Pick to Oversee Banks Is Likely to Ease Rules

In Governing and the Cabinet On

WASHINGTON — President Trump plans to nominate Joseph Otting, who ran the California lender OneWest, to oversee some of the nation’s largest banks.

If confirmed as comptroller of the currency, Mr. Otting will play a central role in overseeing the daily operations of many banks, including those on Wall Street, and driving the administration’s push for deregulation.

The plan to nominate Mr. Otting, announced on Monday evening, is likely to stir up fresh criticism over the appointment of top administration officials from within the banking industry.

Mr. Otting worked closely with Treasury Secretary Steven Mnuchin when the two men ran OneWest. Formerly known as IndyMac, the lender had to be taken over by the federal government in the financial crisis of 2008 and was sold to a group of investors that included Mr. Mnuchin the next year. Mr. Otting was chief executive of the bank from 2010 to 2015, when it was acquired by the CIT Group for $3.4 billion. He left after the sale. Before he worked at OneWest, Mr. Otting was a vice chairman of U.S. Bank.

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