Office of the Comptroller of the Currency (OCC)
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the U.S. Department of the Treasury that is responsible for chartering, regulating, and supervising all national banks and federal savings associations. The OCC also supervises the federal branches and agencies of foreign banks. The OCC is the primary regulator of the banking industry and is responsible for ensuring that banks comply with federal laws and regulations.
History of the OCC
The OCC was established in 1863 as part of the National Bank Act. The OCC was created to provide oversight and regulation of the banking industry, which was then largely unregulated. The OCC is the oldest federal banking regulator and is responsible for ensuring that banks comply with federal laws and regulations. The OCC is also responsible for issuing charters to national banks and federal savings associations.
Comparison Table
| Regulator | Responsibilities |
|---|---|
| OCC | Chartering, regulating, and supervising national banks and federal savings associations |
| FDIC | Insuring deposits in banks and thrift institutions |
| Federal Reserve | Conducting monetary policy and regulating state-chartered banks |
Summary
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the U.S. Department of the Treasury that is responsible for chartering, regulating, and supervising all national banks and federal savings associations. The OCC was established in 1863 as part of the National Bank Act and is the oldest federal banking regulator. The OCC is responsible for ensuring that banks comply with federal laws and regulations, and for issuing charters to national banks and federal savings associations. For more information about the OCC, visit the official website at https://www.occ.gov/.
See Also
- National Bank Act
- Federal Reserve
- FDIC
- Banking Regulation
- Bank Charter
- Federal Savings Association
- Financial Institution
- Financial Regulation
- Consumer Financial Protection Bureau
- Financial Services Authority
