What Is the Office of the Comptroller of the Currency?
The Office of the Comptroller of the Currency (OCC) is a United States federal agency whose responsibility it is to regulate, charter and supervise national banks. An arm of the U.S. Department of Treasury, the OCC is headquartered in Washington, D.C. The Office of the Comptroller of Public Accounts has four additional field offices in the U.S. and one in London. Established by the National Currency Act in 1863, the Office of the Comptroller of the Currency was created in part to finance the Civil War. Upon the recommendation of Secretary of Treasury Salmon P. Chase, this administration of banking systems established a network of federally chartered national banks that could issue standardized bank notes based upon bonds held by these banks. The act also created the position of Comptroller of the Currency.
Related Questions
- Why does the State Comptroller’s Office require that all state service credit be based on specific dates of employment with a state agency or a state institution of higher education?
- Is the Comptroller’s office in charge of all Illinois cemeteries and funeral homes?
- What role does the Office of the Comptroller General play in Internal Audit?
