Office of the Comptroller of the Currency (OCC)
The primary federal regulator of national banks and federal savings associations in the United States, responsible for chartering, regulating, and supervising them.
What is OCC?
The Office of the Comptroller of the Currency (OCC) is an independent bureau of the US Department of the Treasury that charters, regulates, and supervises all national banks and federal savings associations, as well as federal branches and agencies of foreign banks. Established by the National Currency Act of 1863, the OCC's mission is to ensure that national banks and federal savings associations operate safely and soundly, treat customers fairly, and comply with applicable laws and regulations. The OCC conducts on-site examinations, issues rules and guidance, and takes enforcement actions including cease-and-desist orders and civil money penalties. It operates on fees assessed on national banks rather than congressional appropriations.
Example
JPMorgan Chase, Bank of America, and Wells Fargo are national banks supervised by the OCC. When the OCC identified risk management deficiencies at a major bank's trading desk in 2012 — related to the 'London Whale' derivatives losses — it issued a cease-and-desist order and required management reforms as part of its supervisory response.
Source: OCC — About the OCC