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Office of the Comptroller of the Currency (OCC)
Practical Law Glossary Item 0-386-6961 (Approx. 2 pages)
Glossary
Office of the Comptroller of the Currency (OCC)
An independent office of the US Department of the Treasury, the OCC was established by the National Currency Act of 1863 to:
- Charter, regulate, and supervise all national banks.
- Supervise the federal branches and agencies of foreign banks.
With the passing of the Dodd-Frank Act and the dissolution the Office of Thrift Supervision (OTS), as of June 21, 2011, the OCC has supervisory and regulatory authority over federal thrifts. For more information on the Dodd-Frank Act, see Practice Note, Summary of the Dodd-Frank Act: Regulatory Structure.
For more information on how the OCC regulates national banks, see Practice Note, US Banking Law: Overview: National Banks.