Company Research Report: Office of the Comptroller of the Currency (OCC)

Company Overview

• Name: Office of the Comptroller of the Currency (OCC)

• 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.

• Founded: The OCC was created as a bureau of the U.S. Department of the Treasury by the National Currency Act on February 25, 1863.

• Founders: Established under the leadership of President Abraham Lincoln with Hugh McCulloch as the first Comptroller.

• Key People:

• Michael J. Hsu, Acting Comptroller of the Currency

• Greg Coleman, Senior Deputy Comptroller for Large Bank Supervision

• Grovetta Gardineer, Senior Deputy Comptroller for Bank Supervision Policy

• Larry L. Hattix, Senior Deputy Comptroller for Enterprise Governance and Ombudsman, and Chief Risk Officer

• Headquarters: An official U.S. government entity, headquartered in Washington D.C.

• Number of Employees: Approximately 2,358 OCC examiners located across 70 operating locations.

• Revenue: Funded primarily by assessments, fees paid by banks, interest received on investments, and other income, totaling a budget of $1.289 billion for FY 2024.

• Known For: The OCC is renowned for its role in chartering, regulating, and supervising all national banks and federal savings associations in the U.S., ensuring the safety and soundness of the national banking system.

Products

• Products/Services Offered:

• Bank Supervision: The OCC supervises national banks to ensure fair access to financial services.

• Chartering and Licensing: Responsible for issuing charters for new banks and branches.

• Regulatory Guidance: Offers banking rules, regulations, and legal interpretations.

• Product Descriptions:

• Bank Examinations: Involves assessing the financial condition and regulatory compliance of banks.

• Recovery Planning Guidelines: Establish standards for recovery planning by large insured institutions.

• Interest Rate Risk Reports: Provide insights and statistics on the interest rate risks.

• Key Features:

• Risk-Based Supervision: Focuses on identifying systemic risks under the framework outlined by the OCC.

• Climate-Related Risk Management: Principles issued for managing climate-related financial risks.

• Financial Health Metrics: Develops measures to support financial stability and consumer financial health.

Recent Developments

• New Products & Initiatives:

• Project REACh 2.0: Launched to improve financial inclusion and address economic inequality.

• Bank Supervision Operating Plan for FY 2024: Released to guide the agency's supervisory strategies.

• New Features:

• Revised Recovery Planning Guidelines: Finalized amendments to enhance frameworks for recovery planning.

• Climate Risk Management Principles: Introduced guidelines for managing climate-related risks in large banks.

• Partnerships & Collaborations:

• Collaborates extensively with federal agencies in formulating policies related to risk management and financial inclusion.

Conclusion

This report provides a detailed overview of the Office of the Comptroller of the Currency (OCC), covering its mission, key personnel, operations, and recent initiatives. The OCC continues to play a crucial role in promoting a stable and fair banking environment across the United States.