OCC Updates Booklets of Comptroller Handbook for Community Banks in US
OCC issued the revised “Bank Supervision Process,” “Community Bank Supervision,” “Compliance Management Systems,” and “Large Bank Supervision” booklets of the Comptroller’s Handbook. In addition, OCC updated the “Federal Branches and Agencies Supervision” booklet. The revised and updated booklets replace the booklets of the same title previously issued and rescind certain publications.
The revisions or updates
- Clarify the applicability of each booklet to community, midsize, and large banks.
- Incorporate the revised Uniform Interagency Consumer Compliance Rating System.
- Add asset management core assessment guidance to the “Large Bank Supervision” booklet. Factors for assigning the trust component rating in the regulatory ratings core assessment are unchanged and examiners continue to use the Uniform Interagency Trust Rating System.
- Provide examiner guidance for assessing asset management and BSA/AML/Office of Foreign Assets Control (OFAC) risks. Guidance for assessing the quantity of BSA/AML/OFAC risk is consistent with appendixes J and M of the Federal Financial Institutions Examination Council BSA/AML Examination Manual.
- Incorporate relevant aspects of the Dodd–Frank Act and reflect the integration of the former OTS into OCC.
- Explain the OCC’s bank supervision process using consistent terminology.
- clarify legal language and terminology regarding supervisory guidance and clarify the roles of the bank’s board of directors and management.
- Include revised concepts and references regarding third-party risk management; new, modified, or expanded bank products or services; and corporate and risk governance.
- Incorporate references to other relevant OCC issuances published since the last publication date of each of these booklets.
Related Links
- Press Release
- Bank Supervision Process (PDF)
- Community Bank Supervision (PDF)
- Compliance Management Systems (PDF)
- Federal Branches and Agencies Supervision (PDF)
- Large Bank Supervision (PDF)
Keywords: Americas, US, Banking, Community Banks, Comptroller Handbook, Banking Supervision, OCC
Previous Article
US Agencies Publish Semi-Annual Regulatory Agenda in June 2018Related Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards