bank examiner

There may come a time when you need help with your bank and how they conduct business. That means it’s time to contact the OCC…

The OCC, or Office of the Comptroller of the Currency, functions as the last word when it comes to chartering, regulating, and supervising national banks and federal savings institutions.

The OCC also regulates federal branch offices and various agencies regarding foreign banks.

Meant to enforce legal compliance for national banks and federal savings associations, the OCC works to make certain those institutions operate safely and follow sound fiduciary practices.

Operating as an independent arm withing the U.S. Department of the Treasury, The OCC also looks out for you, the consumer. Tasked with providing fair access to financial services and assuring that customers are treated fairly and impartially, the OCC works to keep banks in compliance with all applicable statutes and banking regulations nationally and locally.

The Comptroller of the OCC is selected, by the President of the United States and following the “advice and consent” offered by the U.S. Senate, and heads the bureau for terms of five years. In addition, the Comptroller serves as a director of the Federal Deposit Insurance Corporation (FDIC).

With headquarters located in Washington, D.C., the OCC oversees a total of four district offices which regulate four separate geographic regions via a team of nationwide staff.

These staffers as bank examiners conduct on-site visits to national banking and federally-regulated savings associations. That team conducts ongoing supervision and analysis of loan and investment portfolios, managed funds, capital holdings, monitors earnings and liquidity, gauges market risks and compliance with consumer banking laws for institutions with less than $10 billion in assets. These reviews assess a bank’s internal controls and audit procedures and track each bank’s management to identify and control various elements of risk.

The OCC is tasked with the following actions:

  • Examination of all national banks and federal thrifts
  • Approval or denial of applications regarding the granting of new charters, opening of branches and any capital or revisions to changes in a bank’s corporate setup or structure
  • The OCC can also institute supervisory actions against any banking concerns which fail to comply with applicable laws and regulations. It can also censure any firms which engage in “unsound banking practices” or take action to remove officers and directors responsible
  • The bureau also negotiates agreements to resolve banking practices, can issue cease and desist orders to banks and levy civil money penalties to offenders
  • The OCC also issues rules and regulations, lays down legal interpretations and consults on corporate decisions regarding investments and lending practices
  • The National Bank Act authorizes the Comptroller of the Currency to hire bank examiners to supervise and examine national banking concerns

As an element of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the OCC assumed responsibility for supervising federal savings associations from the Office of Thrift Supervision to the Office of the Comptroller of the Currency.

Funding

The OCC’s operations are funded from assessments on national banks and federal savings concerns and those institutions pay for the examinations of their banks. The OCC is also funded by monies provided via investment income which is primarily earned from U.S. Treasury securities.

FDIC Insured Deposits

The FDIC insures deposits included those for CD’s, checking, savings, money market, and other accounts for all insured depository institutions. These include all national banks and federal savings associations. As a permanent standard, that insurance is limited to $250,000 per depositor per insured institution.

If you need any help with your bank or financial institution, you can call 1-877-ASK-FDIC (1-877-275-3342) or visit the FDIC website.

Tom Stanley

By Tom Stanley

Tom Stanley is a Finance Writer with experience in the fields of mortgage lending, credit advice and banking practices

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