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Comptroller Gives Notice

John Dugan to end term next month

July 8, 2010

By MortgageDaily.com staff


The 29th Comptroller of the Currency has given President Obama notice that he will be leaving.

In a letter today to the White House, John Dugan said he intends to leave office on Aug. 14.

Dugan said he has served for five years under two administrations and three secretaries of the Treasury. He noted that his term as comptroller is scheduled to end soon.

Whoever replaces Dugan will oversee a national banking system of more than 1,500 community and mid-size banks and federal branches.

The comptroller -- who served as minority general counsel for the Senate Committee on Banking, Housing, and Urban Affairs from 1985 to 1989 -- highlighted that just 42 of the 251 bank failures since 2008 were national banks.

"During the darkest days of the crisis nearly two years ago, the very viability of the banking system seemed in question," the letter said. "Today, as I prepare to take my leave, I am pleased to report that the condition of the national banking system is much, much improved."
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