Office of the Comptroller of the Currency
   HOME

TheInfoList



OR:

The Office of the Comptroller of the Currency (OCC) is an independent bureau within the
United States Department of the Treasury The Department of the Treasury (USDT) is the Treasury, national treasury and finance department of the federal government of the United States. It is one of 15 current United States federal executive departments, U.S. government departments. ...
that was established by the National Currency Act of 1863 and serves to
charter A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty), and that the ...
,
regulate Regulate may refer to: * Regulation Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly diff ...
, and supervise all national banks and federal thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. The acting comptroller of the currency is Rodney E. Hood, who took office on February 10, 2025.


Duties and functions

Headquartered in
Washington, D.C. Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and federal district of the United States. The city is on the Potomac River, across from Virginia, and shares land borders with ...
, it has four district offices located in New York City, Chicago, Dallas and Denver. It has an additional 92 operating locations throughout the United States. It is an independent
bureau Bureau ( ) may refer to: Agencies and organizations *Government agency *Public administration * News bureau, an office for gathering or distributing news, generally for a given geographical location * Bureau (European Parliament), the administra ...
of the
United States Department of the Treasury The Department of the Treasury (USDT) is the Treasury, national treasury and finance department of the federal government of the United States. It is one of 15 current United States federal executive departments, U.S. government departments. ...
and is headed by the comptroller of the currency, appointed to a five-year term by the president with the consent of the U.S. Senate. The OCC pursues a number of main objectives: * to ensure the safety and soundness of the national banking system; * to foster
competition Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, indi ...
by allowing banks to offer new products and services; * to improve the efficiency and effectiveness of OCC supervision especially to reduce the regulatory burden; * to ensure fair and equal access to financial services to all Americans; * to enforce anti-
money laundering Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, sex work, terrorism, corruption, and embezzlement, and converting the funds i ...
and anti-
terrorism financing Terrorism financing is the provision of funds or providing financial support to individual terrorists or non-state actors. Most countries have implemented measures to counter terrorism financing (CTF) often as part of their money laundering law ...
laws that apply to national banks and federally licensed branches and agencies of international banks; and * to investigate misconduct committed by institution-affiliated parties of national banks, including officers, directors, employees, agents and
independent contractor Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any oth ...
s (including appraisers, attorneys and accountants). The OCC participates in interagency activities in order to maintain the integrity of the federal banking system. By monitoring capital,
asset quality Asset quality is an evaluation of asset to measure the credit risk associated with it. Description Asset quality is related to the left-hand side of the bank balance sheet. Bank managers are concerned with the quality of their loans since that pr ...
,
management Management (or managing) is the administration of organizations, whether businesses, nonprofit organizations, or a Government agency, government bodies through business administration, Nonprofit studies, nonprofit management, or the political s ...
, earnings,
liquidity Liquidity is a concept in economics involving the convertibility of assets and obligations. It can include: * Market liquidity In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can quic ...
, sensitivity to
market risk Market risk is the risk of losses in positions arising from movements in market variables like prices and volatility. There is no unique classification as each classification may refer to different aspects of market risk. Nevertheless, the m ...
,
information technology Information technology (IT) is a set of related fields within information and communications technology (ICT), that encompass computer systems, software, programming languages, data processing, data and information processing, and storage. Inf ...
,
consumer compliance A consumer is a person or a group who intends to order, or use purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. Th ...
, and
community reinvestment The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, ''et seq.'') is a United States federal law designed to encourage commercial banks and savings associations to h ...
, the OCC is able to determine whether or not the bank is operating safely and soundly, providing fair access and treatment to customers, and complying with all applicable laws and regulations. The OCC was created by
Abraham Lincoln Abraham Lincoln (February 12, 1809 – April 15, 1865) was the 16th president of the United States, serving from 1861 until Assassination of Abraham Lincoln, his assassination in 1865. He led the United States through the American Civil War ...
to fund the
American Civil War The American Civil War (April 12, 1861May 26, 1865; also known by Names of the American Civil War, other names) was a civil war in the United States between the Union (American Civil War), Union ("the North") and the Confederate States of A ...
but was later transformed into a regulatory agency to instill confidence in the federal banking system, ensure it operates in a safe and sound manner, and treats customers fairly. The OCC regulates and supervises about 1,200 national banks, federally-licensed savings associations, and federally-licensed branches of foreign banks in the United States, accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020). Other financial regulatory agencies like the OCC include the
Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...
(of which the comptroller serves as a director), the
Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of ...
, the
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, Payday lo ...
, and the
National Credit Union Administration The National Credit Union Administration (NCUA) is an American government-backed insurer of Credit unions in the United States, credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. deposi ...
. The OCC routinely interacts and cooperates with other government agencies, including the Consumer Financial Protection Bureau,
Financial Crimes Enforcement Network The Financial Crimes Enforcement Network (FinCEN) is a bureau within the United States Department of the Treasury that collects and analyzes information about financial transactions to combat domestic and international money laundering, terrori ...
, the Office of Foreign Asset Control, the
Federal Bureau of Investigation The Federal Bureau of Investigation (FBI) is the domestic Intelligence agency, intelligence and Security agency, security service of the United States and Federal law enforcement in the United States, its principal federal law enforcement ag ...
, the
U.S. Department of Justice The United States Department of Justice (DOJ), also known as the Justice Department, is a federal executive department of the U.S. government that oversees the domestic enforcement of federal laws and the administration of justice. It is equi ...
, and the
Department of Homeland Security The United States Department of Homeland Security (DHS) is the U.S. federal executive department responsible for public security, roughly comparable to the interior, home, or public security ministries in other countries. Its missions invol ...
. The comptroller serves as a director of the Neighborhood Reinvestment Corporation, and the Federal Deposit Insurance Corporation and member of the Financial Stability Oversight Council and the Federal Financial Institutions Examination Council.


