[2] He joined Patomak Global Partners as Executive Vice President and Chairman of its Banking Supervision and Regulation Group on July 5, 2022.
[10] On October 24, 2017, the U.S. Senate voted to overturn the CFPB using the Congressional Review Act,[11] and on November 1, 2017, President Trump signed the resolution repealing the rule.
[14] As Acting Comptroller of the Currency, Noreika advocated to make the process for chartering new banks and obtaining federal deposit insurance more efficient.
Eliminating ambiguity would help de novo banks project startup costs and timing, which is critical for companies raising capital and kicking off a new business.
At the same time, the suggestion preserves the FDIC's veto power if it has reason to differ substantively with the judgment of the primary regulator.
Noreika repeated calls made by prior Comptrollers encouraging banks and savings associations to meet the short-term, small-dollar credit needs of consumers.
The changes provide greater transparency regarding the OCC's framework for evaluating certain types of licensing applications and incentive for covered institutions to support the goals of the Community Reinvestment Act.
On August 2, 2017, the OCC solicited public input on whether certain aspects of the implementing regulation should be revised to better accomplish the purposes of section 619 while decreasing the compliance burden on banking entities and fostering economic growth.
[24] On November 13, 2017, Senator Mike Crapo announced a bipartisan proposal to exempt small banks from the Volcker Rule and revise the threshold for SIFIs.
According to Noreika, chartering innovative de novo institutions through these existing authorities enhances the federal banking system, increases choice, promotes economic opportunity, and can improve services to consumers, businesses, and communities.
[37] Prior to becoming Acting Comptroller of the Currency, Noreika served on President Donald J. Trump's transition team within the U.S. Department of the Treasury.
Noreika served as a partner in Simpson Thacher & Bartlett LLP and a member of the firm's Financial Institutions Practice, where he focused on banking regulation and related litigation.
He advised a range of domestic and international financial institutions on regulatory issues relating to mergers and acquisitions, minority investments, capital issuances, structuring and compliance activities, and litigation matters, particularly in the area of federal preemption.
Noreika joined Patomak Global Partners in July 2022 and serves as the firm's Executive Vice President and Banking Supervision and Regulation Group Chairman.
In this role, Noreika leads Patomak's projects related to the U.S. banking industry, including financial technology and cryptocurrency companies.