Saturday, 15 May 2021

U.S. Treasury's Yellen to appoint Fed official as acting head of bank regulator -sources

FILE PHOTO: The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen plans to appoint one of the Federal Reserve’s top bank supervisors as the acting comptroller of the currency, according to two people familiar with the matter.

Yellen is expected to name Michael Hsu, associate director of the Fed’s bank supervision and regulation division, as first deputy comptroller, and will then take over as acting comptroller. The Wall Street Journal first reported the move.

Hsu will replace Blake Paulson, the current acting head of the Office of the Comptroller of the Currency (OCC). Paulson is a long-time OCC official who rose to the acting role under the Trump administration.

The Treasury did not immediately respond to a request for comment.

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