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Office Of The Comptroller Of The Currency (OCC)

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Office Of The Comptroller Of The Currency OCC

What is The OCC – Office of The Comptroller of the Currency?

An independent bureau of the US Treasury, the Office of the Comptroller of the Currency (OCC) is a regulatory organization which oversees the federal banking system of the United States. Established by the National Currency Act of 1863, the OCC functions to charter, regulate, and supervise all the national banks and federal savings associations in the United States. The OCC’s mission is to ensure these institutions “operate in a safe and sound manner”, treat their customers fairly, and provide fair access to financial services – in compliance with US laws and regulations.

The Office Of The Comptroller Of The Currency is headquartered in Washington DC, but holds offices in 60 US cities. It also maintains an office in London, which is responsible for overseeing the international activities of US banks.

  • Examines the banks that it supervises.
  • Approves and denies applications for new charters and branches – or any changes in corporate banking structure.
  • Takes action against banks not in compliance with US laws and regulations. This authority extends to removing officers and directors, negotiating changes to banking practice, issuing cease and desist orders, and imposing penalties.
  • Issues rules and regulations, legal interpretations, and corporate decisions regarding investments, lending, and other financial practices.

What does the Office Of The Comptroller Of The Currency do?

As part of its mission to ensure the safety and fairness of the US banking system, the OCC also enforces anti-money laundering and counter terrorist financing laws – identifying and investigating misconduct and suspicious activity across all banks and licensed branches. In that capacity, the Office Of The Comptroller Of The Currency:

  • Examines the banks that it supervises.
  • Approves and denies applications for new charters and branches – or any changes in corporate banking structure.
  • Takes action against banks not in compliance with US laws and regulations. This authority extends to removing officers and directors, negotiating changes to banking practice, issuing cease and desist orders, and imposing penalties.
  • Issues rules and regulations, legal interpretations, and corporate decisions regarding investments, lending, and other financial practices.

What is the OCC’s Vision?

The OCC’s stated vision is to add value to the US banking system and to represent “a source of knowledge and expertise”. The Office Of The Comptroller Of The Currency seeks to create a banking system which “benefits consumers, communities, businesses, and the US economy” – and takes regular action to achieve that ambition. In 2018, for example, the OCC introduced the Fintech Charter: the controversial initiative allows Fintechs to apply for a banking license and, if accepted, operate across state lines in the same capacity as a regulated bank.

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Office Of The Comptroller Of The Currency OCC

What is The OCC - Office of The Comptroller of the Currency?

An independent bureau of the US Treasury, the Office of the Comptroller of the Currency (OCC) is a regulatory organization which oversees the federal banking system of the United States. Established by the National Currency Act of 1863, the OCC functions to charter, regulate, and supervise all the national banks and federal savings associations in the United States. The OCC’s mission is to ensure these institutions “operate in a safe and sound manner”, treat their customers fairly, and provide fair access to financial services – in compliance with US laws and regulations. The Office Of The Comptroller Of The Currency is headquartered in Washington DC, but holds offices in 60 US cities. It also maintains an office in London, which is responsible for overseeing the international activities of US banks.
  • Examines the banks that it supervises.
  • Approves and denies applications for new charters and branches – or any changes in corporate banking structure.
  • Takes action against banks not in compliance with US laws and regulations. This authority extends to removing officers and directors, negotiating changes to banking practice, issuing cease and desist orders, and imposing penalties.
  • Issues rules and regulations, legal interpretations, and corporate decisions regarding investments, lending, and other financial practices.

What does the Office Of The Comptroller Of The Currency do?

As part of its mission to ensure the safety and fairness of the US banking system, the OCC also enforces anti-money laundering and counter terrorist financing laws – identifying and investigating misconduct and suspicious activity across all banks and licensed branches. In that capacity, the Office Of The Comptroller Of The Currency:
  • Examines the banks that it supervises.
  • Approves and denies applications for new charters and branches – or any changes in corporate banking structure.
  • Takes action against banks not in compliance with US laws and regulations. This authority extends to removing officers and directors, negotiating changes to banking practice, issuing cease and desist orders, and imposing penalties.
  • Issues rules and regulations, legal interpretations, and corporate decisions regarding investments, lending, and other financial practices.

What is the OCC’s Vision?

The OCC’s stated vision is to add value to the US banking system and to represent “a source of knowledge and expertise”. The Office Of The Comptroller Of The Currency seeks to create a banking system which “benefits consumers, communities, businesses, and the US economy” – and takes regular action to achieve that ambition. In 2018, for example, the OCC introduced the Fintech Charter: the controversial initiative allows Fintechs to apply for a banking license and, if accepted, operate across state lines in the same capacity as a regulated bank. [cta_card title="Stay OCC Compliant" cta_img="" category="" bodytext="Our AML Solutions Will Help You Remain Compliant With The Most Up-To-Date AML Regulations." cta_text="Get Started" cta_url="https://complyadvantage.com/request-demo/"]

Originally published August 23, 2018, updated May 25, 2022

Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

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