News Release 2018-140 | December 21, 2018

President Trump Names Joseph M. Otting Acting Director of the Federal Housing Finance Agency

WASHINGTON —Comptroller of the Currency Joseph M. Otting today issued the following statement after President Donald J. Trump designated him to become Acting Director of the Federal Housing Finance Agency (FHFA) upon completion of current Director Mel Watt’s term on January 6.

I am honored that President Trump has named me Acting Director of the Federal Housing Finance Agency. I look forward to serving in this additional role until a permanent Director is confirmed and appointed to this important position. I want to thank outgoing Director Mel Watt for his long service to the country.

Successfully leading both the Office of the Comptroller of the Currency and the FHFA would not be possible without the quality staff and leadership at both agencies. I look forward to continuing the vital work of the OCC to ensure the federal banking system operates in a safe, sound, and fair manner just as I look forward to leading the FHFA in its important roles overseeing the Federal Home Loan Bank System and conservator of Fannie Mae and Freddie Mac.

In 2018, the OCC made great progress promoting the federal banking system’s ability to encourage economic growth and create jobs. I expect to further that work in the new year by modernizing the regulations implementing the Community Reinvestment Act, making Bank Secrecy Act compliance more efficient and effective, encouraging banks to provide customers more short-term small dollar credit options, and supporting responsible innovation in the federal banking system by beginning to accept national bank charter applications from fintech companies engaged in the business of banking.

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Bryan Hubbard
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