OCC announces ICBA advocated supervision restructuring

Following ICBA advocacy, the OCC announced it will reverse its ICBA-opposed plan to merge its community, midsize, and large bank supervision functions into a single unit.

Details: The OCC said it will retain three distinct supervisory structures for large and global institutions, regional and midsize banks, and community banks under $30 billion in assets to facilitate a tiered and risk-based approach to supervision, effective Oct. 1.

Statement: In a national news release, ICBA President and CEO Rebeca Romero Rainey expressed strong support for the announcement and pledged to work with Comptroller of the Currency Jonathan Gould to ensure tiered and proportionate regulations for community banks.

ICBA Advocacy: Following April’s announcement that the OCC would merge its bank supervision functions, ICBA urged the agency to preserve a dedicated community bank supervision framework that reflects the distinct role of community banks, ensures proportionate oversight, and protects the stability, diversity, and choice that community banks uniquely provide to consumers and local economies.

Key Position: Advancing tiered and proportionate regulations that will help ensure community banks continue to meet the needs of local communities is a key priority of ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress.

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