Preemption of state banking regulation

In 2003, the OCC proposed regulations to preempt virtually all state banking and financial services laws for national banks and their diverse range of non-bank, corporate operating subsidiaries. Despite opposition from the
National Conference of State Legislatures The National Conference of State Legislatures (NCSL), established in 1975, is a "nonpartisan public officials' association composed of sitting state legislators" from the states, territories and commonwealths of the United States. Background ...
, the OCC's regulations went into effect. In '' Watters v. Wachovia Bank, N.A.'' , the
United States Supreme Court The Supreme Court of the United States (SCOTUS) is the highest court in the federal judiciary of the United States. It has ultimate appellate jurisdiction over all U.S. federal court cases, and over state court cases that turn on question ...
validated the preemption of state regulations by the OCC, ruling that the OCC, not the states, has the authority to subject national banks to "general supervision" and "oversight":
State regulators cannot interfere with the business of banking by subjecting national banks or their OCC-licensed operating subsidiaries to multiple audits and surveillance under rival oversight regimes.
In ''
Cuomo v. Clearing House Association, L. L. C. ''Cuomo v. Clearing House Association, L.L.C.'', 557 U.S. 519 (2009), was a case decided by the United States Supreme Court. In a 5–4 decision, the court determined that a federal banking regulation did not pre-empt the ability of states to e ...
'' , the Court clarified its decision in ''Watters'', stating that federal banking regulations did not preempt the ability of states to enforce their own fair-lending laws, as general supervision and control' and 'oversight' are worlds apart from law enforcement", and therefore states retain law enforcement powers but have restricted "visitorial" powers over national banks (i.e., the right to examine the affairs of a corporation).


HelpWithMyBank.gov

In July 2007, the OCC launched HelpWithMyBank.gov to assist customers of national banks and provide answers to national banking questions.


Financial inclusion

On July 10, 2020, the OCC announced the launch o
Project REACh
REACh stands for Roundtable for Economic Access and Change, and the project brings together leaders from the banking industry, national civil rights organizations, business, and technology to reduce specific barriers that prevent full, equal, and fair participation in the nation's economy.


