Brian P. Brooks

Brian P. Brooks (born 1969) is an American lawyer, banker, entrepreneur, technologist, and government official. He became the acting Comptroller of the Currency on May 29, 2020, succeeding the 31st Comptroller of the Currency Joseph Otting.[1]

Brian P. Brooks
Acting Comptroller of the Currency
Assumed office
May 29, 2020
PresidentDonald Trump
Preceded byJoseph Otting
Personal details
Born1969 (age 50–51)
Pueblo, Colorado, U.S.
EducationHarvard University (BA)
University of Chicago (JD)

Early life and education

Brooks grew up in Pueblo, Colorado. He holds a bachelor's degree from Harvard University in government and a J.D. degree from the University of Chicago Law School.[2]

Career

O’Melveny & Myers

Brooks's career includes working as Managing Partner of the Washington, D.C. office of the global law firm O’Melveny & Myers, where he led an office of more than 150 attorneys, represented major financial services companies in a variety of litigation and enforcement matters, and played a lead role in crafting the banking industry's response to the 2010–2011 foreclosure crisis. Brooks also chaired the firm's Financial Services Practice Group and was an elected member of the firm's 12-partner board of directors known as the Policy Committee.[3]

OneWest Bank

Following his work at O’Melveny & Myers, Brooks served as Vice Chairman of OneWest Bank from 2011–2014, where he served as chief legal officer and oversaw the bank's legal department along with its fair lending, corporate customer experience, and mortgage marketing and communications groups. In that position, he advised executive management and the board of directors on legal, risk, and strategic issues; developed and implemented strategies to manage litigation and government inquiries; led deal teams for strategic transactions; and led the bank's compliance with regulatory orders on mortgage servicing and foreclosures.[4]

Fannie Mae

From 2014–2018, Brooks served as Executive Vice President, General Counsel, and Corporate Secretary of the $3.2 trillion Fannie Mae. In this role, he oversaw the Legal Department and Government and Industry Relations and served as a senior advisor to the Chief Executive Officer and the Board of Directors.[2]

Coinbase

After working at Fannie Mae, Brooks was Chief Legal Officer of Coinbase from 2018–2020. Coinbase is an $8 billion Silicon Valley startup that is one of the largest digital currency platforms in the world. At Coinbase, he was responsible for the company's legal, compliance, internal audit, government relations, and global intelligence groups.[2]

Boards and advisory roles

Brooks served from March 2019 through March 2020 as a member of the Board of Directors of Fannie Mae, where he sat on the company's Risk Policy and Capital Committee and its Strategic Initiatives and Technology Committee.

In addition, Brooks has been deeply involved in the financial technology sector. From November 2017 through March 2020 he served with former FDIC Chair Sheila Bair, former American Express CEO Jim Robinson, and others on the board of directors of Avant, Inc., a marketplace lending and technology platform company. He was also an advisor to financial technology companies Spring Labs, a blockchain-enabled digital credit bureau, and EarnUp, a consumer loan payment platform.

Comptroller of the Currency
Flag of the United States Comptroller of the Currency

Brooks joined the Comptroller of the Currency (OCC) in April 2020 as Senior Deputy Comptroller and Chief Operating Officer. In this role, Brooks oversaw the agency's bank supervision, bank supervision policy, economics, supervisory system and analytical support, systemic risk identification support and specialty supervision, and innovation functions. He served as a member of the OCC's Executive Committee and was the Chair of the Technology and Systems Subcommittee.[5]

Secretary of the Treasury Steven T. Mnuchin designated Brooks the OCC's First Deputy Comptroller, under his authority set forth in 12 USC § 4. Pursuant to 12 USC § 4, Brooks became Acting Comptroller upon Comptroller Otting's resignation on May 29, 2020.[1]

On May 29, 2020, Brooks signed a final rule to clarify the long-standing "valid when made" doctrine to clarify that when a national bank or savings association sells, assigns, or otherwise transfers a loan, interest permissible before the transfer continues to be permissible after the transfer.[6]

On July 10, 2020, Brooks announced the launch of Project REACh. REACh stands for Roundtable for Economic Access and Change, and the project brings together leaders from the banking industry, national civil rights organizations, business, and technology to reduce specific barriers that prevent full, equal, and fair participation in the nation’s economy. [7]

On July 22, 2020, the OCC, under Brooks' direction, published a letter clarifying national banks' and federal savings associations' authority to provide cryptocurrency custody services for customers. The letter concludes that providing cryptocurrency custody services, including holding unique cryptographic keys associated with cryptocurrency, is a modern form of traditional bank activities related to custody services. Crypto custody services may extend beyond passively holding "keys."[8]

On July 31, 2020, Brooks signed the first full-service national bank charter for a consumer-focused financial technology company engaged in the business of banking--Varo Bank N.A.[9] In making the announcement, Brooks said the bank's opening "represents the evolution of banking and a new generation of banks that are born from innovation and built on technology intended to empower consumers and businesses." [10]

On August 6, 2020, a Brooks-led OCC assessed an $80 million civil money penalty against Capital One, N.A., and Capital One Bank (USA), N.A.,[11] related to the bank's 2019 cyber breach, which affected millions of customers.[12]

Personal life

Brooks has played significant roles in professional, charitable and community development organizations. He has served as a board member of the California Bankers Association (vice chairman at large),[13] the Housing Policy Council (executive council), the Appleseed Foundation (chairman),[14] the National Symphony Orchestra (treasurer), the Los Angeles Master Chorale (treasurer),[15] the Blockchain Association, and the Pasadena Conservatory of Music.[16] He is also an elected member of the American Law Institute.[17] An accomplished musician, Brooks is a classical pianist and also plays keyboards in DC-area classic rock cover band The Johnny Esquire Band.[18] Brooks is married with four children ages 15 to 22. He lives in Washington, D.C., and Pasadena, California.

