New Candidate for Top Bank Regulator Sees Risks in Crypto and Fintechs

The White House is vetting Saule Omarova, a Cornell professor, for the role of comptroller of the currency. Her work has highlighted the risks of cryptocurrency for banks.

The Biden administration is vetting a new candidate for the job of top banking regulator after abandoning two earlier choices because a fight broke out within the Democratic Party. If the candidate — Saule Omarova, a professor of banking law at Cornell University Law School — is nominated to lead the Office of the Comptroller of the Currency and secures Senate support, Wall Street’s biggest banks can expect a less cozy relationship with her than they had with recent predecessors.

President Biden’s aides are vetting Ms. Omarova, and the process is in its early stages, said two people familiar with the matter, who were not authorized to speak publicly. She could be nominated in the coming months or by early next year, the people said. She would then need Senate confirmation to serve a five-year term.

Ms. Omarova is seen as less controversial than the two previous candidates to lead the agency, which is little known outside the financial industry but has recently gained in importance — especially among Democrats who see banking regulation as a way to address widening racial and economic disparities, both priorities of Mr. Biden.

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