Treasury Secretary Dr. Janet Yellen named Michael Hsu acting comptroller of the Currency under her authority to appoint deputy comptrollers and have the first deputy act as comptroller if there is a vacancy. Hsu previously served as an associate director in the Division of Supervision and Regulation at the Federal Reserve Board of Governors. His career has included serving as a financial sector expert at the International Monetary Fund, financial economist at the U.S. Department of the Treasury helping to establish the Troubled Assets Relief Program and financial economist at the Securities and Exchange Commission overseeing the largest securities firms.
Hsu began his career in 2002 as a staff attorney in the Federal Reserve Board’s Legal Division. He holds of a Bachelor of Arts from Brown University, a Master of Science in finance from George Washington University and juris doctor degree from New York University School of Law.
In one of his first acts, Hsu announced that the OCC will reconsider the agency’s June 5, 2020 final rule on the Community Reinvestment Act. While this reconsideration is ongoing, the OCC will not object to the suspension of the development of systems for, or other implementation of, provisions with a compliance date of January 1, 2023, or January 1, 2024, under the 2020 CRA rule. OCC also doesn’t plan to move forward with its December 4, 2020 proposed rule on evaluation measure benchmarks.
