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CARDINAL: A measurement based on a scale or quantitative numbers, such as 1, 5, or 357.2, that enables a comparison in magnitude. Comparability means, for example, that the difference between 5 and 2 is the same as the difference between 12 and 9. Measures such as height and weight use cardinal numbers. Most economic measures are based on cardinal numbers, including gross domestic product, unemployment rate, the price of chocolate, and the quantity of wheat produced. The benefit of cardinal measurement is the ability to directly compare one measure with another. If, for example, the price of chocolate is $1 a pound and the price of wheat is $4 a pound, then wheat is four times more expensive than chocolate. Ordinal measures, which involve relative ranking, is an alternative type of measure.
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                           COMPTROLLER OF THE CURRENCY: An agency of the U.S. Federal government responsible for chartering national banks. In other words, anyone wanting to establish a bank with the word "national" in the title must gain permission from the Office of the Comptroller of the Currency (OCC). The Comptroller is also responsible for regulating banks and might even assume control of a bank that is in serious trouble (that is, on the verge of failure). Although the term "currency" appears in the title, the Office of the Comptroller of the Currency is primarily a bank regulator and has almost nothing to do with the nation's "currency." The OCC was established in 1863 as a bureau of the U.S. Department of the Treasury and is located in Washington, D.C. The Office of the Comptroller of the Currency (OCC) is managed by the Comptroller, who is appointed by the President and confirmed by the Senate for a five-year term. The Comptroller also serves as a director for the Federal Deposit Insurance Corporation (FDIC).A Bit of History- The impetus for the Comptroller of the Currency came about when the Secretary of the Treasury recommended the establishment of a system of federally chartered national banks in 1861.
- The National Currency Act, passed in 1863 and signed by President Abraham Lincoln, established the OCC as a bureau of the U.S. Department of the Treasury.
- The main goal of the new agency was to ensure that each bank would have the power to issue standardized national bank notes based on United States bonds held by the bank (national banks no longer issue currency).
- The law was completely rewritten and re-enacted as the National Bank Act in 1864. The act also gave the Comptroller authority to regulate lending and investment activities of national banks.
FundingAs an independent agency, the OCC does not receive funds from the government. The OCC is funded primarily by assessments on national banks. That is, national banks pay for their examinations and for OCC processing of corporate applications. The OCC also receives revenue from investment income, primarily from ownership of U.S. Treasury securities.Main ActivitiesThe chief responsibilities of the OCC are:- First, it charters, regulates, and supervises all national banks.
- Second, it supervises the federal branches and agencies of foreign banks.
- Third, it supervises the international activities of national banks through an office in London.
The Power of the OCCThe OCC is a powerful government agency when it comes to the banking business. The OCC issues rules, legal interpretations, and corporate decisions concerning banking, bank investments, bank community development activities, and other aspects of bank operations. In particular, the OCC can:- Examine the financial structure, balance, sheets, income statements, and overall operation of banks.
- Approve or deny applications for new charters, branches, capital, or other changes in the corporate or banking structure.
- Take supervisory actions against banks that do not comply with laws and regulations.
- Remove officers and directors, negotiate agreements to change banking practices, and issue cease and desist orders as well as impose civil monetary penalties.
- Issue rules and regulations governing bank investments, lending, and other practices.
Recommended Citation:COMPTROLLER OF THE CURRENCY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 28, 2024].
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for slow moving vehicles with darkened windows.
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