Office Of The Comptroller Of The Currency (Occ)
| The Office of the Comptroller of the Currency (OCC) is a branch of the United States Treasury responsible for overseeing all federal savings associations, federal branches, national banks, and foreign bank agencies. The OCC is headquartered in Washington, D.C., and has over 4,700 employees. The Comptroller of the Currency is the head of the OCC, and is appointed by the President of the United States with the advice and consent of the Senate. The OCC was established in 1863 by the National Currency Act. The primary mission of the OCC is to ensure the safety and soundness of the national banking system. The OCC also promotes the competitiveness of the national banking system and the federal savings association system. In addition, the OCC is responsible for administering the Community Reinvestment Act, which promotes investment in low- and moderate-income neighborhoods. The OCC examines and supervises approximately 1,200 national banks, federal savings associations, and federal branches and agencies of foreign banks. The OCC also licenses and charters national banks and federal savings associations. As of June 30, 2017, there were 5,183 national banks and federal savings associations in the United States. The OCC is headed by the Comptroller of the Currency, who is appointed by the President of the United States with the advice and consent of the Senate. The Comptroller is the chief national bank examiner and the chief regulator of federal savings associations. The current Comptroller of the Currency is Joseph Otting, who was sworn in on November 27, 2017. The OCC has four main divisions: the National Bank Supervision, the Enforcement & Compliance, the Financial Institutions & Deposit Insurance, and the Administrative Services. The National Bank Supervision is responsible for the examination and supervision of national banks and federal savings associations. The Enforcement & Compliance division is responsible for enforcing the laws and regulations that apply to national banks and federal savings associations. The Financial Institutions & Deposit Insurance division provides financial and economic analysis, and deposit insurance coverage for national banks and federal savings associations. The Administrative Services division provides support services for the OCC, including human resources, information technology, and finance. |
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