Google
Wednesday 
November 30, 2022 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
GROSS NATIONAL PRODUCT: The total market value of all goods and services produced by the citizens of an economy during a given period of time, usually one year. Gross national product, often abbreviated simply as GNP, was once the federal government's official measure of how much output our economy produces. In the early 1990s, however, it was replaced by gross domestic product (GDP).

Visit the GLOSS*arama


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.

Funding

As 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 Activities

The 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 OCC

The 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.

<= COMPLEMENT-IN-PRODUCTIONCONCENTRATION RATIOS =>


Recommended Citation:

COMPTROLLER OF THE CURRENCY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: November 30, 2022].


Check Out These Related Terms...

     | Federal Deposit Insurance Corporation | financial markets |


Or For A Little Background...

     | macroeconomic goals | inflation | circular flow |


And For Further Study...

     | paper economy | Congressional Budget Office | Internal Revenue Service | government functions | investment borrowing | two-sector, three-market circular flow |


Related Websites (Will Open in New Window)...

     | Comptroller of the Currency | Office of Management and Budget | Federal Deposit Insurance Corporationwww.fdic.gov | Internal Revenue Service |


Search Again?

Back to the WEB*pedia


APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
Your Complete Scope

This isn't me! What am I?

A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"Consult not your fears, but your hopes and your dreams. Think not about your frustrations, but about your unfulfilled potential. Concern yourself not with what you tried and failed in, but with what it is still possible for you to do. "

-- Pope John XXIII

EBIT
Earnings Before Interest and Taxes
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2022 AmosWEB*LLC
Send comments or questions to: WebMaster