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Top banking regulator, Joseph Otting, announces departure during pandemic

Otting did not give a reason for his exit, which comes halfway through his tenure and during a global pandemic that is testing the U.S. financial system

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May 21, 2020 at 4:53 p.m. EDT
Joseph Otting speaks after his swearing-in ceremony as comptroller of the currency in 2017. (Alex Brandon/AP)

A top banking regulator, Joseph Otting, announced Thursday that he will step down, a day after finalizing a sweeping overhaul of a 40-year anti-redlining law widely criticized by Democrats as potentially harmful to minority and low-income communities.

Otting did not offer a reason for his departure, which comes halfway through his five-year term as comptroller of the currency and during a global pandemic that is testing the resiliency of the U.S. financial system. His last day will be May 29.