Bloomberg Tax
May 21, 2020, 4:03 PM

Wall Street’s New Watchdog Is Ex-Fannie Lawyer With Mnuchin Ties

Jesse Hamilton
Jesse Hamilton
Bloomberg News

A former Fannie Mae lawyer and business associate of Treasury Secretary Steven Mnuchin is ascending to the top of one of Wall Street banks’ main regulators.

Brian Brooks is set to become acting head of the Office of the Comptroller of the Currency, following OCC chief Joseph Otting’s Thursday announcement that he plans to step down. Brooks, a former Fannie general counsel and ex-vice chairman at Mnuchin’s OneWest Bank, will be thrust into a job that is grappling with the financial carnage of the coronavirus pandemic and a rift with other regulators over a key banking rule.

Joseph Otting

Unlike Otting, ...

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