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Regulators Recruit

Recent executive activity at mortgage and banking regulators

Feb. 18, 2011


photo of Paula Parisot
Paula Parisot
Financial regulators are weaving in and out of the public and private sector. A former state attorney general has been called to work at the new federal financial regulator for consumers, while bank regulators shuffle their management teams.

The Association of Mortgage Investors recently offered a congratulatory announcement, along with a white paper that focuses on bringing back a viable housing market, to all the newly sworn-in and current state attorneys general.

The AMI three-page white paper, The Future of the Housing Market for Consumers after the Crisis, discusses solutions for sorting out the housing finance market and repairing the servicing model for borrowers, mortgage lenders and investors alike. It outlines the steps states can take for: better execution to resolve crisis, transparency, and developing sustainable programs.

Former Comptroller of the Currency John Dugan was welcomed back to Covington & Burline LLP, as a partner for the international law firm. Dugan will chair the firm's Financial Institutions Group and advise on legal matters regarding increased regulatory requirements, including the implementation of the Dodd-Frank Act, according to a Dec. 20 announcement.

The U.S. Department of Treasury announced the selection of Ohio Attorney General Richard Cordray to lead the enforcement division of the Consumer Financial Protection Bureau team. Cordray has been on the front lines of consumer protection and a strong advocate for Ohio families against foreclosure rescue scams, the government announcement said.

In addition, Peggy Twohig was tapped to serve as Treasury's Director of the Office of Consumer Protection and Policy Lead for the CFPB. Before working joining the Treasury Twohig worked at the Federal Trade Commission.

Assistant Treasury Secretary Michael Barr and deputy director Diana Farrell recently stepped down from President Obama's National Economic Council, according to a Reuters article.

Sean Dilweg, former Wisconsin Insurance Commissioner was named vice president at CUNA Mutual Group. The Madison, Wis.-based mutual group said Dilweg will head its CUNA Mutual's mortgage insurance business. This role includes managing CUNA's interest in CMG Mortgage Insurance Co. which operates as a corporate joint venture between CUNA Mutual Insurance Society and PMI Mortgage Insurance Co.

The FDIC Board of Directors unanimously approved the appointment of Michael H. Krimminger as the agency's new general counsel, effective Feb. 4. Krimminger will is in charge of the legal division, which is responsible for legal work on regulatory issues, and other agency transactions, litigation, and corporate and commercial claims.

In addition, the FDIC announced several additional senior leadership staff for the Office of Complex Financial Institutions.

Jim Wigand was appointed the director position for CFI. In his prior position with the FDIC, Wigand was the deputy director for franchise and asset marketing, in which he directed the sale of over $600 billion in failed bank and thrift assets.

Jason C. Cave has been named Deputy Director for CFI. Cave has been with the FDIC since 1993 as deputy to the chairman and was responsible for spearheading several large bank initiatives and coordinating various FDIC board functions. And Mary Patricia Azevedo was selected for Deputy Director for International Coordination in CFI.

Earlier this month, Kevin Warsh submitted to President Barack Obama his resignation as a member of the Board of Governors of the Federal Reserve System. Warsh said his departure date would be on or around March 31. No reason was cited for the separation in his letter to the president or the Feb. 10 press release.

Federal Housing Finance Agency director nominee Joseph Smith withdrew his bid for the position to oversee Fannie Mae, Freddie Mac and the Federal Home Loan Banks. His nomination was approved by a 16-6 vote. But objections by some Republicans prevented the nomination from coming to a vote in the full Senate. As of Jan. 27, the White House had not yet named a new nominee for the position.

FHFA also announced this month several organizational changes and new positions within the agency. The restructure will promote greater uniformity and consistency in the examinations of Fannie, Freddie and the Federal Home Loan Banks, the announcement said. The appointments include Wanda DeLeo, deputy director, division of examination programs and support; Kari Walter, senior associate director for examination policy and programs; Nick Satriano, chief accountant; Meg Burns, senior associate director for the Office of Housing and Regulatory Policy; Naa Awaa Tagoe, senior associate director for the Office of Financial Analysis and Modeling; Chris Dickerson, senior associate director of the new Office of Systemic risk and Market Surveillance; Lee Bowman, associate director of FHFA's Office of Minority; and Women Inclusion, and Mike Powers, Ombudsman.

The Department of Housing and Urban Development last month announced Daniel R. Gomez, Jr. was chosen to serve as the deputy regional administrator for the six-state Rocky Mountain region. Previously, Gomez served as director of the processing and underwriting division for the single-family homeownership center in Denver serving a 17-state jurisdiction.

HUD Secretary Shaun Donavan released a statement of condolences to the family of former HUD secretary James Lynn. Secretary Lynn began his career at HUD in February 1973. Donavan said Lynn helped reshape HUD into the Department it is today.

"As a leader primarily known for cutting budgets, Secretary Lynn was single-mindedly focused on improving the efficiency and effectiveness of government."

Nevada's Division of Mortgage Lending commissioner Joseph Waltuch has been replaced as of Friday. Waltuch said in a Feb. 10 announcement that he has no plans once he leaves. Deputy Commissioner Nancy Corbin will become Acting Commissioner upon his departure.

Joyce Cofield was named OCC's Executive Director for the Office of Minority and Women Inclusion. The new position was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Prior to this role, Cofield served as director of workplace fairness and equal opportunity and director of recruitment, diversity and retention, according to the Jan. 19 announcement.

Edward J. Dorris was selected to be OCC's new chief information officer. Prior to his role at the OCC, Dorris served as CIO for the Financial Crimes Enforcement Network and Deputy CIO for HUD.

The OCC also last month named Martin Pfinsgraff its deputy comptroller for credit and market risk. Pfinsgraff will also serve as co-chair of the OCC's national risk committee. Prior to his appointment, he was the chief financial officer and chief operating officer for a worldwide risk management company, iJet International, which he co-founded in 2000.

Grovetta Gardineer was named OCC's deputy comptroller for compliance policy earlier this month. Previously, Gardineer served as the managing director for corporate and international activities at the Office of Thrift Supervision.

Recently appointed Wisconsin Department of Financial Institutions Secretary Peter J. Bildsten last month announced the selection of his senior management team.

Ray Allen was
chosen as deputy secretary; Eric Knight as executive assistant; Ginger Larson as new director of the Office of Credit Unions; Mike Mach as administrator of the division of banking; Patricia Struck as administrator of the division of securities; Cheryll Olson-Collins as administrator of the division of corporate and consumer services; Bill Morrissey as administrator of the division of administrative services; and David Mancl as director of the Office of Financial Literacy.

Paula Parisot has been covering the mortgage industry as a reporter for since 2004.

e-mail Paula at: [email protected]

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