Michael J. Hsu
Michael Hsu | |
|---|---|
 | |
| Acting Comptroller of the Currency | |
| Assumed office May 10, 2021 | |
| President | Joe Biden |
| Preceded by | Blake Paulson (acting) |
| Personal details | |
| Education | Brown University (BA) George Washington University (MS) New York University (JD) |
Michael J. Hsu is an American civil servant who is the Acting Comptroller of the Currency. Prior to this role, Hsu served as an associate director in the Division of Supervision and Regulation at the Federal Reserve Board of Governors.
Secretary of the Treasury Janet Yellen designated Hsu as First Deputy Comptroller on May 10, 2021, making him the Acting Comptroller of the Currency.[1]
As the Acting Comptroller of the Currency, Hsu holds an ex officio seat on the board of directors of the Federal Deposit Insurance Corporation.[2]
Career
[edit]He started his career in 2002 as a staff attorney in the Federal Reserve Board's Legal Division. At the Fed, he led the Large Institution Supervision Coordinating Committee (LISCC) Program.[3]
Secretary of the Treasury Janet Yellen designated Hsu as First Deputy Comptroller on May 10, 2021, making him the Acting Comptroller of the Currency.[1] On November 23, 2021, he announced that banks would not be allowed to provide certain cryptocurrency services unless they met several regulations.[4]
In July 2024, he defended federal preemption of banking regulation over state regulations, which was praised by the American Bankers Association.[5]
Citing the collapse of Synapse, in October 2024, he endorsed federal oversight of digital payments, saying there was a regulatory gap.[6]
In November 2024, as Acting Comptroller of the Currency, Hsu warned against regulators allowing "too much leeway" in AI applications for financial firms and banks, saying that regulators and firms should "co-learn" the technology.[7]
References
[edit]- ^ a b "Michael Hsu Bio". OCC.gov. Retrieved February 7, 2022.
- ^ "FDIC: Leadership". www.fdic.gov.
- ^ Brett, Jason (May 11, 2021), New OCC Acting Comptroller References Upcoming Review Of Key Regulatory Standards, Forbes, retrieved December 24, 2024
{{citation}}: CS1 maint: year (link) - ^ Bennett, Alison (January 13, 2022), Acting OCC Comptroller Hsu likely to keep Democratic support despite FDIC snafu, S&P Global, retrieved December 24, 2024
{{citation}}: CS1 maint: year (link) - ^ Hsu: OCC will defend federal preemption amid state efforts to regulate banking, ABA Banking Journal, July 17, 2024, retrieved December 24, 2024
{{citation}}: CS1 maint: year (link) - ^ Stratford, Michael (October 22, 2024), OCC’s Hsu backs federal oversight of digital payments, Politico, retrieved December 24, 2024
{{citation}}: CS1 maint: year (link) - ^ Heltman, John (November 21, 2024), OCC's Hsu: Banks and regulators should 'co-learn' about using AI, American Banker, retrieved December 24, 2024
{{citation}}: CS1 maint: year (link)
External links
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- Living people
- United States comptrollers of the currency
- Federal Reserve Bank people
- Biden administration personnel
- Brown University alumni
- George Washington University School of Business alumni
- New York University School of Law alumni
- 20th-century American economists
- 21st-century American economists
- United States government biography stubs