8/1/83 NOTE: Southwestern District (Dallas) District Counsel Attorney Secretary 8/729-4400 214-767-4400 Western District (San Francisco) District Counsel Attorney Attorney Secretary 87454-8561 415-974-8561 If you are in need of expedited service or you are experiencing employees, call Robert E. Serino, Director, Office of the Comptroller If you have questions concerning an offshore bank regarding its Robert B. Serino, Director (202-447-1847) Office of the Comptroller of the Currency The Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is a bureau of the United States Treasury Department. The OCC's function is the chartering, regulating and supervising of the national banking system.1/ The OCC is headquartered in Washington and under its planned reorganization will maintain six district offices throughout the country. Each district office will be directed by a district deputy comptroller and district administrator. The OCC supervises the national banks through on- and off-site premise examinations, and other processes, conducted by a staff of field examiners.2/ Examinations are designed to determine the solvency and liquidity of each bank with the general areas of concern being asset quality, management, earnings, capital, adequacy of policies and procedures, and internal and external controls. At the conclusion of each field examination, the condition of the bank is discussed with its management and a report is made to the OCC and to the the bank's board of directors. If the condition of the bank is unsatisfactory or if the trend of its operations is adverse, the board of directors of the bank will be advised of the OCC's concern and in many cases may be the subject of corrective administrative actions which might include, among other things, removal of directors and officers, cease and desist or civil money penalty actions.3/ Of the 14,396 commercial banks in the United States, 4,466 are national banks. (They are identified by the words "National" or "National Association" [N.A.] in their titles.) of the commercial banks, 982 are state banks that are members of the Federal Reserve System and are supervised by the Federal Reserve. The Federal Reserve also supervises the 2,300 bank holding companies. Of the commercial banks, 8,948 are state banks that are insured and supervised by the FDIC. 2/ About 140 United States banking organizations were present in more than 110 countries at the end of 1978. Foreign financial operations of United States banks may be examined either through the home office or by actual on-site review, depending on the law and relationship between the United States and the foreign government. 3/ In drastic cases, the power also exists for the revocation of charter, receivership, conservatorship termination of FDIC insurance. or |