President Trump has appointed Joseph Otting the Acting Director of the Federal Housing Finance Agency, a position that will begin after current Director Mel Watt leaves in early January. Otting will remain at the FHFS until a replacement is confirmed. He serves as the current Comptroller of the Currency, a role he will continue to hold--even after he replaces Watt.

"I am honored that President Trump has named me Acting Director of the Federal Housing Finance Agency,” said Otting. “I look forward to serving in this additional role until a permanent Director is confirmed and appointed to this important position. I want to thank outgoing Director Mel Watt for his long service to the country.”

“I congratulate Comptroller of the Currency Joseph Otting on being named Acting Director of the Federal Housing Finance Agency as my successor, effective Jan. 7, 2019,” said Watt. “I have served with Comptroller Otting as a member of the Financial Stability Oversight Council and both the OCC and FHFA have offices in the same building. The highly professional staff at FHFA, and I look forward to working with him to ensure a seamless transition.”

Otting made clear he plans to continue the work of the OCC to ensure the federal banking system operates in a safe, sound, and fair manner, and he looks forward to leading the FHFA in its important roles overseeing the Federal Home Loan Bank System and as conservator of Fannie Mae and Freddie Mac.

In 2018, the OCC made great progress promoting the federal banking system’s ability to encourage economic growth and create jobs. In 2019, Otting plans to modernize the regulations implementing the Community Reinvestment Act, making Bank Secrecy Act compliance more efficient and effective, encouraging banks to provide customers more short-term small dollar credit options, and supporting responsible innovation in the federal banking system by beginning to accept national bank charter applications from fintech companies engaged in the business of banking.