OCC Combines Supervision into Single Unit
The Office of the Comptroller of the Currency will merge its large, midsize and community bank supervision units into a single office, according to an agency announcement on Wednesday.
According to the OCC, the change — which will result in a unified bank supervision and examination division — aims to streamline oversight and reduce inefficiencies at the regulator, which oversees nationally chartered banks.
“Blending the large, midsize and community bank supervision activities will allow for the seamless sharing of expertise and resources to address bank-specific issues or novel needs and provides opportunities for career development and progression for the agency’s entire examination workforce,” an agency release stated. “To ensure [our] approach to supervision evolves to better address today’s challenges, align similar functions within the agency, and leverage opportunities for efficiencies.”
Deputy Comptroller Beverly Cole, who oversees the agency’s Midsize and Community Bank Supervisory unit, will retire after over four decades at the agency. Senior Deputy Comptroller Greg Coleman, currently overseeing large bank supervision, will lead the new unified division.