In the years after the financial crisis, OCC-supervised banks and thrifts recovered significantly. Banks stepped up their lending activities, fueling the improving economy. Better performance of existing loans—and the consequent decline of what banks set aside for losses—meant more money was available for lending. Rising prices in many U.S. housing markets and new record highs on Wall Street made many consumers feel more confident about the future and more likely to borrow to buy homes, cars, and other products and services.
In February 2013, the OCC celebrated the 150th anniversary of the founding of the agency, and saluted the values of integrity, professionalism, independence, and teamwork essential to our mission. Our visionary founders include President Abraham Lincoln, Secretary of Treasury Salmon P. Chase, and first comptroller Hugh McCulloch.
In 2016, the OCC created a position for Senior Deputy for Compliance and Community. One "lesson learned" from the financial crisis was the need to treat compliance (including consumer protection and anti-money laundering) as a matter of safety and soundness. Deficiencies in compliance risk management were no less of a threat to the condition of banks than liquidity shortages and poor underwriting.
In 2016, the OCC extended regulatory relief to a large group of community and thrifts with very little safety and soundness risk. Well-managed institutions with less than $1 billion in assets would qualify for the 18-month exam cycle rather than being examined every 12 months. The agency also issued suggestions on how community banks can legally collaborate to share expertise and reduce costs.