OCC strategic plan calls for promoting community banks

The Office of the Comptroller of the Currency today released a strategic plan for fiscal years 2023-2027 that calls on the agency to diversify its workforce, prioritize safeguarding public trust and enhance the implementation of risk-based supervision. The 11-page document also directs the OCC to promote strengthening and modernizing community banks, with a focus on small businesses and underserved communities.

The strategic plan outlines broad goals over the coming five fiscal years. Priorities include creating a workforce culture that attracts diverse talent and enhancing communications with the public. At the same time, the agency seeks to continue to be a leader in traditional and emerging bank supervision issues. In terms of action, the OCC plans to support effective execution of risk-based supervision, such as through timely adaptation to changing risks, technologies and priorities, according to the document.

The OCC will also reinforce its commitment to community banks, including minority depository institutions, mutual savings associations and federal savings associations, the agency said. The plan directs the agency to develop guidance and outreach to facilitate community banks’ digital transition, minimize the regulatory burden on banks as much as possible, and facilitate de novo community bank activity, particularly to reaching unbanked and underbanked customers.