Office of the Comptroller of the Currency
|Office of the Comptroller of the Currency|
The Office of the Comptroller of the Currency (OCC), established in 1863, is an independent bureau of the U.S. Department of the Treasury whose primary mission is to charter, regulate, and supervise all national banks and federal savings associations. It also supervises the federal branches and agencies of foreign banks.<ref>About The OCC. Office of the Comptroller of the Currency. Retrieved on August 14, 2012.</ref>
For more information, visit the OCC page in MarketsWiki.
OCC and the Dodd-Frank Act
According to Dodd-Frank, entities under the jurisdiction of a prudential regulator would follow its rules. All other swaps would be under the jurisdiction of the CFTC and SEC. For more information, see the summary swap entity and product definitions.
In December 2009, the House Financial Services Committee established the Financial Stability Oversight Council in order to put an end to “too big to fail” financial firms. It was created as a nine-member council, made up of the heads of prudential regulators and financial regulatory agencies, and led by the Treasury secretary, to monitor systemic risks.
Stress Test Final Rules, October 2012
On October 9, 2012, the Office of the Comptroller of the Currency, U.S. Department of the Treasury (OCC), published a final rulemaking implementing Section 165 of the Dodd-Frank Act, which requires companies that fall under the jurisdictions of Prudential Regulators to conduct annual stress tests.
The final rule requires banks with total assets over $10 billion to conduct annual tests to determine how the bank would fare during times of adverse economic conditions.
On January 4, 2012, the Office of the Comptroller of the Currency (OCC) issued guidance regarding compliance with Section 716 of the Dodd-Frank Act, the swap "pushout" provision, which prohibits banking institutions that are considered "swap entities" from using any federal assistance they receive to support swap activities. swap entities may request an extension of up to two years.