OCC’s Head of Supervision for Largest U.S. Banks Leaves Position

Michael L. Brosnan has stepped down as chief of large bank oversight at the U.S. Office of the Comptroller of the Currency in a request that took the agency head by surprise.

Brosnan requested reassignment at the agency after supervising large banks since the 2008 credit crisis, according to an OCC statement released today. Martin Pfinsgraff will take over as acting senior deputy comptroller for large bank supervision. Pfinsgraff, a former treasurer at a unit of Prudential Financial Inc. (PRU) who has been the OCC’s deputy comptroller for credit and market risk, will assume the new role next month, the statement said.

“Now that we are moving beyond the crisis, I can understand why Mike was interested in moving into a new position,” Comptroller of the Currency Thomas Curry said in the statement, which described the initial request as a surprise. “He worked long days, grappled with the toughest decisions that confronted bank supervisors anywhere in the world, and contributed greatly to the healing of the industry.”

Brosnan has accepted a position as examiner-in-charge for the national bank of Salt Lake City, Utah-based Zions Bancorporation (ZION), according to the statement. He spent more than 21 years at the OCC before leaving in 2004 to join MBNA Corp., which was acquired in 2006 by Bank of America Corp.

Darrin Benhart, one of two deputy comptrollers running the Credit and Market Risk Group, will temporarily take over the entire group.

To contact the reporter on this story: Jesse Hamilton in Washington at jhamilton33@bloomberg.net.

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net.

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