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Comptroller of the currency
Comptroller of the currency is a term you need to understand. Here’s what it means.
What is the comptroller of the currency?
The comptroller of the currency is an officer of the U.S. Department of the Treasury who leads the Office of the Comptroller of the Currency (OCC). The OCC is responsible for chartering, regulating, and supervising national banks.
The OCC was established by the National Currency Act of 1863 and is an independent bureau within the U.S. Treasury Department. As of May 2017, the comptroller of the currency is Keith A. Noreika. Each comptroller of the currency is appointed by the president and serves a five-year term.
The comptroller of the currency and the OCC maintain the integrity of the U.S. banking system. They regulate capital levels and asset quality and monitor corporate officers and earnings as well as a wide range of other factors. The OCC determines whether national banks are operating properly and meeting all regulations and requirements.
Are you having trouble with your bank? Find out how the OCC and other agencies can help you out when a bank isn’t following regulations.
Comptroller of the currency example
In 2013, the OCC issued a bulletin on risk-management guidance. The bulletin stated that all banks must monitor and manage risks associated with any and all third-party relationships.
The new mandate aimed to increase stability by requiring national banks to monitor all of their third-party relationships, rather than only those that posed a threat, as had been required prior to the bulletin.
The OCC stated that the use of a third party should not diminish a bank’s responsibility to make sure all laws and regulations are followed.
What risks does hacking pose to your finances? Find out what former Comptroller of the Currency Thomas J. Curry had to say about it.
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