Headquartered in Washington, D.C., it has four district offices located in New York City, Chicago, Dallas and Denver. It has an additional 48 field offices throughout the United States, and a London office to supervise the international activities of national banks. It is a bureau of the United States Department of the Treasury and is headed by the Comptroller of the Currency. The OCC fulfills a number of main objectives:
The OCC participates in interagency activities in order to maintain the sanctity of the national banking system. By monitoring capital, asset quality, management, earnings, liquidity, sensitivity to market risk, information technology, consumer compliance, and community reinvestment, the OCC is able to determine whether or not the bank is operating safely and soundly, and meeting all regulatory requirements. 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 National Banking system and protect consumers from misleading business practices.
The OCC regulates and supervises more than 1,600 national banks and about 50 federal branches of foreign banks in the U.S., accounting for nearly two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2008).
Other regulatory agencies like the OCC include: the Federal Deposit Insurance Corporation (of which the Comptroller serves as a director), the Federal Reserve, the Office of Thrift Supervision, and the National Credit Union Administration. The OCC routinely interacts and cooperates with other government agencies, including the Financial Crimes Enforcement Network, the Office of Foreign Asset Control, the Federal Bureau of Investigation, the Department of Justice, and the Department of Homeland Security.
The Comptroller also serves as a director of the Neighborhood Reinvestment Corporation, and the Federal Deposit Insurance Corporation.
In July 2007, the OCC launched HelpWithMyBank.gov to assist customers of national banks and provide answers to national banking questions.
Adams National Enters Pact with OCC.(Community Banking)(Office of the Comptroller of Currency)(Brief article)
Oct 06, 2008; Byline: Marissa Fajt Adams National Bank in Washington has an agreement with the Office of the Comptroller of Currency to boost...
Carlile of Texas Gets OCC Shelf Charter.(Market Monitor)(Office of the Comptroller of Currency)(Carlile Bancshares Inc.)(Brief article)
Jun 09, 2009; Byline: Marissa Fajt Some well-known Texas bankers say that they plan to start bidding on failed institutions now that they have...
Section 1044 of Dodd-Frank: when will state laws be preempted under the OCC's revised regulations?(Office of the Comptroller of Currency)
Mar 01, 2012; I. INTRODUCTION As of January 31, 2012, there are 1,378 national banks registered with the Office of the Comptroller of Currency...