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Law professor Saule Omarova withdrew her nomination to lead the Office of the Comptroller of the Currency following public opposition by ICBA and affiliated state community banking groups.
ICBA Opposition: ICBA’s written opposition to the nomination was a central focus of last month’s contentious Senate Banking Committee nomination hearing and bipartisan opposition in the Senate.
Industry Response: During direct lobbying in Washington and in a letter to the Senate committee, ICBA and affiliated state groups said the industry’s opposition is based on a careful review of Omarova’s positions, which are “alarming to community banks.”
News Release: In a statement Tuesday, ICBA President and CEO Rebeca Romero Rainey said the withdrawal exhibits the importance of community banks to Main Street communities and local economic growth.
Quote: “ICBA and state community banking associations took the rare step of publicly opposing a prudential banking regulator nominee because of Professor Omarova’s published scholarship and public statements advocating government allocation of capital and credit, ‘fully replacing’ private bank deposits, and ‘ending banking as we know it’—which would displace community banks, local communities, and small businesses,” Romero Rainey said.
Next Steps: President Joe Biden said he will continue working to find a nominee to head the OCC and plans to make an announcement at a future date. The agency is led by Acting Comptroller Michael Hsu.