On September 6, 2022, the OCC released its strategic plan for fiscal years (FY) 2023-2027. The OCC’s strategic plan outlines its approach to achieve three strategic goals and fulfill its mission to ensure that national banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.
The OCC focus on the following three strategic goals for FY 2023-2027:
Agility and learning. The OCC aims to foster a culture of adaptability, trust, and intellectual curiosity. To achieve this goal, the agency plans to:
Promote an organizational culture that seeks workforce diversity.
Enhance and promote an adaptive mindset and culture of continuous learning.
Enable information sharing and collaboration.
Transform the agency’s talent management strategy and practices to attract, engage, develop, retain, and promote diverse employees.
Empower staff to exercise judgment and use their discretion by ensuring alignment across the agency and ensure that processes and operations are modernized and updated accordingly.
Credibility and trust. OCC wants to make sure that it earns and consistently safeguards the public’s trust by being highly credible to a wide range of stakeholders. The agency’s strategies include:
Prioritize safeguarding the public’s trust and ensure that the federal banking system is safe, sound, and fair.
Push its limits on how they communicate.
Bolster the credibility of our actions, processes, and decision-making through transparency
Approach outreach and engagement with stakeholders strategically.
Hold all levels within the OCC accountable for strengthening credibility, reliability, and trust with internal and external stakeholders
Leading on supervision as the banking system evolves. The agency positions itself as a leader on both traditional and emerging bank supervision issues. To achieve this goal, the OCC will:
Enhance the implementation of risk-based supervision.
Elevate fairness and integrate it with safety and soundness.
Invest the time and resources necessary to cover innovations and emerging issues that may affect safety, soundness, and fairness in banking.
Deepen collaboration with other regulators.
Promote strengthening and modernizing community banks.
According to the OCC, it will invest in people, operations, processes, and technology to ensure that the said strategic goals are met.
Read the OCC’s press release here.
The OCC Strategic Plan FY 2023-2027 can be found here.