Office of the Comptroller of the Currency (OCC)

What the OCC is

The Office of the Comptroller of the Currency (OCC) is a federal agency that charters, regulates, and supervises national banks, federally chartered savings associations (thrifts), and federal branches and agencies of foreign banks operating in the United States. The OCC is an independent bureau within the U.S. Department of the Treasury.

Mission and responsibilities

The OCC’s mission is to ensure that national banks and federal savings associations:
* Operate in a safe and sound manner
* Provide fair access to financial services
* Treat customers fairly
* Comply with applicable laws and regulations

To carry out this mission, the OCC oversees banks’ governance, financial condition, and compliance with consumer protection and safety-and-soundness standards.

Scope of supervision

The OCC supervises institutions across multiple areas, including:
* Capital adequacy and asset quality
* Management and governance
* Earnings and liquidity
* Sensitivity to market risk
* Information technology and operational resilience
* Compliance with laws and consumer-protection rules
* Community reinvestment activities

Structure and staffing

• Headquarters: Independent bureau within the Treasury Department.
• Field presence: Four district offices, numerous field and satellite offices across the U.S., and an examining office in London.
• Examiners: OCC bank examiners conduct on-site reviews, assess loan and investment portfolios, internal controls, risk management, and regulatory compliance, and evaluate management’s ability to identify and control risk.

Funding and leadership

• Funding: The OCC is not funded by Congress. Its operations are financed primarily through fees paid by the banks and savings associations it supervises (examination and processing fees) and by investment income (mainly from U.S. Treasury securities).
• Leadership: The agency is led by the Comptroller of the Currency, a presidential appointee confirmed by the Senate for a five-year term. The Comptroller also serves as a director of the Federal Deposit Insurance Corporation (FDIC) and NeighborWorks America.

Powers and supervisory tools

The OCC has broad enforcement and supervisory authority, including the ability to:
* Approve or deny applications for national bank charters, new branches, and structural changes
* Impose supervisory actions for noncompliance with laws and regulations
* Remove or compel changes in bank officers and directors
* Negotiate remedial agreements to change bank practices
* Impose monetary penalties and issue cease-and-desist orders

Recent regulatory changes

Under the Dodd‑Frank Act, the OCC assumed responsibility for the ongoing examination, supervision, and regulation of federal savings associations. The agency implemented rule changes to facilitate the transfer of functions previously handled by the Office of Thrift Supervision (OTS).

Key takeaways

• The OCC charters and supervises national banks, federal savings associations, and federal branches/agencies of foreign banks in the U.S.
• It is an independent bureau within the Treasury but is funded by the institutions it regulates, not by Congress.
• The Comptroller—appointed by the President—leads the OCC and serves on other federal financial boards.
• The OCC has significant regulatory and enforcement powers to ensure the safety, soundness, and fairness of nationally chartered banking institutions.