Michael J. Hsu is an American civil servant who served as the Acting

Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to corporate charter, charter, bank regulation ...

. Prior to this role, Hsu served as an associate director in the Division of Supervision and Regulation at the

Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mo ...

Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

Janet Yellen Janet Louise Yellen (born August 13, 1946) is an American economist who served as the 78th United States secretary of the treasury from 2021 to 2025. She also served as chair of the Federal Reserve from 2014 to 2018. She was the first woman to h ...

designated Hsu as First Deputy Comptroller on May 10, 2021, making him the Acting Comptroller of the Currency. As the Acting Comptroller of the Currency, Hsu holds an ''

ex officio An ''ex officio'' member is a member of a body (notably a board, committee, or council) who is part of it by virtue of holding another office. The term '' ex officio'' is Latin, meaning literally 'from the office', and the sense intended is 'by r ...

'' seat on the board of directors of the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...

Career

He started his career in 2002 as a staff attorney in the

Federal Reserve Board The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mo ...

's Legal Division. At the Federal Reserve, he led the Large Institution Supervision Coordinating Committee (LISCC) Program.

designated Hsu as First Deputy Comptroller on May 10, 2021, making him the Acting Comptroller of the Currency. On November 23, 2021, he announced that banks would not be allowed to provide certain cryptocurrency services unless they met several regulations. In July 2024, he defended federal preemption of banking regulation over state regulations, which was praised by the

American Bankers Association The American Bankers Association (ABA) is an American trade association for the U.S. banking industry, founded in 1875. They lobby for banks of all sizes and bank charters, including community banks, regional and money center banks, Federal s ...

. Citing the collapse of

Synapse In the nervous system, a synapse is a structure that allows a neuron (or nerve cell) to pass an electrical or chemical signal to another neuron or a target effector cell. Synapses can be classified as either chemical or electrical, depending o ...

, in October 2024, he endorsed federal oversight of digital payments, saying there was a regulatory gap. In November 2024, as Acting Comptroller of the Currency, Hsu warned against regulators allowing "too much leeway" in AI applications for financial firms and banks, saying that regulators and firms should "co-learn" the technology.

References

External links

Office of the Comptroller of the Currency biography
Living people United States comptrollers of the currency Federal Reserve Bank people Biden administration personnel Brown University alumni George Washington University School of Business alumni New York University School of Law alumni 20th-century American economists 21st-century American economists Place of birth missing (living people) Date of birth missing (living people) Year of birth missing (living people) {{US-gov-bio-stub