History

During the
American Civil War The American Civil War (April 12, 1861May 26, 1865; also known by Names of the American Civil War, other names) was a civil war in the United States between the Union (American Civil War), Union ("the North") and the Confederate States of A ...
, leaders of the U.S. federal government, including President
Abraham Lincoln Abraham Lincoln (February 12, 1809 – April 15, 1865) was the 16th president of the United States, serving from 1861 until Assassination of Abraham Lincoln, his assassination in 1865. He led the United States through the American Civil War ...
and Treasury Secretary Salmon P. Chase, drafted plans for a national banking system. These plans were put into action by the National Currency Act of 1863, subsequently amended by the
National Bank Act The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks chartered at the federal level, and created the United States National Banking System. They encouraged developmen ...
, which created the Office of the Comptroller of the Currency to administer the new system. Hugh McCulloch, former president of the state-owned Bank of Indiana, was chosen to be the first comptroller of the currency. Under the law, banks could apply to the OCC for a charter issued by the federal government. Approved banks would purchase U.S.
government bonds A government bond or sovereign bond is a form of bond issued by a government to support public spending. It generally includes a commitment to pay periodic interest, called coupon payments'','' and to repay the face value on the maturity da ...
, generating cash flow for the government. The bonds would then be deposited with the U.S. Treasury to provide security to back the paper money to be issued by the banks, a new uniform United States currency that could be redeemed for gold or silver at banks around the country. By ensuring the new currency was backed by the government-held bonds, the system gave users greater confidence in the stability of the paper money. By 1868, the OCC had 72 staff, a third of them women. They processed charter applications and distributed currency to national banks. Until 1913, these staff were paid by distance distributed and did not have set salaries. In 1913, the
Federal Reserve Act The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. The law created the Federal Reserve System, the central banking system of the United States. After Dem ...
established a
central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...
, the
Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of ...
, to issue American currency. The OCC's role shifted to bank examination and regulation, though it retained "currency" as part of its name. In response to the growing power of local banks, the OCC insisted on deregulating national banks in order to compete, which was realized in the McFadden Act of 1927. In 1937, the OCC signed an agreement with the Federal Reserve and the
Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...
to standardize the regulation of banks between the agencies. In the 1960s, 21st comptroller James J. Saxon passed a number of controversial regulations, including one which allowed national banks to underwrite revenue bonds for the governments of states and municipalities. Many of these were later overturned in court. However, some reforms, like creating international banking and economics units and strengthening the law department, remained after his term. The OCC was involved in the response during and after the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, including work with the
Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by U.S. Presi ...
(TARP), designing stress tests for major banks, and collecting and analyzing data on home mortgage loans. The
Dodd–Frank Wall Street Reform and Consumer Protection Act The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. The law overhauled financial regulation in the aftermath of the Great Reces ...
of 2010 abolished the
Office of Thrift Supervision The Office of Thrift Supervision (OTS) was a List of federal agencies in the United States, United States federal agency under the United States Department of the Treasury, Department of the Treasury that chartered, supervised, and regulated al ...
and merged its former oversight functions into the OCC. The law also reassigned much of the OCC's former compliance mandate to the new
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, Payday lo ...
. It further established the
Financial Stability Oversight Council The Financial Stability Oversight Council (FSOC) is a Federal Government of the United States, United States federal government organization, established by Title I of the Dodd–Frank Wall Street Reform and Consumer Protection Act, which was sig ...
, on which the Comptroller of the Currency sits.


Pronunciation

As with other uses of the English word "
comptroller A comptroller (pronounced either the same as ''controller'' or as ) is a management-level position responsible for supervising the quality of accountancy, accounting and financial reporting of an organization. A financial comptroller is a senior- ...
" there is some ambiguity about the agency's pronunciation. Historically, the word was pronounced identically to "controller," though it is increasingly pronounced as it is spelled (that is, ''comp-troller''). According to ''
Marketplace A marketplace, market place, or just market, is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a marketplace may be described as a ''souk'' (from ...
'', former acting comptroller Keith Noreika and his successor, Joseph Otting, both used the latter pronunciation.


List of comptrollers of the currency

Since 1863, the following persons have served as the Comptroller of the Currency:


See also

* Bank regulation in the United States * Title 12 of the Code of Federal Regulations *
Volcker Rule The Volcker Rule is sectioof the Dodd–Frank Wall Street Reform and Consumer Protection Act (). The rule was originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker in 2010 to restrict United S ...
* List of financial regulatory authorities by jurisdiction


References


External links

*
OCC
in the
Federal Register The ''Federal Register'' (FR or sometimes Fed. Reg.) is the government gazette, official journal of the federal government of the United States that contains government agency rules, proposed rules, and public notices. It is published every wee ...

12 CFR Chapter I
of the
Code of Federal Regulations In the law of the United States, the ''Code of Federal Regulations'' (''CFR'') is the codification of the general and permanent regulatory law, regulations promulgated by the executive departments and agencies of the federal government of the ...
from the LII
12 CFR Chapter I
of the Code of Federal Regulations from the OFR {{authority control United States comptrollers of the currency
Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to corporate charter, charter, bank regulation ...
Financial regulatory authorities of the United States Organizations based in Washington, D.C. Government agencies established in 1863