WASHINGTON—President Donald Trump plans to nominate Randal Quarles to be vice chairman of bank supervision on the Federal Reserve Board.
The position was created by the Dodd-Frank Act, but President Barack Obama did not nominate anyone for the job. Former Fed Governor Daniel Tarullo had served as the de facto vice chairman for bank supervision before he stepped down from the board in April, NAFCU noted.
Quarles currently heads Cynosure Group, an investment firm, and he previously served as a senior official in the Treasury Department under President George W. Bush.