View source for Office of Comptroller of the Currency

{{Organization
|OrganizationName=Office of the Comptroller of the Currency (OCC)
|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.
|ParentOrganization=U.S. Department of the Treasury
|CreationLegislation=National Currency Act of 1863
|Employees=4000
|Budget=$1.2 billion (fiscal year 2024)
|OrganizationExecutive=Comptroller of the Currency
|Services=Bank Chartering; Regulation; Supervision; Enforcement; Consumer Protection
|Regulations=Bank Secrecy Act; Community Reinvestment Act; Dodd-Frank Wall Street Reform and Consumer Protection Act
|HeadquartersLocation=38.88421, -77.02151
|HeadquartersAddress=400 7th Street SW, Washington, DC 20219
|Website=https://www.occ.gov
}}
{{short description|American federal government organization}}

{{Infobox government agency
| agency_name     = Office of the Comptroller of the Currency
| logo            = United States Office of the Comptroller of the Currency logo.svg
| logo_width      = 
| logo_caption    = Logo of the Office of the Comptroller of the Currency
| seal            = Seal of the Office of the Comptroller of the Currency.svg
| seal_width      = 150
| seal_caption    = Seal of the Office of the Comptroller of the Currency
| picture         = Flag of the United States Comptroller of the Currency.svg
| picture_caption = Flag of the Comptroller of the Currency
| formed          = {{Start date and age|1863|2|25}}
| headquarters    = [[Constitution Center (Washington, D.C.)|Constitution Center]], [[Washington, D.C.]]
| employees       = 3,518 (as of December 31, 2020)
| chief1_name     = [[Michael J. Hsu]]<ref>{{cite web |url=https://occ.gov/about/who-we-are/comptroller/bio-michael-hsu.html |title = Michael J. Hsu {{!}} OCC}}</ref>
| chief1_position = Acting Comptroller
| parent_agency   = [[United States Department of the Treasury|Department of the Treasury]]
| website         = {{url|www.occ.gov}}
| footnotes       = 
}}
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 in the United States|regulate]], and supervise all [[National bank (United States)|national bank]]s and [[Federal savings association|federal thrift institutions]] and the federally licensed branches and agencies of foreign banks in the United States.<ref name="Van Loo">{{Cite journal|last=Van Loo|first=Rory|date=2018-08-01|title=Regulatory Monitors: Policing Firms in the Compliance Era|url=https://scholarship.law.bu.edu/faculty_scholarship/265|journal=Faculty Scholarship |volume=119 |issue=2 |pages=14–15}}</ref> The acting comptroller of the currency is [[Michael J. Hsu]], who took office on May 10, 2021.<ref>{{Cite news|date=2018-08-01|title=Michael J. Hsu Statement to Agency Employees on Becoming Acting Comptroller of the Currency|url=https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-52.html}}</ref>

==Duties and functions==

Headquartered in [[Washington, D.C.]], it has four district offices located in New York City, Chicago, Dallas and Denver.{{citation needed|date=September 2024}} It has an additional 92 operating locations throughout the United States.{{citation needed|date=September 2024}} It is an independent [[Government agency|bureau]] of the [[United States Department of the Treasury]] 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]].{{citation needed|date=September 2024}}{{more citations needed section|date=September 2024}}

The OCC pursues a number of main objectives:

* to ensure the safety and soundness of the national banking system;
* to foster [[competition]] by allowing banks to offer new products and services;
* to improve the efficiency and effectiveness of OCC supervision especially to reduce the [[Compliance cost|regulatory burden]];
* to ensure fair and equal access to financial services to all Americans;
* to enforce anti-[[money laundering]] and anti-[[terrorism financing]] 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]]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 [[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}}

Other financial regulatory agencies like the OCC include the [[Federal Deposit Insurance Corporation]] (of which the Comptroller serves as a director), the [[Federal Reserve]], the [[Consumer Financial Protection Bureau]], and the [[National Credit Union Administration]].{{citation needed|date=September 2024}} The OCC routinely interacts and cooperates with other government agencies, including the Consumer Financial Protection Bureau, [[Financial Crimes Enforcement Network]], the Office of Foreign Asset Control, the [[Federal Bureau of Investigation]], the [[U.S. Department of Justice]], and the [[Department of Homeland Security]].{{citation needed|date=September 2024}}

The comptroller serves as a director of the [[NeighborWorks America|Neighborhood Reinvestment Corporation]], and the Federal Deposit Insurance Corporation and member of the Financial Stability Oversight Council and the Federal Financial Institutions Examination Council.{{citation needed|date=September 2024}}

