USA: OCC releases banks supervision operating plan for FY 2022
The Office of the Comptroller of the Currency ('OCC') released, on 15 October 2021, its Bank Supervision Strategy Planning Guidance for the fiscal year ('FY') 2022 which sets forth the agency's supervision priorities and objectives. In particular, the OCC stated that the plan provides the foundation for policy initiatives and supervisory strategies as applied to individual national banks, federal savings associations, federal branches, federal agencies, and technology service providers.
As such, the OCC's supervisory strategy planning guidance focuses on, among others:
- cybersecurity and operational resilience;
- oversight of third parties and related concentrations;
- Bank Secrecy Act/anti-money laundering (BSA/AML) compliance management; and
- fintech partnerships for potential cryptocurrency-related activities and other services.