, Joseph Otting will be sworn in as the new OCC sometime next week.

A former regional banker who worked with Treasury Secretary Steven Mnuchin at OneWest Bank, Mr. Otting is expected to be sworn in next week, according to a person familiar with the matter….

OneWest was accused of abusing homeowners during the foreclosure process, a charge the bank disputed. Mr. Mnuchin faced questions about those issues during his confirmation hearing earlier this year, but the Senate confirmed him by a 53-47 vote.

Senate Approves Joseph Otting for Top Banking Role [WSJ]



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