Currency Comptroller Dugan will step down

Under financial regulatory reform legislation passed in the House and awaiting consideration in the Senate, the OCC and Office of Thrift Supervision would merge to create one agency to oversee national banks and thrifts. 

In the letter, Dugan praised the legislation, saying that “it preserves and expands the OCC’s role as a dedicated prudential supervisor of federally chartered banks and thrifts. That exclusive supervisory focus will serve the nation well in the future when the banking system is tested once again, as it surely will be.”

The White House will most likely want to move swiftly to fill the spot, considering the changes to banking system included in the pending financial regulatory legislation. 

Possible candidates for the job include Treasury Department Assistant Secretary Michael Barr, Federal Reserve Governor Daniel Tarullo, and New York Superintendent of Banks Richard Neiman, the Wall Street Journal reported. 

Dugan, 55, was appointed by President George W. Bush in 2005. Before taking the helm of the agency he was a partner in the law firm Covington & Burling. He also served in the Treasury Department under President George H.W. Bush.