The Office of the Comptroller of the Currency’s (OCC) Committee on Bank Supervision has recently published its bank supervision operating plan for the fiscal year 2024. The plan, released on September 28, lays out the agency’s supervisory priorities along with several areas of increased attentiveness.
The primary intention of this plan is to guide the development of supervisory strategies and bank examiner plans for the forthcoming fiscal year. The points emphasized in the plan will also be leveraged to help inform supervisory communications, training, and operational risk assessments.
A broad spectrum of areas was addressed in the plan, with particular emphasis placed on certain critical sectors. These areas of heightened focus stand as a hallmark of the Committee’s unwavering commitment to ensure accountability, efficiency, and transparency in the banking sector.
Corporations, law firms, and banking institutions alike should keenly scrutinize the report produced by the OCC, interpreting what the emphasis on these focus areas may mean for future operations and overall industry trends within the fiscal year.
The OCC continues to be an instrumental regulatory body in maintaining integrity within the banking sector. The transparency illustrated by the publication of their specific priorities not only allows firms to strategize accordingly but also works toward maintaining a level playing field within the industry.