Office of the Comptroller of the Currency

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The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and federal thrift institutions and the federally licensed branches and agencies of foreign banks in the United States.[1]

The head of the agency, the Comptroller of the Currency, is Jonathan V. Gould, who took office on July 15, 2025.[2]

Duties and functions

File:Comptroller of the Currency wall logo Washington DC 2025-02-10 13-19-10.jpg
Headquarters building logo

The OCC is one of the United States' federal banking regulators, with primary prudential authority over all national banks. There are two other federal regulators, the Federal Deposit Insurance Corporation and the Federal Reserve.Template:Sfn The agency is headquartered in Washington, D.C. with four district offices located in New York City, Chicago, Dallas and Denver.[3] It is an independent bureau of the United States Department of the Treasury. The official head of the agency is the Comptroller of the Currency, who is appointed to a five-year term by the President with the consent of the Senate.[4] The agency's budget is not congressionally appropriated, being paid for by assessment fees levied on regulated banks.Template:Sfn

The OCC pursues a number of main objectives:

  • to ensure the safety and soundness of the national banking system;
  • to foster competition by allowing banks to offer new products and services;
  • to improve the efficiency and effectiveness of OCC supervision especially to reduce the regulatory burden;
  • to ensure fair and equal access to financial services to all Americans;
  • to enforce anti-money laundering and anti-terrorism financing laws that apply to national banks and federally licensed branches and agencies of international banks; and
  • to investigate misconduct committed by institution-affiliated parties of national banks, including officers, directors, employees, agents and independent contractors (including appraisers, attorneys and accountants).

The OCC participates in interagency activities in order to maintain the integrity of the federal banking system.Script error: No such module "Unsubst". By monitoring capital, asset quality, management, earnings, liquidity, sensitivity to market risk, information technology, consumer compliance, and community reinvestment, the OCC is able to determine whether or not the bank is operating safely and soundly, providing fair access and treatment to customers, and complying with all applicable laws and regulations.Script error: No such module "Unsubst".

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,[5] accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020).Script error: No such module "Unsubst".

Other financial regulatory agencies like the OCC include the Federal Deposit Insurance Corporation (of which the comptroller serves as a director), the Federal Reserve, the Consumer Financial Protection Bureau, and the National Credit Union Administration.Script error: No such module "Unsubst". The OCC routinely interacts and cooperates with other government agencies, including the Consumer Financial Protection Bureau, Financial Crimes Enforcement Network, the Office of Foreign Asset Control, the Federal Bureau of Investigation, the U.S. Department of Justice, and the Department of Homeland Security.Script error: No such module "Unsubst".

The Comptroller serves as an ex officio board member of the Neighborhood Reinvestment Corporation, Federal Deposit Insurance Corporation, Financial Stability Oversight Council, and the Federal Financial Institutions Examination Council.[6]

Preemption of state banking regulation

In 2003, the OCC proposed regulations to preempt virtually all state banking and financial services laws for national banks and their diverse range of non-bank, corporate operating subsidiaries.[7] Despite opposition from the National Conference of State Legislatures,[8] the OCC's regulations went into effect.Script error: No such module "Unsubst". In Watters v. Wachovia Bank, N.A. 550 U.S. 1 (2007), the United States Supreme Court validated the preemption of state regulations by the OCC, ruling that the OCC, not the states, has the authority to subject national banks to "general supervision" and "oversight":

State regulators cannot interfere with the business of banking by subjecting national banks or their OCC-licensed operating subsidiaries to multiple audits and surveillance under rival oversight regimes.[9]

In Cuomo v. Clearing House Association, L. L. C. 557 U.S. 519 (2009), the Court clarified its decision in Watters, stating that federal banking regulations did not preempt the ability of states to enforce their own fair-lending laws, as Template:"'general supervision and control' and 'oversight' are worlds apart from law enforcement", and therefore states retain law enforcement powers but have restricted "visitorial" powers over national banks (i.e., the right to examine the affairs of a corporation).[10]

HelpWithMyBank.gov

In July 2007, the OCC launched HelpWithMyBank.gov to assist customers of national banks and provide answers to national banking questions.[11]

