Comptroller Dugan To Leave Office Next Month

Posted by Orb Staff on July 09, 2010 No Comments
Categories : Residential Mortgage

is five-year term drawing to a close, Comptroller of the Currency John C. Dugan has notified President Obama that he plans to leave office on Aug. 14. ‘Through two administrations and under three secretaries of the Treasury, I have had the great honor of serving as the 29th Comptroller of the Currency,’ he said in his [link=http://www.occ.gov/ftp/release/2010-74a.pdf]letter[/link] to Obama. Dugan noted that, with credit trends getting better in a number of areas, the condition of the national banking system is much improved since the worst days of the economic crisis. ‘[W]hile the financial system continues to face significant challenges, national banks have stabilized, confidence has improved markedly, and institutions are now in a much stronger position to help fund economic recovery,’ he wrote. The Office of the Comptroller of the Currency is the oldest regulatory agency in the federal government. The national banking system consists of over 1,500 community and midsized banks and federal branches, as well as the nation's largest banks. Together, they hold over 60% of the nation's banking and thrift assets. SOURCE: [link=http://occ.gov/ftp/release/2010-74.htm]Office of the Comptroller of the Currency

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