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Duties & Functions
Comptroller of the Currency
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The Office of the Comptroller of the Currency
(OCC) was established to regulate the National
Banking System by an Act of Congress on , 1863. The OCC has maintained its
bureau status throughout its existence.
As the administrator of nationally-chartered
banks, the OCC oversees the execution of laws
relating to national banks and promulgates rules
and regulations governing the operations of
national banks. It also supervises a nationwide
staff of approximately 2,300 bank examiners. The
OCC's functions include:
- Functioning as administrator of national
banks and Federal licensed branches and agencies
of foreign banks;
- Issuing rules and regulations governing
national bank operations;
- Approving and denying applications for new
bank charters, branches, capital or other changes
in corporate or banking structure;
- Examining the banks;
- Taking supervisory action against banks which
do not conform to laws and regulations or which
otherwise engage in unsound banking
practices.
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