Mortgage Bankers Asssociation chief executive voice support
The US Senate has confirmed Jonathan Gould as the new Comptroller of the Currency in a narrow 50-45 vote, placing him at the helm of one of the nation’s key banking regulators at a time of increasing attention on risk, innovation, and mortgage market participation.
Gould, who previously served as senior deputy comptroller and chief counsel at the Office of the Comptroller of the Currency (OCC) during the first Trump administration, is expected to continue a regulatory approach that favors innovation, including crypto assets, while reevaluating legacy risk management protocols established in the aftermath of the 2008 financial crisis.
“In the years since 2008, bank regulators have at times tried to eliminate rather than manage risk, frustrating the ability of banks to fulfill their function,” Gould said during a Senate hearing in March. “This blinkered approach to risk management has implications for the cost and availability of credit, the system’s ability to absorb shocks, and its adoption of new technologies and embrace of innovation.”
Mortgage industry leaders welcomed the confirmation. Mortgage Bankers Association (MBA) president and CEO Bob Broeksmit emphasized Gould’s broad experience and called for a balanced regulatory approach under his leadership.
“Jonathan Gould’s distinguished résumé in both the private and public sector will serve him well as Comptroller of the Currency,” Broeksmit said in a statement. “We look forward to Comptroller Gould’s measured approach to banking supervision, with a focus on ensuring safety and soundness in the banking system without imposing overly complex or burdensome regulatory oversight.”
Broeksmit also reiterated the MBA’s support for regulatory changes to improve housing affordability and enhance bank participation in the mortgage market, including adjustments to risk-based capital rules for mortgage servicing rights and warehouse lending.
Rob Nichols, president and CEO of the American Bankers Association, also congratulated Gould on his appointment.
“We look forward to working with Comptroller Gould on a number of important regulatory issues in the years ahead, including advancing a rational regulatory framework that promotes a resilient and healthy national banking system and upholding the OCC’s commitment to national bank preemption,” Nichols said. “We also thank Acting Comptroller Rodney Hood for his service over the past several months.”
However, concerns have been raised about Gould’s connections to former clients, with Democratic Senator Elizabeth Warren among those questioning his ability to remain impartial on certain matters.
Prior to this appointment, Gould held the position of senior deputy comptroller and chief counsel at the OCC under the previous Trump administration. He later became chief legal officer at Bitfury Group, a crypto mining firm, and joined law firm Jones Day in 2022. His past clients included JPMorgan Chase, Goldman Sachs, and Circle Internet Financial. Gould has said he will resign from his role at Jones Day upon taking office.
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In addition to leading the OCC, Gould will also serve as a board member of the Federal Deposit Insurance Corporation (FDIC), alongside other federal financial regulators.
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