On October 1, 2019, the Office of the Comptroller of the Currency (OCC) released its bank supervision operating plan for fiscal year 2020. This annual plan outlines how the OCC plans to focus their supervision of individual national banks, federal savings associations, federal branches, federal agencies, and technology service providers.
In their announcement, the OCC explains that they plan to focus on the following areas for 2020:
cybersecurity and operational resiliency.
Bank Secrecy Act/anti-money laundering (BSA/AML) compliance management.
commercial and retail credit underwriting practices and oversight and control functions.
impact of changing interest rate outlooks on bank activities and risk exposures.
preparedness for the current expected credit losses (CECL) account standard, and preparation for the potential phase-out of the London Interbank Offering Rate (LIBOR).
technological innovation and implementation.
The OCC periodically updates their supervisory priorities though their Semiannual Risk Perspective, which is released in the fall and spring of each year.
The OCC announcement can be found here.
The full Operating Plan for 2020 can be found here.
