Office of the Comptroller of the Currency
|Office of the Comptroller of the Currency|
The Office of the Comptroller of the Currency (OCC) was established in 1863 as an independent bureau of the U.S. Department of the Treasury. Its primary mission is to charter, regulate, and supervise all national banks and federal savings associations. It also supervises the federal branches and agencies of foreign banks.
Headquartered in Washington, D.C., the OCC has four district offices plus an office in London to supervise the international activities of national banks.
The OCC's operations are funded primarily by assessments on national banks and federal savings associations. National banks and federal thrifts pay for their examinations, and they pay for the OCC's processing of their corporate applications. The OCC also receives revenue from its investment income, primarily from U.S. Treasury securities.
Products and Services
In regulating national banks and federal thrifts, the OCC has the power to:
- Examine the national banks and federal thrifts;
- Approve or deny applications for new charters, branches, capital, or other changes in corporate or banking structure;
- Take supervisory actions against national banks and federal thrifts that do not comply with laws and regulations or that otherwise engage in unsound practices. Remove officers and directors, negotiate agreements to change banking practices, and issue cease and desist orders as well as civil money penalties;
- Issue rules and regulations, legal interpretations, and corporate decisions governing investments, lending, and other practices.
The OCC is headed by the comptroller, who is appointed by the president, with the advice and consent of the Senate, for a five-year term. The Comptroller also is a director of the Federal Deposit Insurance Corporation and NeighborWorks America.