The Office of the Comptroller of the Currency (OCC) is an independent bureau within the US Department of the Treasury that serves as the primary regulator and supervisor of national banks and federal savings associations in the United States.
Established in 1863, the OCC's primary mission is to ensure the stability, safety, and soundness of the federal banking system. It achieves this by carrying out its regulatory and supervisory responsibilities in accordance with the National Bank Act and other banking laws and regulations.
The OCC is responsible for granting bank charters, overseeing banking operations, conducting regular examinations and assessments, and enforcing compliance with applicable laws and regulations. It sets prudential standards for risk management, capital adequacy, and corporate governance, in order to promote the safe and sound operation of national banks. In addition, it investigates complaints, initiates enforcement actions, and takes corrective measures to address any violations or deficiencies in the banking system.
Furthermore, the OCC plays a critical role in promoting fair access to financial services and protecting consumer rights. It ensures that national banks comply with consumer protection laws, such as the Fair Credit Reporting Act and the Equal Credit Opportunity Act. Additionally, the OCC also facilitates community development initiatives and encourages banks to serve the credit needs of low and moderate-income individuals and communities.
Overall, the Office of the Comptroller of the Currency is a regulatory body that oversees and supervises national banks with the goal of ensuring their safety, soundness, and compliance with relevant laws and regulations.
