The U.S. Department of the Treasury named Michael Hsu as acting comptroller of the currency, replacing Blake Paulson, who served in the position since Jan. 14, 2021. Paulson will return to his role as the senior deputy comptroller and chief operating officer within the Office of the Comptroller of the Currency (OCC).
“Everyone at the OCC congratulates Mike on becoming acting comptroller and welcomes him to our agency and mission,” Paulson said in a release. “It has been a great honor to serve as acting comptroller of the currency. I look forward to supporting Mike in his new role and continuing to contribute to the agency’s important mission as the agency’s chief operating officer.”
Hsu’s career began in 2002 as a staff attorney in the Federal Reserve Board’s legal division. Prior to joining the OCC, he served as an associate director in the division of supervision and regulation at the Federal Reserve, as well as positions within the International Monetary Fund, the U.S. Department of the Treasury, and the Securities and Exchange Commission.
“It is a tremendous honor to serve as acting comptroller of the currency alongside those who ensure our federal banking system operates in a safe, sound, and fair manner,” Hsu said. “I appreciate the confidence Secretary [Janet] Yellen has shown in me by appointing me to this important post. I am looking forward to building on the agency’s long history and rich heritage. My focus as acting comptroller will be on solving urgent problems and addressing pressing issues until the 32nd Comptroller is confirmed.”
Richard Hunt, president and CEO of the Consumer Bankers Association, congratulated Hsu on his appointment.
“We look forward to working with the incoming acting comptroller, as well as President Biden’s nominee, to ensure the safety and soundness of America’s banking system and meet the needs of our nation’s consumers and small businesses,” Hunt said.