Office of the Comptroller of the Currency (OCC): Role & Key Functions Explained!

Office of the Comptroller of the Currency (OCC): It is one of the independent bureau of the U.S. Department of the Treasury, headquartered in Washington, D.C. Established by the National Currency Act of 1863 during President Abraham Lincoln’s administration. Today, it charters, regulates, and supervises all national banks, federal savings associations, and the U.S. branches of foreign banks. 

It has district offices in New York, Chicago, Dallas, and Denver and is solely responsible for overseeing nearly two-thirds of all U.S. commercial banking assets. Moreover, its mission is to ensure that banks operate safely, and treat customers fairly. The current Comptroller of the Currency, Jonathan V. Gould, took office in July 2025. Let us explore more about this significant financial regulatory body of the United States in this article. 

What Does the Office of the Comptroller of the Currency Do?

At its core, the OCC’s responsibilities revolve around supervising banks, enforcing banking laws, and protecting consumers. Here are the key Functions of the OCC:

Source: OCC

What Banks Are Regulated by the OCC?

The OCC regulates around 1,200 national banks and federal savings associations. Collectively, these institutions account for more than $12 trillion in assets. It covers approximately 66% of the U.S. commercial banking system.

• National banks with “N.A.” (National Association) in their names

• Federal savings associations

• Federally licensed branches of foreign banks

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What is the Difference Between the FDIC and the OCC?

While the OCC supervises national banks, the Federal Deposit Insurance Corporation (FDIC) plays a different role. Here is what you must know about both of them:

• OCC: Charters, regulates, and supervises national banks and federal savings associations.

• FDIC: Provides deposit insurance to bank customers and supervises state-chartered banks that are not Federal Reserve members.

However, both the agencies work together, but the OCC focuses more on regulation and supervision, whereas the FDIC safeguards depositors.

Why is the Comptroller So Important?

The Comptroller of the Currency leads the OCC by serving a five-year term appointed by the U.S. President and confirmed by the Senate. The Comptroller's mainly includes the following:

• Oversees the national banking system.

• Serves as a director on the FDIC board.

• Sits on the Financial Stability Oversight Council.

• Plays a role in ensuring financial stability and guiding how banks adapt to new technologies and risks.

What are the Risks and Challenges for the OCC?

The OCC faces multiple challenges, including:

• Systemic banking risks in times of financial instability.

• Adapting regulations for fintech and digital banking.

• Balancing consumer protection with financial innovation.

• Enforcing anti-money laundering and counter-terrorist financing laws.

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Conclusion

Therefore, the Office of the Comptroller of the Currency is one of the most important regulators in the U.S. financial system. It not only supervises banks, enforce laws, and safeguards the consumers but it ensures that the banking sector remains stable, fair, and resilient. Its work directly affects not only financial institutions but also millions of American consumers and businesses who rely on a secure and trustworthy banking system.

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