OCC Outlines Supervision Priorities for 2022

The OCC today released its bank supervision operating plan for fiscal year 2022, identifying what each of the agency’s supervisory operating units will focus on for the new federal fiscal year that started Oct. 1. The OCC said supervision efforts will focus on the impacts of the pandemic and the resulting economic, financial, operational and compliance implications.

The OCC also will focus on oversight of third parties and related concentrations; Bank Secrecy Act/anti-money laundering compliance management; fintech partnerships for potential cryptocurrency-related activities and the transition to alternative reference rates with the end of Libor. The agency added that “in addition to the baseline supervision to assign ratings, examiners will focus on the safety and soundness of strategic and operational planning.”

Other risk areas include climate change risk management, consumer compliance management systems and fair lending risk.