===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.<ref>{{cite web|url=http://edocket.access.gpo.gov/2003/pdf/03-19906.pdf |title=Proposed Rules : Federal Register Vol 68 No. 150 |publisher=Edocket.access.gpo.gov |access-date=November 11, 2013}}</ref> Despite opposition from the [[National Conference of State Legislatures]],<ref>[http://www.ncsl.org/standcomm/scfin/occ031006.htm] {{webarchive|url=https://web.archive.org/web/20081015205912/http://www.ncsl.org/standcomm/scfin/occ031006.htm|date=October 15, 2008}}</ref> the OCC's regulations went into effect.{{citation needed|date=September 2024}}  In ''[[Watters v. Wachovia Bank, N.A.]]'' {{ussc|550|1|2007}}, the [[United States Supreme Court]] 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":

<blockquote>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.<ref name=wattersvwachoviabank>{{cite court |litigants=Watters v. Wachovia Bank, N.A. |vol=550 |reporter=U.S. |opinion=1 |pinpoint= |court=[[Supreme Court of the United States]] |date=2007 |url={{SCOTUS URL Slip|06|05-1342}} |quote=}}</ref></blockquote>

In ''[[Cuomo v. Clearing House Association, L. L. C.]]'' {{ussc|557|519|2009}}, 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).<ref name=cuomovclearinghouse>{{cite court |litigants=Cuomo v. Clearing House Association, L. L. C. |vol=557 |reporter=U.S. |court=[[Supreme Court of the United States]] |date=2009 |url={{SCOTUS URL Slip|08|08-453}}}}</ref>

===HelpWithMyBank.gov===
In July 2007, the OCC launched HelpWithMyBank.gov to assist customers of national banks and provide answers to national banking questions.<ref>{{cite web|url=http://www.helpwithmybank.gov |title=Help and Frequently Asked Questions about National Banks from OCC's |publisher=Helpwithmybank.gov |access-date=November 11, 2013}}</ref>

===Financial inclusion===
On July 10, 2020, the OCC announced the launch of [https://www.occ.gov/topics/consumers-and-communities/minority-outreach/project-reach.html 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.<ref>OCC (July 10, 2020). "[https://occ.gov/news-issuances/news-releases/2020/nr-occ-2020-89.html Announces Project REACh to Promote Greater Access to Capital and Credit for Underserved Populations]." Retrieved July 10, 2020.</ref>

== History ==
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" />

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.<ref name=":1" />

In 1913, the [[Federal Reserve Act]] established a [[central bank]], the [[Federal Reserve]], to issue American currency. The OCC's role shifted to bank examination and regulation, though it retained "currency" as part of its name.<ref>{{Cite web|title=1914 - 1935|url=https://www.occ.treas.gov/about/who-we-are/history/1914-1935/index-occ-history-1914-1935.html|date=2019-02-26|website=www.occ.treas.gov|language=en-US|access-date=2020-05-19}}</ref><ref name="Van Loo" /> 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|McFadden Act of 1927]]. In 1937, the OCC signed an agreement with the Federal Reserve and the [[Federal Deposit Insurance Corporation]] to standardize the regulation of banks between the agencies.<ref name=":1" />

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.<ref name=":1" />

The OCC was involved in the response during and after the [[financial crisis of 2007–08]], including work with the [[Troubled Asset Relief Program]] (TARP), designing [[Stress test (financial)|stress tests]] for major banks, and collecting and analyzing data on home mortgage loans.<ref name=":2">{{Cite web |date=2019-03-14 |title=2008 - Present |url=https://www.occ.treas.gov/about/who-we-are/history/2008-present/index-occ-history-2008-present.html |access-date=2024-11-20 |website=OCC.gov |language=en-US}}</ref> The [[Dodd–Frank Wall Street Reform and Consumer Protection Act]] of 2010 abolished the [[Office of Thrift Supervision]] and merged its former oversight functions into the OCC.<ref name=":2" /> The law also reassigned much of the OCC's former compliance mandate to the new [[Consumer Financial Protection Bureau]]. It further established the [[Financial Stability Oversight Council]], on which the Comptroller of the Currency sits.<ref>{{Citation|last=Cannadine|first=David|title=Parliament: Past History, Present History, Future History|date=2008|work=Making History Now and Then|pages=59–82|publisher=Palgrave Macmillan UK|doi=10.1057/9780230594265_4|isbn=978-1-349-30470-7}}</ref>

== Pronunciation ==
As with other uses of the English word "[[comptroller]]" 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'').<ref>{{Cite news|last=Dolnick|first=Sam|date=2010-09-28|title=A Job Title That Adds Confusion|language=en-US|work=The New York Times|url=https://www.nytimes.com/2010/09/29/nyregion/29compside.html|access-date=2020-05-19|issn=0362-4331}}</ref> According to ''[[Marketplace (radio program)|Marketplace]]'', former acting comptroller [[Keith Noreika]] and his successor, [[Joseph Otting]], both used the latter pronunciation.<ref>{{Cite web|title=You say comptroller, I say controller|url=https://www.marketplace.org/2018/05/14/you-say-comptroller-i-say-controller/|date=2018-05-14|website=Marketplace|language=en-US|access-date=2020-05-19}}</ref>

