Streamlined Oversight of Deposit bank activities by the OCC could be overshadowed by recent changes
The Office of the Comptroller of the Currency (OCC) has announced significant changes to its organizational structure, with a focus on enhancing the effectiveness, independence, and transparency of bank supervisory processes.
The most notable changes include the reorganization of the bank supervision and examination office, the retirement of Grovetta Gardineer, and the elevation of the Information Technology and Security function.
Greg Coleman will assume responsibility for the OCC's combined bank supervision and examination office, taking effect in June. Meanwhile, the OCC's Information Technology and Security function has been given higher standing, with the leader of this function set to be named to a new senior deputy comptroller role and serve as a member of the OCC's executive committee in June.
The OCC's combined bank supervision and examination office aims to share expertise and resources to address bank-specific issues more effectively. This reorganization is part of a broader push for streamlined operations, as seen in the Trump administration's initial efforts to reduce headcounts, particularly at management levels.
Grovetta Gardineer, who leads the bank supervision policy division, will retire in May, after a 14-year tenure at the OCC and a 37-year career in federal service. Jay Gallagher will lead the office of the chief national bank examiner at the OCC.
The changes at the OCC may be seen as a shift in focus towards technology and security, as well as a change in leadership in some divisions. The OCC's move comes amidst a broader landscape of regulatory change, with the Federal Reserve and Office of the Comptroller of the Currency approving the Capital One-Discover merger, and the Consumer Financial Protection Bureau signaling a shift in focus away from oversight on non-depository institutions.
These changes at the OCC are part of a broader trend towards increased independence, transparency, and accountability in bank supervision, mirroring similar reforms proposed by related banking regulators such as the FDIC. The OCC's reorganization is intended to enhance independence and expertise in supervisory appeals and examinations, increase transparency and accountability in supervisory actions, and improve responsiveness and consistency in supervisory processes.
For more specific details on these changes, please refer to official OCC press releases or announcements.
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