Office of the Comptroller of the Currency (OCC)

What Is the Office of the Comptroller of the Currency (OCC)?

The Office of the Comptroller of the Currency (OCC) is an independent bureau within the U.S. Department of Treasury that regulates and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks in the United States. The OCC was established by Congress in 1863 to ensure a safe, sound, competitive banking system for America’s citizens. It works to promote public confidence in the nation’s financial system by ensuring that national banks operate safely and comply with applicable laws and regulations.

The OCC has broad authority over federally chartered institutions including setting capital requirements; approving mergers or acquisitions; examining bank operations; issuing rules on consumer protection issues such as fair lending practices; enforcing compliance with anti-money laundering statutes; overseeing trust activities conducted by national banks; providing guidance on corporate governance matters related to risk management systems at large complex organizations; monitoring interest rate risks associated with derivatives transactions entered into by insured depository institutions; and more recently addressing cyber security threats posed to financial services firms operating under its jurisdiction.

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