Comptroller of the Currency to Step Down

U.S. Comptroller of the Currency Eugene Ludwig will step down on April 4 at the end of his term. Ludwig has been one of the key participants during one of the most aggressive periods by bank regulators in recent years. In November 1996, the Office of Comptroller of the Currency created a regulatory system that could allow national banks to use subsidiaries to enter other markets, including securities and insurance underwriting. In addition, the OCC has issued a series of rulings that have allowed banks to expand their sale of insurance and other financial products. Ludwig said his successful effort to expand the powers of national banks was one of the highlights of his tenure. Ludwig, who became comptroller on April 5, 1993, said he was not seeking another term so that he can return to the private sector and spend more time with his family. The OCC oversees the country’s 2,800 national banks.