Financial inclusion

On July 10, 2020, the OCC announced the launch of Project REACh. REACh stands for Roundtable for Economic Access and Change, and the project brings together leaders from the banking industry, national civil rights organizations, business, and technology to reduce specific barriers that prevent full, equal, and fair participation in the nation's economy.[12]

History

During the American Civil War, leaders of the U.S. federal government, including President Abraham Lincoln and Treasury Secretary Salmon P. Chase, drafted plans for a national banking system.[13] These plans were put into action by the National Currency Act of 1863, subsequently amended by the National Bank Act, which created the Office of the Comptroller of the Currency to administer the new system.[14] Hugh McCulloch, former president of the state-owned Bank of Indiana, was chosen to be the first comptroller of the currency.

Under the law, banks could apply to the OCC for a charter issued by the federal government. Approved banks would purchase U.S. government bonds, generating cash flow for the government. The bonds would then be deposited with the U.S. Treasury to provide security to back the paper money to be issued by the banks, a new uniform United States currency that could be redeemed for gold or silver at banks around the country.[13] By ensuring the new currency was backed by the government-held bonds, the system gave users greater confidence in the stability of the paper money.[14]

By 1868, the OCC had 72 staff, a third of them women. They processed charter applications and distributed currency to national banks. Until 1913, these staff were paid by distance distributed and did not have set salaries.[13]

In 1913, the Federal Reserve Act established a central bank, the Federal Reserve, to issue American currency. The OCC's role shifted to bank examination and regulation, though it retained "currency" as part of its name.[15][1] In response to the growing power of local banks, the OCC insisted on deregulating national banks in order to compete, which was realized in the McFadden Act of 1927. In 1937, the OCC signed an agreement with the Federal Reserve and the Federal Deposit Insurance Corporation to standardize the regulation of banks between the agencies.[13]

In the 1960s, 21st comptroller James J. Saxon passed a number of controversial regulations, including one which allowed national banks to underwrite revenue bonds for the governments of states and municipalities. Many of these were later overturned in court. However, some reforms, like creating international banking and economics units and strengthening the law department, remained after his term.[13]

The OCC was involved in the response during and after the 2008 financial crisis, including work with the Troubled Asset Relief Program (TARP), designing stress tests for major banks, and collecting and analyzing data on home mortgage loans.[16] The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 abolished the Office of Thrift Supervision and merged its former oversight functions into the OCC.[16] The law also reassigned much of the OCC's former compliance mandate to the new Consumer Financial Protection Bureau. It further established the Financial Stability Oversight Council, on which the Comptroller of the Currency sits.[17]

Pronunciation

As with other uses of the English word "comptroller" there is some ambiguity about the agency's pronunciation. Historically, the word was pronounced identically to "controller," though it is increasingly pronounced as it is spelled (that is, comp-troller).[18] According to Marketplace, former acting comptroller Keith Noreika and his successor, Joseph Otting, both used the latter pronunciation.[19]

List of comptrollers of the currency

Since 1863, the following persons have served as the Comptroller of the Currency:[20][21]

