WASHINGTON–The regulator of some of the nation’s biggest banks, the Office of the Comptroller of the Currency, said asset/liability management, credit, and allowance for credit losses will be the top three areas of “heightened focus” for supervision in the year ahead.
The OCC identified the priorities as part of its supervision operating plan for fiscal year (FY) 2024, stating the plan outlines its supervision priorities and objectives for the year.
According to the OCC, the plan also seeks to facilitate the implementation of supervisory strategies for individual national banks, federal savings associations, federal branches and agencies of foreign banking organizations, and third-party service providers subject to OCC examination.
While the plan does not involve NCUA, the credit union regulator is a member of the Federal Financial Institutions Examination Council (FFIEC), as is the OCC.
Other Issues of Focus
In addition to the issues outlined above, the OCC said it will also be focusing on:
- Cybersecurity
- Operations
- Digital ledger technology activities
- Change management
- Payments
- Bank Secrecy Act/anti-money laundering/countering the financing of terrorism and Office of Foreign Assets Control
- Consumer compliance
- Community Reinvestment Act
- Fair lending
- Climate-related financial risks
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