The OCC was created in 1863 by the National Currency Act as a bureau of the Treasury Department1. Its authority is now set out in 12 USC § 1, which makes it responsible for safety and soundness, compliance with laws and regulations, fair access to financial services, and fair treatment of customers2.

In derivatives regulation, it appears as an authority that issues rules for the banks it supervises. Under the Volcker Rule, the OCC issued 12 CFR Part 44, which applies to national banks, federal savings associations, their subsidiaries, and others3. For national banks and federal savings associations registered as swap dealers and similar entities, 12 CFR Part 45 sets minimum margin and capital requirements for non-cleared swaps4.

Notes

  1. OCC, "History" (checked on October 13, 2026). "by the National Currency Act of February 25, 1863" and "as a bureau of the U.S. Department of the Treasury." OCC, "Who We Are," describes it as an independent bureau that charters, regulates, and supervises national banks, federal savings associations, and federal branches and agencies of foreign banks. ↩

  2. 12 USC § 1(a) (checked on October 13, 2026). "There is established in the Department of the Treasury a bureau to be known as the Office of the Comptroller of the Currency," followed by its responsibilities. ↩

  3. 12 CFR § 44.1 (checked on October 13, 2026), paragraphs (a) and (c). The OCC issued it under section 13 of the Bank Holding Company Act of 1956, covering national banks, federal branches and agencies, federal savings associations, and others. ↩

  4. 12 CFR § 45.1 (checked on October 13, 2026), paragraphs (b) and (c). It covers national banks, federal savings associations, and federal branches and agencies of foreign banks that are registered as swap dealers and similar entities, and applies to non-cleared swaps and non-cleared security-based swaps. ↩