No. Portrait Administrator Took office Left office[22] Notes
1 File:Hugh McCulloch.png Hugh McCulloch February 25, 1863 March 9, 1865 [23]
2 File:Clarke freeman.jpg Freeman Clarke March 9, 1865 July 24, 1866 [24]
3 File:Hulburd hiland.jpg Hiland R. Hulburd February 1, 1867 April 3, 1872 [25]
4 File:John Jay Knox - Brady-Handy.jpg John Jay Knox Jr. April 25, 1872 April 30, 1884 [26]
5 File:Cannon henry.jpg Henry W. Cannon May 12, 1884 March 1, 1886 [27]
6 File:Trenholm william.jpg William L. Trenholm April 20, 1886 April 30, 1889 [28]
7 File:Lacey edward.jpg Edward S. Lacey May 1, 1889 June 30, 1892 [29]
8 File:Hepburn barton.jpg A. Barton Hepburn August 2, 1892 April 25, 1893 [30]
9 File:Eckels james.jpg James H. Eckels April 26, 1893 December 31, 1897 [31]
10 File:Chas G Dawes-H&E.jpg Charles G. Dawes January 1, 1898 September 30, 1901 [32]
11 File:Ridgley, Hon. W.B. LOC hec.14767.jpg William Barret Ridgely October 1, 1901 March 28, 1908 [33]
12 File:Murray lawrence.jpg Lawrence O. Murray April 27, 1908 April 27, 1913 [34]
13 File:Portrait of John Skelton Williams.jpg John Skelton Williams February 2, 1914 March 2, 1921 [35]
14 File:Daniel R. Crissinger cropped.jpg Daniel Richard Crissinger March 17, 1921 March 30, 1923 [36]
15 File:Henry M Dawes.jpg Henry M. Dawes May 1, 1923 December 17, 1924 [37]
16 File:Mcintosh joseph.jpg Joseph W. McIntosh December 20, 1924 November 20, 1928 [38]
17 File:Pole john.jpg John W. Pole November 21, 1928 September 20, 1932 [39]
18 File:Portrait of federal judge James Francis Thaddeus O'Connor, Los Angeles, 1930s Trim.jpg James Francis Thaddeus O'Connor May 11, 1933 April 16, 1938 [40]
19 File:Delano preston.jpg Preston Delano October 24, 1938 February 15, 1953 [41]
20 File:Gidney ray.jpg Ray M. Gidney April 16, 1953 November 15, 1961 [42]
21 File:Saxon james.jpg James J. Saxon November 16, 1961 November 15, 1966 [43]
22 File:Camp william.jpg William B. Camp November 16, 1966 March 23, 1973 [44]
acting Justin T. Watson March 24, 1973 July 4, 1973 [45]
23 File:Smith james.jpg James E. Smith July 5, 1973 July 31, 1976 [46]
acting Robert L. Bloom August 1, 1976 July 20, 1977 [47]
24 File:Heimann john.jpg John G. Heimann July 21, 1977 May 15, 1981 [48]
acting File:No image.svg Charles Lord May 16, 1981 December 16, 1981 [49]
25 File:Conover todd.jpg C. T. Conover December 16, 1981 May 4, 1985 [50]
– H. Joe Selby May 5, 1985 December 1, 1985 [51]
26 File:Clarke robert.jpg Robert L. Clarke December 2, 1985 February 29, 1992 [52]
acting File:No image.svg Stephen Steinbrink March 1, 1992 April 5, 1993 [53]
27 File:Ludwig eugene.jpg Eugene Ludwig April 5, 1993 April 3, 1998 [54]
acting File:No image.svg Julie L. Williams April 4, 1998 December 8, 1998 [55]
28 File:John d hawke.jpg John D. Hawke Jr. December 8, 1998 October 13, 2004 [56]
acting File:No image.svg Julie L. Williams October 14, 2004 August 4, 2005 [55]
29 File:Dugan john sm.jpg John C. Dugan August 4, 2005 August 14, 2010 [57]
acting File:John Walsh OCC.jpg John G. Walsh August 15, 2010 April 9, 2012 [58]
30 File:Thomas Curry official photo.jpg Thomas J. Curry April 9, 2012 May 5, 2017 [59]
acting File:No image.svg Keith Noreika May 5, 2017 November 27, 2017 [60]
31 File:Joseph Otting official photo.jpg Joseph Otting November 27, 2017 May 29, 2020 [61]
acting File:Acting Comptroller of the Currency Brian P. Brooks.jpg Brian P. Brooks May 29, 2020 January 14, 2021 [62]
acting File:Blake Paulson, Acting Comptroller of the Currency, Jan–May 2021.png Blake Paulson January 14, 2021 May 10, 2021 [63]
acting File:Michael Hsu.jpg Michael J. Hsu May 10, 2021 February 10, 2025 [64]
acting File:Chairman-Rodney-Hood.jpg Rodney E. Hood February 10, 2025 July 15, 2025 [65]
32 File:Comptroller jonathan gould.jpg Jonathan V. Gould July 15, 2025 Present [2]

