Top Story: OCC's 2013 Annual Report Marks 150 Years of Public Service
By Jesse Stiller
The OCC’s storied past shares the spotlight with the events of 2013 in this year’s Annual Report.
The report itself has an important history. Section 60 of the National Currency Act of 1863 called specifically for the OCC to submit an annual “summary of the state and condition” of the national banking system, and to include its recommendations for “any amendment to the laws relative to banking.” Although modern-day reports look different and read very differently from those of 150 years ago, they continue to be the definitive statement of the condition of the agency and the banks and thrifts it supervises—and is still required by law.
The 2013 Annual Report summarizes the agency’s efforts in 2013 to restore public trust in the banking system. That involved three things: first, continuing to implement the risk mitigation strategies embodied in the Dodd–Frank Act, including upgraded capital standards and risk retention requirements for residential mortgages; second, setting higher supervisory expectations for corporate governance and operational risk management, areas that saw pervasive problems during and after the financial crisis; and, finally, strengthening the OCC to ensure that the agency is capable of responding to problems in our banks before they worsen and spread.
The report also includes an economic overview of the banking system, a comprehensive account of the agency’s finances, and several special historical features on supervision and bank management. These additions complete a balanced account of the OCC as it transitions into its next 150 years of public service.
Last Updated: 04/29/2015