The Office of the Comptroller of the Currency is reorganizing several divisions and retiring the chief operating officer title, now held by former Acting Comptroller Blake Paulson.
The move, expected at some point this summer, will put two divisions — Economics, Supervision System and Analytical Support and Systemic Risk Identification Support and Specialty Supervision — under Paulson’s oversight as senior deputy comptroller for supervision risk and analysis.
As a result of the change, agency bank supervision units (Bank Supervision Policy, Midsize and Community Bank Supervision, Large Bank Supervision, and Supervision Risk and Analysis) and the Office of Management will report directly to current Acting Comptroller Michael Hsu, a Biden appointee.
The realignment will “enhance the agency’s efficiency and effectiveness,” the OCC said. The agency also will merge its Enterprise Risk Management Office with its Office of Enterprise Governance and Ombudsman. Senior Deputy Comptroller Larry Hattix will take on the additional title of chief risk officer overseeing that function.
Current CRO Bill Rowe will switch to an advisory role until his planned retirement at the end of July. Until then, he will step into a Special Senior Advisor role to focus on enhancing the OCC’s framework for resolving banks with uninsured deposits.
“The changes announced today will improve collaboration, alignment, and engagement within the agency,” Hsu said in a statement.