The Office of the Comptroller of the Currency (OCC) released its mid-cycle report about actions completed to execute its annual operating plan and priority objectives for the rest of the year. The agency’s fiscal year (FY) began Oct. 1, 2014, and will conclude Sept. 30, 2015.
“Publishing our operating plan progress provides greater transparency to our supervisory priorities and actions,” Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner Jennifer Kelly said. “It helps regulated institutions better understand our expectations and concerns.”
Because the operating plan provides the foundation for the development of individual bank supervisory strategies and policy initiatives, the OCC staff use it to guide their supervisory priorities, planning, and resource allocations. The staff also, as appropriate, collaborated with the Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation and Board of Governors of the Federal Reserve System in developing and executing coordinated supervisory strategies.
The recently released document provides a mid-cycle status report on some of the key accomplishments and priorities for the remainder of the year, which include: Strategic planning and execution, cybersecurity, corporate governance, operational risk, loan underwriting, stress testing, interest rate risk, and compliance.
The OCC will release the supervisory priorities that form the basis for developing supervisory strategies for FY 2016 this summer. It will continue to adjust supervisory strategies as appropriate, given meaningful changes in emerging risks and supervisory priorities. Along with the annual fiscal year guidance, the OCC will provide periodic updates to communicate supervisory priorities through the Semiannual Risk Perspective in the spring and fall and a mid-cycle operating plan update in the third quarter of the fiscal year.
The mid-cycle status report may be found here.
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