See also

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References

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  1. ↑ a b Script error: No such module "Citation/CS1".
  2. ↑ a b Script error: No such module "citation/CS1".
  3. ↑ Template:CodeFedReg (on headquarters); Template:CodeFedReg, noting four districts (the Northeastern, Central, Southern, and Western districts) with corresponding offices.
  4. ↑ Script error: No such module "citation/CS1". Template:CodeFedReg.
  5. ↑ Script error: No such module "citation/CS1".
  6. ↑ Template:CodeFedReg (2011).
  7. ↑ Script error: No such module "citation/CS1".
  8. ↑ [1] Template:Webarchive
  9. ↑ Template:If all, [Script error: No such module "If empty". 550 Template:Delink 1] (Supreme Court of the United States 2007).Script error: No such module "Check for unknown parameters".
  10. ↑ Template:If all, [Script error: No such module "If empty". 557 Template:Delink] (Supreme Court of the United States 2009).Script error: No such module "Check for unknown parameters".
  11. ↑ Script error: No such module "citation/CS1".
  12. ↑ OCC (July 10, 2020). "Announces Project REACh to Promote Greater Access to Capital and Credit for Underserved Populations." Retrieved July 10, 2020.
  13. ↑ a b c d e Script error: No such module "citation/CS1".
  14. ↑ a b Script error: No such module "citation/CS1".
  15. ↑ Script error: No such module "citation/CS1".
  16. ↑ a b Script error: No such module "citation/CS1".
  17. ↑ Script error: No such module "citation/CS1".
  18. ↑ Script error: No such module "citation/CS1".
  19. ↑ Script error: No such module "citation/CS1".
  20. ↑ Script error: No such module "citation/CS1".
  21. ↑ Script error: No such module "citation/CS1".
  22. ↑ Script error: No such module "citation/CS1".
  23. ↑ Script error: No such module "citation/CS1".
  24. ↑ Script error: No such module "citation/CS1".
  25. ↑ Script error: No such module "citation/CS1".
  26. ↑ Script error: No such module "citation/CS1".
  27. ↑ Script error: No such module "citation/CS1".
  28. ↑ Script error: No such module "citation/CS1".
  29. ↑ Script error: No such module "citation/CS1".
  30. ↑ Script error: No such module "citation/CS1".
  31. ↑ Script error: No such module "citation/CS1".
  32. ↑ Script error: No such module "citation/CS1".
  33. ↑ Script error: No such module "citation/CS1".
  34. ↑ Script error: No such module "citation/CS1".
  35. ↑ Script error: No such module "citation/CS1".
  36. ↑ Script error: No such module "citation/CS1".
  37. ↑ Script error: No such module "citation/CS1".
  38. ↑ Script error: No such module "citation/CS1".
  39. ↑ Script error: No such module "citation/CS1".
  40. ↑ Script error: No such module "citation/CS1".
  41. ↑ Script error: No such module "citation/CS1".
  42. ↑ Script error: No such module "citation/CS1".
  43. ↑ Script error: No such module "citation/CS1".
  44. ↑ Script error: No such module "citation/CS1".
  45. ↑ Script error: No such module "citation/CS1".
  46. ↑ Script error: No such module "citation/CS1".
  47. ↑ Script error: No such module "citation/CS1".
  48. ↑ Script error: No such module "citation/CS1".
  49. ↑ Script error: No such module "citation/CS1".
  50. ↑ Script error: No such module "citation/CS1".
  51. ↑ Script error: No such module "citation/CS1".
  52. ↑ Script error: No such module "citation/CS1".
  53. ↑ Script error: No such module "citation/CS1".
  54. ↑ Script error: No such module "citation/CS1".
  55. ↑ a b Script error: No such module "citation/CS1".
  56. ↑ Script error: No such module "citation/CS1".
  57. ↑ Script error: No such module "citation/CS1".
  58. ↑ Script error: No such module "citation/CS1".
  59. ↑ Script error: No such module "citation/CS1".
  60. ↑ Script error: No such module "citation/CS1".
  61. ↑ Script error: No such module "citation/CS1".
  62. ↑ Script error: No such module "citation/CS1".
  63. ↑ Script error: No such module "citation/CS1".
  64. ↑ Script error: No such module "citation/CS1".
  65. ↑ Script error: No such module "citation/CS1".

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Bibliography

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  • Script error: No such module "citation/CS1".
  • Script error: No such module "citation/CS1".

External links

Template:Bank regulation in the United States Template:US Treasury agencies

Template:Authority control

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