OCC reorganized its operations and realigned nearly 150 staff members to form two new units namely, "Supervision System and Analytical Support" and "Systemic Risk Identification Support and Specialty Supervision." This realignment consolidates bank supervision support, risk analysis, and oversight of national trust banks and significant service providers, though Midsize and Community Bank Supervision and Large Bank Supervision unit will retain the primary responsibility for overseeing the banks, savings associations, and federal branches and agencies of foreign banks that compose the federal banking system. The changes will take effect from October 01, 2019.
The first unit, Supervision System and Analytical Support, will pull together supervisory information system teams, data management, business intelligence, risk analysis, and supervision risk management staff from other OCC supervisory and policy units. Bob Phelps, who serves as the Deputy Comptroller for Supervision Risk Management, will head this new unit. The second unit, Systemic Risk Identification Support and Specialty Supervision, will bring together lead experts from large bank supervision and midsize bank supervision as well as teams responsible for the supervision of trust companies from the Northeastern District National Trust Banks team and significant service providers from Bank Supervision Policy. The agency did not yet identify the person to fill Deputy Comptroller role.
While both units will report to the Chief Operating Officer, the Committee on Bank Supervision will provide strategic direction and oversight to both the units and will review and approve strategic plans and initiatives, annual business plans or operating plans, and major projects and initiatives. This would promote greater coordination and collaboration across the supervision business units. The Committee on Bank Supervision is made up of senior executives who oversee OCC units that supervise the majority of institutions that make up the federal banking system. Strategic direction from the Committee on Bank Supervision ensures the units’ activity supports the supervisory needs of the federal banking system.
Related Link: Press Release
Keywords: Americas, US, Banking, Bank Supervision, Risk Analysis, Systemic Risk, Operation Restructuring, OCC
Previous ArticleIOSCO Publishes Statement on Transition of Benchmark Rates
EIOPA submitted—to the European Parliament, the Council of the European Union, and EC—its 2020, fifth, and last annual report on long-term guarantee measures and measures on equity risk.
The BIS Innovation Hub Swiss Centre, SNB, and the financial infrastructure operator SIX announced the successful completion of a joint proof-of-concept (PoC) experiment as part of the Project Helvetia.
EBA published the final draft regulatory technical standards for calculation of own funds requirements for market risk, under the standardized and internal model approaches of the Fundamental Review of the Trading Book (FRTB) framework.
EIOPA published discussion paper on a methodology for the potential inclusion of climate change in the Solvency II (sometimes also written as SII) standard formula when calculating natural catastrophe underwriting risk.
EU published, in the Official Journal of the European Union, corrigenda to the Directive and the Regulation on the prudential requirements and supervision of investment firms.
MAS proposed amendments to certain regulations, notices, and guidelines arising from the Banking (Amendment) Act 2020.
PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A.
RBNZ launched consultations on the scope of the Insurance Prudential Supervision Act (IPSA) 2010 and on the associated Insurance Solvency Standards.
SRB published the work program for 2021-2023, setting out a roadmap to further operationalize the Single Resolution Fund and to achieve robust resolvability of banks under its remit over the next three years.
EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.