Michael J. Hsu

{{Short description|Acting Comptroller of the Currency}}

{{use mdy dates|date=July 2018}}

{{Infobox officeholder

|name = Michael Hsu

|image = Michael Hsu.jpg

|office = Acting Comptroller of the Currency

|president = Joe Biden
Donald Trump

|term_start = May 10, 2021

|term_end = February 10, 2025

|predecessor = Blake Paulson (acting)

|successor = Rodney E. Hood (acting){{cite web | url=https://www.occ.treas.gov/news-issuances/news-releases/2025/nr-occ-2025-9.html | title=Rodney E. Hood Announced as Acting Comptroller of the Currency | date=February 7, 2025 }}

|birth_date =

|birth_place =

|death_date =

|death_place =

|education = Brown University (BA)
George Washington University (MS)
New York University (JD)

}}

Michael J. Hsu is an American civil servant who served as 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.{{cite web |title=Michael Hsu Bio |url=https://www.occ.gov/about/who-we-are/comptroller/bio-michael-hsu.html |website=OCC.gov |access-date=7 February 2022}}

As the Acting Comptroller of the Currency, Hsu holds an ex officio seat on the board of directors of the Federal Deposit Insurance Corporation.{{cite web |title=FDIC: Leadership |url=https://www.fdic.gov/about/leadership/ |website=www.fdic.gov}}

Career

He started his career in 2002 as a staff attorney in the Federal Reserve Board's Legal Division. At the Federal Reserve, he led the Large Institution Supervision Coordinating Committee (LISCC) Program.{{Citation |last=Brett |first=Jason |date=May 11, 2021 |title=New OCC Acting Comptroller References Upcoming Review Of Key Regulatory Standards |work=Forbes |url=https://www.forbes.com/sites/jasonbrett/2021/05/11/new-occ-acting-comptroller--references-upcoming-review-of-key-regulatory-standards/ |access-date=24 December 2024}}

Secretary of the Treasury Janet Yellen designated Hsu as First Deputy Comptroller on May 10, 2021, making him the Acting Comptroller of the Currency. On November 23, 2021, he announced that banks would not be allowed to provide certain cryptocurrency services unless they met several regulations.{{Citation |last=Bennett |first=Alison |date=January 13, 2022 |title=Acting OCC Comptroller Hsu likely to keep Democratic support despite FDIC snafu |publisher=S&P Global |url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/acting-occ-comptroller-hsu-likely-to-keep-democratic-support-despite-fdic-snafu-68383794 |access-date=24 December 2024}}

In July 2024, he defended federal preemption of banking regulation over state regulations, which was praised by the American Bankers Association.{{Citation |date=July 17, 2024 |title=Hsu: OCC will defend federal preemption amid state efforts to regulate banking |publisher=ABA Banking Journal |url=https://bankingjournal.aba.com/2024/07/hsu-occ-will-defend-federal-preemption-amid-state-efforts-to-regulate-banking/ |access-date=24 December 2024}}

Citing the collapse of Synapse, in October 2024, he endorsed federal oversight of digital payments, saying there was a regulatory gap.{{Citation |last=Stratford |first=Michael |date=October 22, 2024 |title=OCC's Hsu backs federal oversight of digital payments |publisher=Politico |url=https://subscriber.politicopro.com/article/2024/10/occs-hsu-backs-federal-oversight-of-digital-payments-00184899 |access-date=24 December 2024}}

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.{{Citation |last=Heltman |first=John |date=21 November 2024 |title=OCC's Hsu: Banks and regulators should 'co-learn' about using AI |publisher=American Banker|url=https://www.americanbanker.com/news/occs-hsu-banks-regulators-should-co-learn-about-ai-use |access-date=24 December 2024}}

References

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