Joseph Otting

Early life and education

Otting grew up in Maquoketa, Iowa, the son of Daniel and Helen Otting.

He obtained a Bachelor of Arts degree in management from the University of Northern Iowa in 1981. His biography, released by the White House on June 5, 2017, included a claim that he was a graduate of the School of Credit and Financial Management at Dartmouth College. In fact, the school is a four-week continuing education program spread over two years, run by the National Association of Credit Management, a nonprofit Maryland organization; when he attended the school, classes were given on a Dartmouth campus. On June 7, in a brief emailed statement, the White House press office acknowledged its mischaracterization of Otting's credentials. A spokeswoman for Dartmouth said that Otting had misrepresented his education on his resume while the White House said that Otting had not misrepresented himself.

Bank of America and Union Bank

Otting started his career at Bank of America, where he held positions in branch management, private banking, and commercial lending. From 1986 to 2001, Otting was with Union Bank, where he held roles including deputy regional vice president, senior vice president, executive vice president, and group head of commercial banking.

U.S. Bank

Between 2001 and 2010, Otting worked for U.S. Bank, a subsidiary of U.S. Bancorp. Otting served as Market President of U.S. Bank in Oregon from December 2001 to June 2003 and as Executive Vice President and Manager of East Region Commercial Banking Group from June 2003 to April 2005. Until his departure in 2010, he served as one of eight Vice Chairman, Head of Commercial Banking, and Head of Wholesale Middle Market Business. During his tenure, he led U.S. Bank's efforts in California as the senior executive responsible for expansion in the region.

OneWest Bank

Otting was President, CEO, and a board member of OneWest Bank from October 2010 until his termination in December 2015. There, he worked closely with the bank's founder, Steven Mnuchin, who would later become the United States Secretary of the Treasury. In 2011, Otting signed a consent decree with the federal Office of Thrift Supervision regarding the bank's violations during the 2010 United States foreclosure crisis.

In 2015, the bank was sold to CIT Group for $3.4 billion. When Otting was fired in December 2015, the Wall Street Journal calculated that he earned $24.9 million in compensation for 2015, including a $12 million severance payment. In May 2017, the United States Department of Justice reached a $89 million settlement with the bank regarding abuses in its reverse mortgage division.

During his July 27, 2017, confirmation hearing before the Senate Banking Committee, Otting testified he wanted to simplify the Volcker Rule, reduce insurance regulation, and explained that he signed but did not agree with the government’s findings of wrongdoing in the 2011 consent decree.

Personal life

Otting serves on the California Chamber of Commerce Board, the Chamber Executive Committee and the Chamber Audit Committee, which he chairs. He is Chairman of The Killebrew Thompson Memorial Foundation and is a member of The 100 Club.

Otting and his wife, Bonnie, reside in Santa Monica, California. His interests include golf, tennis, cross-training and reading.