The Office of the Comptroller of the Currency (OCC) was created by Congress to charter, regulate, and supervise all national banks. On July 21, 2011, the Office of Thrift Supervision (OTS) became part of the OCC, and the OCC assumed regulation of federal savings associations (or “thrifts”). The OCC also supervises the federal branches and agencies of foreign banks. The OCC ensures a stable and competitive national banking system by working toward four objectives:
To ensure the safety and soundness of banks and federal savings associations (collectively, banks).
To foster competition by allowing banks to offer new products and services.
To improve the efficiency and effectiveness of OCC supervision, including reducing regulatory burden.
To ensure fair and equal access to financial services for all Americans.
The OCC’s nationwide staff of examiners conduct on-site reviews of national banks and federal savings associations, and provide sustained supervision of bank operations. The agency issues rules, legal interpretations, and corporate decisions concerning banking, bank investments, bank community development activities, and other aspects of bank operations. National bank and federal savings association examiners supervise domestic and international activities of banks and federal savings associations, perform corporate analyses, and evaluate bank and federal savings association management’s ability to identify and control risk.