Treasury Department - Office Of The Comptroller Of The Currency

The Office of the Comptroller of the Currency (OCC) was created on February 25, 1863 (12 Stat. 665), as a bureau of the Treasury Department. Its primary mission is to regulate national banks. The OCC is headed by the

comptroller, who is appointed for a five-year term by the president with the advice and consent of the Senate. By statute, the comptroller also serves a concurrent term as director of the FEDERAL DEPOSIT INSURANCE CORPORATION.

The OCC supervises approximately 3,300 national banks, including their trust activities and overseas operations. The OCC has the power to examine banks; approve or deny applications for new bank charters, branches, or mergers; take

The Bureau of Engraving and Printing, a branch of the Treasury Department, is responsible for designing and printing all U.S. paper currency. Here, a bureau employee examines newly printed bills.
CHARLES O'REAR/CORBIS

enforcement action—such as bank closures—against banks that are not in compliance with laws and regulations; and issue rules, regulations, and interpretations related to banking practices. Each bank is examined annually through a nationwide staff of approximately 2,400 bank examiners supervised by six district offices. The OCC is independently funded through assessments on the assets of national banks.