News Release 1996-66 | June 3, 1996
Comptroller Ludwig Names Scott Calhoun OCC Deputy Comptroller for Risk
WASHINGTON, D.C. — Comptroller of the Currency Eugene A. Ludwig today named National Bank Examiner G. Scott Calhoun to serve as the OCC's first deputy comptroller for risk evaluation. He will report directly to the Comptroller. Mr. Calhoun is currently the OCC's resident examiner in charge of supervising Citibank, N.A., a position he will continue to fill until a successor is selected.
"It is vital for financial institutions and their regulators to stay abreast of emerging risks that could pose a threat to the safety and soundness of our increasingly complex banking system," said Mr. Ludwig. "With more than 19 years experience as a national bank examiner, most recently with the largest multinational banks, Scott is uniquely qualified to help the OCC identify emerging risks, develop timely supervisory responses to those risks and, perhaps most important, follow up to ensure that those actions are effective."
Mr. Calhoun will be Mr. Ludwig's principal advisor on risks facing the national banking system. He will also chair the OCC's National Risk Committee, which is charged with identifying potential serious risks to the banking system.
Mr. Calhoun joined the OCC in 1977, and served as a large bank analyst in Chicago and Washington from 1983 to 1986. Beginning in 1987 he served as examiner in charge for Continental Illinois Bank, N.A. (1987-1990), Chase Manhattan (1990-1992), and Citibank, N.A. (1992 to present). He holds a B.A. from Vanderbilt University and an M.B.A. in business administration and finance from Michigan State University.
The creation of this chief advisory position and the National Risk Committee are the latest in a series of actions over the past two years by the OCC to deal with banking risks. The OCC has also:
- Launched a Supervision by Risk program which focuses the agency's supervision and examination efforts on nine fundamental banking risks;
- Created a capital markets group to focus on risks arising from bank trading activities, including derivatives risks;
- Enhanced its economics department to identify risks both to the banking system and to individual banks, and assigned economists to selected bank examination teams to monitor sophisticated risk management models;
- Established the National Credit Committee to monitor potential risks in the nation's credit system; and
- Refocused its extensive examiner training program on a variety of risk areas.
The position of deputy comptroller for risk evaluation was recommended by the OCC's Organization Review Team, which is conducting a top-to-bottom review of the agency's functions and activities.