OneWest is a midsized lender with headquarters in Pasadena, California. It entered the national spotlight when Steven Mnuchinwas nominated to lead the Treasury Department. Mnuchin bought the bank, formerly known as IndyMac, from the federal government in 2009.
Now, according to people familiar with the discussions, the Trump administration is considering two of his deputies to head key regulatory agencies: former OneWest general counsel Brian Brooks for the Consumer Financial Protection Bureau and former OneWest chief executive Joseph Otting for the Office of the Comptroller of the Currency.
Another person with ties to OneWest, Tom Vartanian, has also been floated to lead the OCC, according to a person close to the administration. Vartanian, a partner at the law firm Dechert, represented investors in the $1.6 billion deal to purchase OneWest.
The three agencies — Treasury, OCC and CFPB — have broad authority to craft regulations that affect the nation's biggest banks and financial institutions, from running stress tests to setting mortgage lending standards. They were critical conduits for implementing sweeping reforms of the financial system following the 2008 crisis and will likely be an important channel for Trump to make good on his promise of rolling back those rules.