Comptroller of the Currency

Comptroller of the Currency Type: Government Parent organization: U.S. Department of the Treasury Employees: Approximately 4,000 Executive: Michael J. Hsu, Acting Comptroller of the Currency Budget: Self-funded through assessments on supervised institutions; $1.2 billion (FY 2023 estimate) Address: 400 7th Street SW, Washington, DC 20219 Website: https://www.occ.gov Creation Legislation: [[National Currency Act of 1863]] Wikipedia: Comptroller of the Currency

Comptroller of the Currency [{"name":"Comptroller of the Currency","title":"\u003Ca class=\"mw-selflink selflink\"\u003EComptroller of the Currency\u003C\/a\u003E","lat":38.8977,"lon":-77.0365,"otherValues":{"HeadquartersAddress":"400 7th Street SW, Washington, DC 20219"}}] This map created from a Cargo query ()

Mission 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, and comply with applicable laws and regulations. The OCC seeks to foster a stable and competitive banking system.

Services Chartering; Supervision; Regulation

Regulations Bank Secrecy Act; National Bank Act; Home Owners' Loan Act

Office of the Comptroller of the Currency (OCC) is an independent bureau within the U.S. Department of the Treasury, responsible for chartering, regulating, and supervising all national banks and federal savings associations.

Official Site

Mission

The OCC's mission is to ensure a safe, sound, and competitive national banking system that supports economic growth while protecting consumers. It accomplishes this by chartering banks, supervising their operations, and enforcing compliance with banking laws and regulations, with a focus on financial stability, consumer protection, and fair access to financial services.

Parent organization

The OCC is part of the U.S. Department of the Treasury, but it operates with significant independence.

Legislation

The OCC was established by the National Currency Act of 1863, which was later supplanted by the National Bank Act, setting the foundation for the national banking system.

Partners

- Federal Reserve System - Federal Deposit Insurance Corporation (FDIC) - Consumer Financial Protection Bureau (CFPB)

Number of employees

The OCC employs approximately 4,000 people.

Organization structure

• Office of the Comptroller oversees all operations.
• Large Bank Supervision manages oversight of the largest banks.
• Midsize and Community Bank Supervision focuses on smaller institutions.
• Policy Analysis develops regulations and policy.

List of programs

• Bank Supervision Process
• Community Reinvestment Act (CRA) Evaluations
• Financial Inclusion Initiatives

Last total enacted budget

The OCC is self-funded through assessments on the banks it supervises, with an estimated budget of $1.2 billion for FY 2023.

Leader

Michael J. Hsu serves as the Acting Comptroller of the Currency.

Services provided

The OCC provides services like chartering new national banks, supervising banks to ensure they operate safely and soundly, enforcing consumer protection laws, and setting regulations for banking operations. It also issues legal interpretations and takes enforcement actions against non-compliant banks.

Regulations overseen

The OCC oversees regulations under various laws like the Bank Secrecy Act, the National Bank Act, and the Home Owners' Loan Act, managing aspects like capital requirements, lending practices, and consumer rights related to banking services.

Headquarters address

400 7th Street SW, Washington, DC 20219

Website

https://www.occ.gov

Wikipedia article

wikipedia:Office of the Comptroller of the Currency