An official website of the United States government
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.
In banking, the responsible approach to innovation is the better way: by progressing in tightly controlled stages where the risks can be identified, measured, and managed at each stage, by building the brakes and the engine at the same time, and by working with regulators, instead of around them.”
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.
A ‘lackadaisical attitude towards risk discipline’ can undermine good risk systems and cause unexpected losses. Maintaining a strong risk management discipline is critical.”
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’s focus on climate-related financial risk is firmly rooted in our mandate to ensure that national banks operate in a safe and sound manner.”
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.
Persistent economic inequality can erode trust in the banking system. Americans who lack access to traditional financial products and services or feel exploited by banks may conclude that the system is working against them, rather than for them. The OCC is focused on several initiatives to address this problem.”
Acting Comptroller Michael J. Hsu offered remarks at a roundtable discussion September 12, 2023, on the availability of special purpose credit programs (SPCP) to help meet the credit needs of eligible individuals. The OCC co-hosted the event with the U.S. Department of Housing and Urban Development, Federal Housing Finance Agency, and Consumer Financial Protection Bureau. SPCPs are a long-established tool permitted under the Equal Credit Opportunity Act and Regulation B that can help creditors expand responsible credit access to economically or socially disadvantaged consumers and commercial enterprises.
Acting Comptroller of the Currency Michael J. Hsu discussed bank mergers and the recent market disruption on CNBC's Closing Bell: Overtime.
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.