OFFICE OF THE COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY

The Office of the Comptroller of the Currency was created February 25, 1863 (12 Stat. 665), as a bureau of the Department of the Treasury. Its primary mission is to regulate national banks. The Office is headed by the Comptroller, who is appointed for a 5-year term by the President with the advice and consent of the Senate.

The Office regulates national banks by its power to examine banks; approves or denies applications for new bank charters, branches, or mergers; takes enforcement action--such as bank closures--against banks that are not in compliance with laws and regulations; and issues rules, regulations, and interpretations on banking practices.