Former Comptroller of the Currency (OCC) John Dugan, a key regulatory player in the 2008 financial crisis, has accepted a position with the Washington law firm of Covington & Burling.
Dugan, who left the OCC in August, will chair the law firm's financial institutions group, drawing on his experience shaping the Dodd-Frank Wall Street reform legislation. (Dugan was an opponent of MBS risk retention language that was eventually adopted I the bill.)
Prior to joining the OCC, Dugan was a partner at Covington & Burling.
The OCC regulates roughly 1,500 commercial banks. The agency is in the process of merging with the much smaller Office of Thrift Supervision, which regulates savings institutions.
Dugan was first appointed by President George W. Bush. He also served on the board of the Federal Deposit Insurance Corp.
