Senate Confirms Jonathan Gould as Comptroller of the Currency
Last week, the U.S. Senate confirmed Jonathan Gould to serve as Comptroller of the Currency by a vote of 50-45. Gould served as chief counsel and senior deputy comptroller of the Office of the Comptroller of the Currency (OCC) from 2018-2021, and will become the agency’s first confirmed comptroller since Joseph Otting resigned in 2020.
His “extensive background, including his firsthand experience at the OCC, means he’ll be ready to hit the ground running as Comptroller,” said Sen. Mike Crapo (R-Idaho) in a statement, according to Banking Dive. “I am confident in his ability to carry out the agency’s critical mission to ensure the safety and soundness of our banking system, and to ensure banks provide fair access to financial services.”
All the Senators who voted to confirm Gould were Republicans, and during his March confirmation hearing, Gould promised to highlight de-banking activities. He bolstered a Republican narrative that many banks have stopped serving particular conservative-leaning consumers for unknown reasons, as well as advocated for permitting banks “to engage in prudent risk taking.”
PYMNTS noted that Gould’s experience likely signals a relaxation of digital asset regulations, specifically for banks, as well as a simpler route for some digital upstarts and nonbanks to acquire banking charters. Several fintech lenders have already begun the process of applying for banking capabilities.
Alternatively, Sen. Elizabeth Warren (D-Mass.) expressed concern in March that Gould “may pursue a Wall Street deregulatory agenda, block states from exercising their rights to protect their citizens from predatory practices by national banks, and let large banks off the hook when they violate the law.”
Gould noted that his top priorities would include depoliticizing the banking system, embracing innovation, improving supervision, and ensuring that banks support the economy. During his confirmation process, he also garnered support from a variety of banking trade groups.
