Brian Paul Brooks (born 1969) is an American lawyer, banker, entrepreneur, technologist, and former government official. He served as Acting Comptroller of the Currency from May 29, 2020, succeeding the 31st Comptroller of the Currency Joseph Otting, until January 14, 2021. Brooks was nominated twice by President Donald Trump for a five-year term as Comptroller of the Currency, once during the 116th Congress, and once in the 117th Congress.
Early life and education Brooks grew up in Pueblo, Colorado. He holds a bachelor's degree from Harvard University in government and a J.D. degree from the University of Chicago Law School.OCC. "Brian P. Brooks." Retrieved May 21, 2020.
Career O’Melveny & Myers Brooks's career includes working as Managing Partner of the Washington, D.C. office of the global law firm O’Melveny & Myers, where he led an office of more than 150 attorneys, represented major financial services companies in a variety of litigation and enforcement matters, and played a lead role in crafting the banking industry's response to the 2010–2011 foreclosure crisis. Brooks also chaired the firm's Financial Services Practice Group and was an elected member of the firm's 12-partner board of directors known as the Policy Committee.
OneWest Bank Following his work at O’Melveny & Myers, Brooks served as Vice Chairman of OneWest Bank from 2011 to 2014, where he served as chief legal officer and oversaw the bank's legal department along with its fair lending, corporate customer experience, and mortgage marketing and communications groups. In that position, he advised executive management and the board of directors on legal, risk, and strategic issues; developed and implemented strategies to manage litigation and government inquiries; led deal teams for strategic transactions; and led the bank's compliance with regulatory orders on mortgage servicing and foreclosures.[See https://www-cdn.law.stanford.edu/wp-content/uploads/2018/08/Brooks_Brian-bio.pdf Stanford Biography: Brian P. Brooks] Retrieved May 21, 2020
Fannie Mae From 2014 to 2018, Brooks served as Executive Vice President, General Counsel, and Corporate Secretary of the $3.2 trillion Fannie Mae. In this role, he oversaw the Legal Department and Government and Industry Relations and served as a senior advisor to the Chief Executive Officer and the Board of Directors.
Coinbase After working at Fannie Mae, Brooks was Chief Legal Officer of Coinbase from 2018 to 2020. Coinbase is an $8 billion Silicon Valley startup that is one of the largest digital currency platforms in the world. At Coinbase, he was responsible for the company's legal, compliance, internal audit, government relations, and global intelligence groups.
BitFury Group From October 2021 to 2022, Brooks served as ex-CEO of Bitfury Group, a blockchain technology company and one of the largest private infrastructure providers in the blockchain ecosystem. Bitfury Group was founded in 2011, and offers technology services such as artificial intelligence, blockchain, bitcoin mining services, high-performance computing, and a digital cryptocurrencies payments platform for enterprises called Peach. Currently, he serves as a member on the Board of Directors for the company.
Boards and advisory roles Brooks serves on the board of The HBAR Foundation, which is a foundation that supports the growth and development of the open source, public distributed ledger network called Hedera. Brooks serves on the boards of two special purpose acquisition companies: Valor Latitude Acquisition Corp. and EJF Acquisition Corp. He is also a board member of Spring Labs.
Brooks served from March 2019 through March 2020 as a member of the Board of Directors of Fannie Mae, where he sat on the company's Risk Policy and Capital Committee and its Strategic Initiatives and Technology Committee.
In addition, Brooks has been deeply involved in the financial technology sector. From November 2017 through March 2020 he served with former FDIC Chair Sheila Bair, former American Express CEO Jim Robinson, and others on the board of directors of Avant, Inc., a marketplace lending and technology platform company. He was also an advisor to financial technology companies Spring Labs, a blockchain-enabled digital credit bureau, and EarnUp, a consumer loan payment platform.
He has been in news for as a potential candidate for SEC chairperson under Donald Trump's presidency in 2025.
Comptroller of the Currency
Brooks joined the Comptroller of the Currency (OCC) in April 2020 as Senior Deputy Comptroller and Chief Operating Officer. In this role, Brooks oversaw the agency's bank supervision, bank supervision policy, economics, supervisory system and analytical support, systemic risk identification support and specialty supervision, and innovation functions. He served as a member of the OCC's Executive Committee and was the Chair of the Technology and Systems Subcommittee.OCC (May 29, 2020). Brian P. Brooks Retrieved May 29, 2020
Secretary of the Treasury Steven T. Mnuchin designated Brooks the OCC's First Deputy Comptroller, under his authority set forth in 12 USC § 4. Pursuant to 12 USC § 4, Brooks became Acting Comptroller upon Comptroller Otting's resignation on May 29, 2020.OCC (May 21, 2020). "Comptroller of the Currency Joseph Otting to Step Down, Brian P. Brooks to Become Acting Comptroller of the Currency on May 29, 2020." Retrieved May 21, 2020.
On May 29, 2020, Brooks signed a final rule to clarify the long-standing "valid when made" doctrine to clarify that when a national bank or savings association sells, assigns, or otherwise transfers a loan, interest permissible before the transfer continues to be permissible after the transfer.OCC (May 29, 2020). "OCC Issues Rule to Clarify Permissible Interest on Transferred Loans." Retrieved June 3, 2020.
