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WASHINGTON—The U.S. Department of the Treasury today announced that Michael J. Hsu will become Acting Comptroller of the Currency on May 10, 2021, pursuant to 12 USC 4 as designated by Secretary of the Treasury Janet Yellen.

Blake Paulson, who has served as Acting Comptroller of the Currency since January 14, 2021, will return to his role as the Senior Deputy Comptroller and Chief Operating Officer within the agency.

“It is a tremendous honor to serve as Acting Comptroller of the Currency alongside those who ensure our federal banking system operates in a safe, sound, and fair manner,” Mr. Hsu said. “I appreciate the confidence Secretary Yellen has shown in me by appointing me to this important post. I am looking forward to building on the agency’s long history and rich heritage. My focus as Acting Comptroller will be on solving urgent problems and addressing pressing issues until the 32nd Comptroller is confirmed.”

Prior to joining the OCC, Mr. Hsu served as an Associate Director in the Division of Supervision and Regulation at the Federal Reserve Board of Governors. There, he led the Large Institution Supervision Coordinating Committee (LISCC) Program, which supervises the global systemically important banking companies operating in the United States. His career has included serving at the International Monetary Fund, the U.S. Department of the Treasury, and the Securities and Exchange Commission.

Mr. Hsu began his career in 2002 as a staff attorney in the Federal Reserve Board’s Legal Division. He holds of a bachelor of arts from Brown University, a masters of science in finance from George Washington University, and juris doctor degree from New York University School of Law.

“Everyone at the OCC congratulates Mike on becoming Acting Comptroller and welcomes him to our agency and mission,” said Mr. Paulson. “It has been a great honor to serve as Acting Comptroller of the Currency. I look forward to supporting Mike in his new role and continuing to contribute to the agency’s important mission as the agency’s Chief Operating Officer.”