WASHINGTON — After eight months serving as acting head of the Office of the Comptroller of the Currency, Brian Brooks will step down on Thursday, the agency said Wednesday evening.
The OCC said Brooks will be succeeded by Chief Operating Officer Blake Paulson, who has been with the agency since 1986. Brooks was widely expected either to step down or potentially be fired by the incoming Biden administration. The Biden transition team is said to be discussing possible nominees to become permanent comptroller of the currency.
“It has been a great honor to serve the United States as acting Comptroller of the Currency,” Brooks said in a press release. “I am extremely proud of what we have accomplished together through what have been extraordinary times by any measure.”
Brooks, formerly the chief legal officer of the cryptocurrency exchange Coinbase who took the helm of the OCC after Joseph Otting's departure, may be remembered as one of the most active and controversial interim regulatory chiefs in recent memory.
He at times veered into subjects not directly related to banking policy, such as urging state and local leaders earlier in the pandemic to
His proposal to
Some have described him as the nation’s “first fintech comptroller” for his push to give nonbanks federal chartering options, and he was able to move the needle somewhat. For example, under his watch the agency approved
Brooks also oversaw regulatory changes intended to make it easier for nonbanks to partner with banks on certain loan transactions.
However, legal challenges remain an obstacle to the OCC's pursuit of creating a special-purpose fintech charter. No firm has obtained the specialized charter. And Brooks's additional calls for a charter specifically tailored for nonbank payment companies drew blowback from the banking industry.
Under his direction, the OCC also issued several interpretive letters clearing the way for banks to interact with crypto technologies, including custody services for stablecoins and other digital assets.
“Acting Comptroller Brooks has been a steadfast advocate for financial technology, regulatory modernization and driven innovation," said Rep. Patrick McHenry of North Carolina, the top Republican on the House Financial Services Committee. "In his fast tenure, he provided clarity on the ‘true lender’ doctrine, added certainty that loans are ‘Valid-When-Made,’ and worked to ensure lawful companies are not being shut out of the financial system."
