After Mr. Otting’s departure in Could 2020, Brian P. Brooks served as performing comptroller. Twice, Mr. Trump submitted his nomination for a full time period, however the Senate by no means moved to substantiate him. Mr. Brooks signed off on a brand new regulatory construction for fintech firms that gave them extra energy to make loans with out having to stick to state limits on the quantity of curiosity they will cost debtors they deem dangerous.
Mr. Brooks was a former chief authorized officer of Coinbase, a cryptocurrency trade. After his O.C.C. stint, he grew to become chief govt of one other cryptocurrency trade, Binance.US. Whereas the O.C.C. doesn’t straight regulate cryptocurrencies, it has begun to weigh in on how banks can use digital payments systems.
Each males appeared to domesticate heat relationships with at the least one chief govt of a financial institution: Jamie Dimon of JPMorgan. A collection of emails obtained by The New York Occasions by way of a Freedom of Info Act request supplies a glimpse into the simple back-and-forth between Mr. Dimon and his financial institution’s important regulator.
In 2018, Mr. Otting thanked Mr. Dimon for being “amongst those who need our nation to be the most effective it may be.” The following 12 months, when Mr. Otting knowledgeable Mr. Dimon that the O.C.C. could be lowering its regulatory charges for 2020, the JPMorgan chief responded: “What a beautiful 12 months finish deal with and shock! Thanks for caring concerning the monetary well being of the banking sector and for the disciplined strategy you take round bills. It’s glorious to see.”
The pleasant exchanges continued with Mr. Brooks. On Could 21, 2020, the day the O.C.C. introduced that Mr. Otting was stepping down and Mr. Brooks would take his place, Mr. Dimon and Mr. Brooks related for a telephone name. After the decision, Mr. Dimon wrote: “Brian, I loved our telephone name this morning and wish to reiterate that we’re right here to assist your efforts in any method we will.”
Mr. Brooks responded, “Likewise,” and added: “I’ll have my assistant attain out subsequent week with some instances once we can get on the telephone and I can run via a couple of coverage agenda objects with you and get your tackle a handful of different issues I might use your perspective on. Very a lot admire your outreach — made my day!”
Mr. Otting, who acquired questions from The Occasions about his correspondence with Mr. Dimon via the final supervisor of the golf membership he co-owns in Las Vegas, didn’t reply to a request for remark.