References
  1. OCC (May 21, 2020). "Comptroller of the Currency Joseph Otting to Step Down, Brian P. Brooks to Become Acting Comptroller of the Currency on May 29, 2020." Retrieved May 21, 2020.
  2. OCC. "Brian P. Brooks." Retrieved May 21, 2020.
  3. Crunchbase Profile: Brian P. Brooks. Retrieved May 21, 2020
  4. [See https://www-cdn.law.stanford.edu/wp-content/uploads/2018/08/Brooks_Brian-bio.pdf Stanford Biography: Brian P. Brooks] Retrieved May 21, 2020
  5. OCC (May 29, 2020). Brian P. Brooks Retrieved May 29, 2020
  6. OCC (May 29, 2020). "OCC Issues Rule to Clarify Permissible Interest on Transferred Loans." Retrieved June 3, 2020.
  7. OCC (July 10, 2020). "Announces Project REACh to Promote Greater Access to Capital and Credit for Underserved Populations." Retrieved July 10, 2020.
  8. OCC (July 22, 2020). "Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets." Retrieved July 30, 2020.
  9. Orla McCaffery. "Fintech Varo Money Gets Rare Green Light to Become Bank." Wall Street Journal. July 31, 2020.
  10. OCC (July 31, 2020). "Acting Comptroller of the Currency Presents Varo Bank, N.A. Its Charter." Retrieved July 31, 2020.
  11. OCC (July 31, 2020). "OCC Assesses $80 Million Civil Money Penalty Against Capital One." Retrieved August 6, 2020.
  12. Banking Regulator Fines Capital One $80 Million Over 2019 Hack Wall Street Journal. August 6, 2020.
  13. California Bankers Association (May 9, 2013) Jeffrey Ball Named New Chairman of the California Bankers Association Retrieved May 21, 2020
  14. Ballotpedia Appleseed Foundation Retrieved May 21, 2020
  15. LOS ANGELES MASTER CHORALE ASSOCIATION Retrieved May 21, 2020
  16. Conservatory: The Annual Report of the Pasadena Conservatory of Music Retrieved May 21, 2020
  17. The American Law Institute. Member Directory Retrieved May 21, 2020
  18. FaceBook The Johnny Esquire Band

Attribution
  • This article incorporates text from a publication now in the public domain: Official Biography Brian P. Brooks, Washington, D.C.: The Office of the Comptroller of the Comptroller, 2020 .

Digital Dollar Stablecoins in the US Financial System (August 13, 2020). The Money Movement, episode 15.

The OCC Ramps Up with Brian Brooks (August 13, 2020). Money20/20's Moneypot, Episode 37.

Fixing America’s payment system: The role of banks and fintech: A conversation with Acting Comptroller of the Currency Brian Brooks. Brookings Institute (July 29, 2020). Recording.

Brian Brooks on the Community Reinvestment Act — and fintech. Roll Call (June 30, 2020). Fintech Beat, Ep. 57.

Brian Brooks Joins FDIC Chairman Jelena McWilliams to Discuss Banking. Emerge Live (June 26, 2020). EMERGE Live - Day 5: Looking Ahead: An Integrated Financial Health System for All.

Podcast: OCC’s Brooks Plans to Unveil ‘Payments Charter 1.0’ This Fall (June 25, 2020). ABA Banking Journal.

The Scoop Interview: Former Coinbase top lawyer - suddenly a top banking regulator - explains how fintech can 'level the playing field' (June 17, 2020). The Scoop with Frank Chaparro.

"BankThink We'll be back: OCC examiners are more effective on-site." (June 11, 2020). American Banker.

Banking With Interest with Rob Blackwell (June 10, 2020). “Banks Need to Be Part of the Solution:” New OCC Head on Protests, COVID Crisis.

Balance of Power. Bloomberg (June 2, 2020). Banks Will Be Part of the Solution to U.S. Protests, Says Brian Brooks.

Alliance for Innovative Regulation (May 29, 2020). The First Fintech Comptroller: Acting Comptroller of the Currency Brian Brooks on His First Day in Office.

Forbes (January 7, 2020). Three Cryptocurrency Regulation Themes For 2020 – And The Flawed Premises Behind Them.

New York Times' DealBook (December 18, 2018). America Could Lead the Transition to a Digital Currency Reserve.

Tech GC (December 11, 2019). BLOCKCHAIN(2) - The Global Financial System is More Fragile than We Think (w/ Brian Brooks).

iHeartRadio (March 19, 2019). Barefoot Innovation Podcast. Talking Cryptocurrency with Brian Brooks of Coinbase.

Government offices
Preceded by
Joseph Otting		 Acting Comptroller of the Currency
2020–present		 Incumbent
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