What is OCC approval?
The Office of the Comptroller of the Currency has the power to approve or deny applications for new charters, branches, capital, and other changes in the banking structure. They may take supervisory actions against banks under its jurisdiction for noncompliance with laws and regulations.
What does OCC mean in banking?
The Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) is the primary regulator of banks chartered under the National Bank Act (12 USC 1 et seq.) and federal savings associations chartered under the Home Owners Loan Act of 1933 (12 USC 1461 et seq.).
What is OCC Consent Order?
Federal Issues OCC Enforcement Bank Regulatory Risk Management Mortgages Mortgage Servicing. On October 26, the OCC issued a consent order against a leading subservicer of mortgage loans for allegedly maintaining inadequate risk management controls related to its servicing and default servicing activities.
What is OCC compliance?
The OCC promotes bank compliance with federal consumer protection laws, fair lending statutes and regulations, and the Community Reinvestment Act through supervisory and outreach programs.
What does OCC mean?
The Office of the Comptroller of the Currency (OCC) is an independent bureau of the U.S. Department of the Treasury. The OCC charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks.
Which banks does the OCC regulate?
The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks.
How does the OCC work?
The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury.
What does the OCC enforce?
The OCC may take enforcement actions for violations of laws, rules or regulations, final orders or conditions imposed in writing; unsafe or unsound practices; and for breach of fiduciary duty by institution-affiliated parties (IAPs).
What does OCC stand for?
Who runs the OCC?
Acting Comptroller of the Currency Michael J. Hsu became Acting Comptroller of the Currency on May 10, 2021. The Comptroller of the Currency is the administrator of the federal banking system and head of the OCC. You can also view past Comptrollers of the Currency.
How many banks does the OCC regulate?
1,200 national banks
The OCC regulates and supervises about 1,200 national banks, federally-licensed savings associations, and federally-licensed branches of foreign banks in the United States, accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020).
Is OCC a regulator?
We Regulate & Enforce The OCC is the primary regulator of banks chartered under the National Bank Act and federal savings associations chartered under the Home Owners’ Loan Act. The OCC issues rules and regulations that govern the banks it supervises.
How does the OCC decide whether to approve a branch or relocation?
In determining whether to approve a branch or relocation application, the OCC is guided by the following principles: • Maintaining a safe and sound banking system. • Encouraging a bank to provide fair access to financial services by helping to meet the credit needs of its entire community. • Ensuring compliance with laws and regulations.
Where can I find the OCC’s regulations?
You will find the OCC’s regulations, derived from these acts, in the Electronic Code of Federal Regulations (click on 1-199 in the Browse Parts column of the table). Before rules are finalized, the OCC publishes them in the Federal Register for comment.
What does the OCC consider when making a decision?
The OCC considers the performance of the applicant under the CRA when making a decision on the applicant’s proposed branch or relocation application. 2
The Office of the Comptroller of the Currency (OCC) is the primary regulator of banks chartered under the National Bank Act (12 USC 1 et seq.) and federal savings associations chartered under the Home Owners Loan Act of 1933 (12 USC 1461 et seq.).