Office of the Comptroller of the Currency (OCC)

What Is the Office of the Comptroller of the Currency (OCC)?

The Office of the Comptroller of the Currency (OCC) is a division of the U.S. Treasury that was established in 1863. Its primary duty is to supervise and regulate national banks, federal savings associations, federal branches, and foreign bank agencies operating in the United States. 

The OCC obtains its authority from the U.S. Bank Secrecy Act (BSA) and regularly releases bulletins and advisories to ensure consistent compliance with the BSA’s anti-money laundering (AML) requirements. 

In 2020, under the guidance of former Coinbase executive Brian Brooks, the OCC implemented various progressive digital asset reforms and initiatives with the goal of clarifying its cryptocurrency policy and enabling U.S. banks to provide custodial services to their customers. 

In May 2021, the OCC’s new Acting Comptroller Michael Hsu expressed a more cautious position on cryptocurrencies and indicated a potential review of Brooks’ reforms.