==List of comptrollers of the currency==
{| class=wikitable style="text-align:center"
|-
!Administrator
!Took office
!Left office<ref>{{cite web|title=Previous Comptrollers of the Currency|url=https://www.occ.gov/about/who-we-are/history/previous-comptrollers/index-previous-comptrollers.html|website=www.occ.gov|date=January 24, 2019 }}</ref>
|-
|[[Hugh McCulloch]]
|February 25, 1863
|March 9, 1865
|-
|[[Freeman Clarke]]
|March 9, 1865
|July 24, 1866
|-
|[[Hiland R. Hulburd]]
|February 1, 1867
|April 3, 1872
|-
|[[John Jay Knox Jr.]]
|April 25, 1872
|April 30, 1884
|-
|[[Henry W. Cannon]]
|May 12, 1884
|March 1, 1886
|-
|[[William L. Trenholm]]
|April 20, 1886
|April 30, 1889
|-
|[[Edward S. Lacey]]
|May 1, 1889
|June 30, 1892
|-
|[[A. Barton Hepburn]]
|August 2, 1892
|April 25, 1893
|-
|[[James H. Eckels]]
|April 26, 1893
|December 31, 1897
|-
|[[Charles G. Dawes]]
|January 1, 1898
|September 30, 1901
|-
|[[William Barret Ridgely]]
|October 1, 1901
|March 28, 1908
|-
|[[Lawrence O. Murray]]
|April 27, 1908
|April 27, 1913
|-
|[[John Skelton Williams]]
|February 2, 1914
|March 2, 1921
|-
|[[Daniel Richard Crissinger]]
|March 17, 1921
|March 30, 1923
|-
|[[Henry M. Dawes]]
|May 1, 1923
|December 17, 1924
|-
|[[Joseph W. McIntosh]]
|December 20, 1924
|November 20, 1928
|-
|[[John W. Pole]]
|November 21, 1928
|September 20, 1932
|-
|[[James Francis Thaddeus O'Connor]]
|May 11, 1933
|April 16, 1938
|-
|[[Preston Delano]]
|October 24, 1938
|February 15, 1953
|-
|[[Ray M. Gidney]]
|April 16, 1953
|November 15, 1961
|-
|[[James J. Saxon]]
|November 16, 1961
|November 15, 1966
|-
|[[William B. Camp]]
|November 16, 1966
|March 23, 1973
|-
|[[James E. Smith (politician, born 1930)|James E. Smith]]
|July 5, 1973
|July 31, 1976
|-
|[[John G. Heimann]]
|July 21, 1977
|May 15, 1981
|-
|[[Charles Lord]] (acting)
|May 16, 1981
|December 16, 1981
|-
|[[C. T. Conover]]
|December 16, 1981
|May 4, 1985
|-
|[[Robert L. Clarke]]
|December 2, 1985
|February 29, 1992
|-
|[[Stephen Steinbrink]] (acting)
|March 1, 1992
|April 5, 1993
|-
|[[Eugene Ludwig]]
|April 5, 1993
|April 3, 1998
|-
|[[Julie L. Williams]] (acting)
|April 4, 1998
|December 8, 1998
|-
|[[John D. Hawke Jr.]]
|December 8, 1998
|October 13, 2004
|-
|[[Julie L. Williams]] (acting)
|October 14, 2004
|August 4, 2005
|-
|[[John C. Dugan]]
|August 4, 2005
|August 14, 2010
|-
|[[John G. Walsh]] (acting)
|August 15, 2010
|April 9, 2012
|-
|[[Thomas J. Curry]]
|April 9, 2012
|May 5, 2017
|-
|[[Keith Noreika]] (acting)
|May 5, 2017
|November 27, 2017
|-
|[[Joseph Otting]]
|November 27, 2017
|May 29, 2020
|-
|[[Brian P. Brooks]] (acting)
|May 29, 2020
|January 14, 2021
|-
|[[Blake Paulson]] (acting)
|January 14, 2021
|May 10, 2021
|-
|[[Michael J. Hsu]] (acting)
|May 10, 2021
|present
|-
|}

==See also==
{{Portal|Banks}}
* [[Bank regulation in the United States]]
* [[Title 12 of the Code of Federal Regulations]]
* [[Volcker Rule]]
* [[List of financial regulatory authorities by jurisdiction]]

==References==
{{Reflist}}

==External links==
*{{Official website|https://www.occ.gov/}}
* [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 [[Legal Information Institute|LII]]
* [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]]

{{Bank regulation in the United States}}
{{US Treasury agencies}}

{{authority control}}

[[Category:United States comptrollers of the currency]]
[[Category:United States Department of the Treasury agencies|Comptroller of the Currency]]
[[Category:Financial regulatory authorities of the United States]]
[[Category:Organizations based in Washington, D.C.]]
[[Category:Government agencies established in 1863]]