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Office of Comptroller of the Currency: Difference between revisions
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{{Organization | {{Organization | ||
|OrganizationName=Office of | |OrganizationName=Office of Comptroller of the Currency | ||
|OrganizationType=Independent Agencies | |OrganizationType=Independent Agencies | ||
|Mission=The OCC charters, regulates, and supervises all national banks and federal savings associations to ensure they operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations. It aims to maintain stability and public confidence in the U.S. financial system. | |Mission=The OCC charters, regulates, and supervises all national banks and federal savings associations to ensure they operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations. It aims to maintain stability and public confidence in the U.S. financial system. | ||
|ParentOrganization= | |ParentOrganization=Department of the Treasury | ||
|TopOrganization=Department of the Treasury | |||
|CreationLegislation=National Currency Act of 1863 | |CreationLegislation=National Currency Act of 1863 | ||
|Employees=4000 | |Employees=4000 | ||
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|Website=https://www.occ.gov | |Website=https://www.occ.gov | ||
}} | }} | ||
{{short description|American federal government organization}} | {{Merge|Office of the Comptroller of the Currency|date=April 2025}}{{short description|American federal government organization}} | ||
{{Infobox government agency | {{Infobox government agency | ||
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* to investigate misconduct committed by institution-affiliated parties of national banks, including officers, directors, employees, agents and [[independent contractor]]s (including appraisers, attorneys and accountants). | * to investigate misconduct committed by institution-affiliated parties of national banks, including officers, directors, employees, agents and [[independent contractor]]s (including appraisers, attorneys and accountants). | ||
The OCC participates in interagency activities in order to maintain the integrity of the federal banking system.{{citation needed|date=September 2024}} By monitoring [[Capital (economics)|capital]], [[asset quality]], [[management]], earnings, [[liquidity]], sensitivity to [[market risk]], [[information technology]], [[Regulatory compliance|consumer compliance]], and [[community reinvestment]], 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.{{citation needed|date=September 2024}} The OCC was created by | The OCC participates in interagency activities in order to maintain the integrity of the federal banking system.{{citation needed|date=September 2024}} By monitoring [[Capital (economics)|capital]], [[asset quality]], [[management]], earnings, [[liquidity]], sensitivity to [[market risk]], [[information technology]], [[Regulatory compliance|consumer compliance]], and [[community reinvestment]], 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.{{citation needed|date=September 2024}} The OCC was created by Abraham Lincoln to fund the American Civil War 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.{{citation needed|date=September 2024}} | ||
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,<ref>{{cite web|url=https://occ.gov/about/index-about.html |title=Office of the Comptroller of the Currency About Us |date=January 24, 2019 |publisher=OCC.gov |access-date=July 9, 2020}}</ref> accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020).{{citation needed|date=September 2024}} | 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,<ref>{{cite web|url=https://occ.gov/about/index-about.html |title=Office of the Comptroller of the Currency About Us |date=January 24, 2019 |publisher=OCC.gov |access-date=July 9, 2020}}</ref> accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020).{{citation needed|date=September 2024}} | ||
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== History == | == History == | ||
During the | During the American Civil War, leaders of the U.S. federal government, including President Abraham Lincoln and Treasury Secretary [[Salmon P. Chase]], drafted plans for a national banking system.<ref name=":1">{{Cite book |url=https://www.govinfo.gov/content/pkg/GOVPUB-T12-PURL-gpo105792/pdf/GOVPUB-T12-PURL-gpo105792.pdf |title=Office of the Comptroller of the Currency: A Short History |publisher=US Department of the Treasury |year=2011}}</ref> These plans were put into action by the National Currency Act of 1863, subsequently amended by the [[National Bank Act]], which created the Office of the Comptroller of the Currency to administer the new system.<ref name=":0">{{Cite web|title=Founding of the OCC & the National Banking System|url=https://www.occ.treas.gov/about/who-we-are/history/founding-occ-national-bank-system/index-founding-occ-national-banking-system.html|date=2019-01-14|website=www.occ.treas.gov|language=en-US|access-date=2020-05-19}}</ref> [[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]], 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.<ref name=":1" /> 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.<ref name=":0" /> | 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]], 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.<ref name=":1" /> 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.<ref name=":0" /> | ||
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*{{Official website|https://www.occ.gov/}} | *{{Official website|https://www.occ.gov/}} | ||
* [https://www.federalregister.gov/agencies/comptroller-of-the-currency OCC] in the [[Federal Register]] | * [https://www.federalregister.gov/agencies/comptroller-of-the-currency OCC] in the [[Federal Register]] | ||
* [https://www.law.cornell.edu/cfr/text/12/chapter-I 12 CFR Chapter I] of the [[Code of Federal Regulations]] from the | * [https://www.law.cornell.edu/cfr/text/12/chapter-I 12 CFR Chapter I] of the [[Code of Federal Regulations]] from the Legal Information Institute | ||
* [https://www.ecfr.gov/current/title-12/chapter-I 12 CFR Chapter I] of the Code of Federal Regulations from the [[Office of the Federal Register|OFR]] | * [https://www.ecfr.gov/current/title-12/chapter-I 12 CFR Chapter I] of the Code of Federal Regulations from the [[Office of the Federal Register|OFR]] | ||