On October 27, 2020, Brooks signed an OCC rule to clarify when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party.OCC (October 27, 2020). "Office of the Comptroller of the Currency Issues True Lender Rule." Retrieved October 27, 2020.
On November 20, 2020, the OCC, under Brooks, proposed a rule that it argued would ensure “fair access” to banking services provided by national banks, federal savings associations, and federal branches and agencies of foreign bank organizations.OCC (November 20, 2020). "Proposed Rule Would Ensure Fair Access to Bank Services, Capital, and Credit." Retrieved December 7, 2020. The rule, which was proposed after President Trump had already lost the election and which the head of the Bank Policy Institute called “poorly constructed,” will force banks to lend to payday lenders, gun companies and others even if they do not support the activities such companies engage in.NPR (January 11, 2021). "." Retrieved May 3, 2021. It was finalized on January 14, 2021.OCC (January 14, 2021). "OCC Finalizes Rule Requiring Large Banks to Provide Fair Access to Bank Services, Capital, and Credit." Retrieved January 19, 2021.
Community Reinvestment Act On May 20, 2020, the OCC, under Joseph Otting finalized a rule to strengthen and modernize regulations implementing the Community Reinvestment Act for national banks and savings associations.OCC (May 20, 2020). "OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations." Retrieved October 27, 2020. According to the OCC, the final rule will increase bank CRA-related lending, investment, and services in low- and moderate-income communities where there is significant need for credit, more responsible lending, and greater access to banking services by:
Clarifying what qualifies for CRA consideration. Updating how banks define assessment areas by retaining immediate geographies around branches and establishing additional assessment areas for banks that do not rely on branch networks to serve their customers. Evaluating bank CRA performance more objectively through quantitative measures that assess the volume and value of activity. Making reporting more transparent and timelier. Providing greater support for small businesses, small and family-owned farms, and Indian Country. Thoroughly evaluating banks’ CRA performance in all their assessment areas, not just a limited evaluation in some of them.
The U.S. Senate upheld the rule on October 19, 2020, when it rejected a resolution under the Congressional Review act to overturn the rule.Neil Haggerty (October 19, 2020). "Senate fails to overturn OCC's CRA revamp." American Banker. Retrieved October 27, 2020.
Responsible Innovation On July 10, 2020, Brooks announced the launch of Project REACh. REACh stands for Roundtable for Economic Access and Change, and the project brings together leaders from the banking industry, national civil rights organizations, business, and technology to reduce specific barriers that prevent full, equal, and fair participation in the nation's economy.OCC (July 10, 2020). "Announces Project REACh to Promote Greater Access to Capital and Credit for Underserved Populations." Retrieved July 10, 2020.
On July 22, 2020, the OCC, under Brooks' direction, published a letter clarifying national banks' and federal savings associations' authority to provide cryptocurrency custody services for customers. The letter concludes that providing cryptocurrency custody services, including holding unique cryptographic keys associated with cryptocurrency, is a modern form of traditional bank activities related to custody services. Crypto custody services may extend beyond passively holding "keys."OCC (July 22, 2020). "Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets." Retrieved July 30, 2020. On September 21, 2020, the OCC, under Brooks, issued a second letter regarding cryptocurrencies, which clarified national bank and savings association authority to hold deposits reserves backing stablecoins.OCC (September 21, 2020). "Federally Chartered Banks and Thrifts May Engage in Certain Stablecoin Activities." Retrieved September 21, 2020.
Charters and Licensing On July 31, 2020, Brooks signed the first full-service national bank charter for a consumer-focused financial technology company engaged in the business of banking—Varo Bank N.A.Orla McCaffery. "Fintech Varo Money Gets Rare Green Light to Become Bank." Wall Street Journal. July 31, 2020. In making the announcement, Brooks said the bank's opening "represents the evolution of banking and a new generation of banks that are born from innovation and built on technology intended to empower consumers and businesses."OCC (July 31, 2020). "Acting Comptroller of the Currency Presents Varo Bank, N.A. Its Charter." Retrieved July 31, 2020. Under Brooks's leadership, the OCC also approved the merger of fintech payments startup Jiko and Mid-Central Federal Savings Bank, marking the first time a fintech was approved to acquire an existing insured depository institution. Fintech startup SoFi also received conditional approval from the OCC for a de novo national bank charter during Brooks's tenure.
On January 13, 2021, the OCC under Brooks conditionally approved of "the conversion of Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association."OCC (January 13, 2021). "OCC Conditionally Approves Conversion of Anchorage Digital Bank." Retrieved January 13. 2021.
Significant Enforcement Actions On August 6, 2020, a Brooks-led OCC assessed an $80 million civil money penalty against Capital One, N.A., and Capital One Bank (USA), N.A.,OCC (July 31, 2020). "OCC Assesses $80 Million Civil Money Penalty Against Capital One." Retrieved August 6, 2020. related to the bank's 2019 cyber breach, which affected millions of customers.Banking Regulator Fines Capital One $80 Million Over 2019 Hack Wall Street Journal. August 6, 2020.