The OCC has said Noreika’s appointment fully complies with the law. Though the lawmakers calculated Noreika hit his end date on Sept. 12, others have read the 130-day rule to refer to working days. That could put his deadline to step down into next month.
The 130-day limit hasn’t always been rigidly enforced by federal agencies that hire special government employees. But those workers typically hold less prominent roles than Noreika.
The OCC oversees national banks, making its leader one of the most powerful jobs among Washington financial regulators. While the Federal Reserve’s bank-supervision chief tends to draw more attention, the comptroller has power to approve Wall Street rules and enforcement actions alone, because the OCC isn’t run by a board or commission.
In addition to his role on the FSOC -- a panel of regulators created by the Dodd-Frank Act to head off threats to the financial system -- Noreika also has a seat on the five-member board of the Federal Deposit Insurance Corp.
This article was provided by Bloomberg News.