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Michael J. Hsu became Acting Comptroller of the Currency on May 10, 2021, upon his designation as First Deputy Comptroller by Secretary of the Treasury Janet Yellen. The OCC charters, regulates and supervises all national banks and federal savings associations and ensures that they operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.
Acting Comptroller Hsu participates in a wide variety of public events. Information on his appearances is updated at least weekly and available on the Comptroller Appearances page.
The business of banking is rapidly changing with the mass adoption of digital technologies. These innovations can provide convenience and accessibility, but also have the potential to bring risks.
We, as regulators, have to be informed about the possibilities enabled by new technologies, dispassionate about their effects on incumbents, and open-minded to new ways of doing things.”
Acting Comptroller of the Currency
Overconfidence leading to complacency is a risk especially during periods of growth and innovation. To protect the gains in trust made since the financial crisis, banks and regulators must remain vigilant.
Greater caution and risk management vigilance is warranted today, perhaps more than at any time in recent memory.”
Climate change presents risks to the financial system. The increased frequency, severity, and volatility of extreme weather affects the value of financial assets and borrowers' credit worthiness.
The OCC is laser-focused on the safety and soundness aspects of climate change risks.”
Reducing inequality in banking must be a national priority, and banks can play an important role in closing the wealth gap. The OCC’s twin mission of ensuring that banks provide fair access to financial services and treat customers fairly speaks to these challenges.
Historically, many low-income individuals have been treated by banks as either credits to be avoided or credits to be exploited. The OCC can help address that problem.”
On April 28, 2022, Acting Comptroller of the Currency Michael J. Hsu launched the Financial Health: Vital Signs quarterly discussion series to explore issues relating to the financial wellbeing of consumers. The first event featured a discussion about minority ownership of cryptocurrency with John Hope Bryant, the founder, CEO and Chairman of Operation Hope, and Professor Tonya Evans of Penn State Dickinson Law.
Acting Comptroller Michael J. Hsu provided the keynote address at the EMERGE Financial Health 2022 event in Los Angeles on September 21, 2022. In his remarks, Mr. Hsu discussed how the potential for financial health can improve outcomes for individuals and communities and transform financial services.
Discusses the Comptroller's priorities for the year ahead, the agency’s accomplishments, and the state of the financial industry.
Explore data and statistics about the OCC and the federal banking system, licensing activities, enforcement actions, and more.
Provides an overview of the agency's mission, vision, goals, and core values.