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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.
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.
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How do we, in the bank regulatory community, ensure safety and soundness, while encouraging responsible innovation, in the face of a high risk and rapidly changing technology? I believe we can do so by taking a careful and cautious approach and by developing guardrails and gates.”
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.”
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.
The Office of the Comptroller of the Currency hosted a symposium on bank mergers Feb. 10, 2023, at its headquarters in Washington, D.C. The symposium included panel discussions among thought leaders, academics, community groups, and the banking industry on a framework for analyzing bank mergers in the context of competition, financial stability, and convenience and needs.
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.
