Biden OCC Pick Could Boost Enforcement, Fintech Scrutiny
Financial Services attorney Travis Nelson was interviewed in a Law360 article about President Biden's nomination of Cornell Law School professor and former Davis Polk & Wardwell LLP attorney Saule Omarova for the Office of the Comptroller of the Currency (OCC). Unveiled late last week, the White House's plan to nominate Saule Omarova to oversee national banks is stirring anxiety among banks and drawing opposition from Republicans. Omarova's confirmation as comptroller could indeed bring significant shifts in direction and tone for the OCC's oversight of the nearly $15 trillion federal banking system — and banks may want to buckle up. Mr. Nelson shares his thoughts on the nomination and discusses the impact this confirmation could make on the banking industry.
"In the area of enforcing compliance with safe and sound banking practices, there's a tremendous amount of examiner discretion there," Nelson said. "If she's confirmed, we may see a more aggressive OCC, perhaps even an OCC that is far more aggressive than the Fed or the [Federal Deposit Insurance Corp.]"