On October 6, 2022, the OCC released its bank supervision operating plan for fiscal year 2023, which begins on October 1, 2022 and ends on September 30, 2023. The plan provides the foundation for policy initiatives and for supervisory strategies as applied to individual national banks, federal savings associations, federal branches, federal agencies, and technology service providers. The OCC staff will use this plan to guide their supervisory priorities, planning, and resource allocations.
As written on the operating plan, examiners will focus on the impacts of volatile economic conditions such as high inflation, increasing recession possibilities, and rising interest rates. They will also consider geopolitical events that may have adverse financial, operational, and compliance implications. In addition to the baseline activities, OCC risk-based supervision will heighten its focus on the following areas for 2023:
Strategic and operational planning
Operational resiliency
Third parties and related concentrations
Credit risk management
Allowances for credit losses
Interest rate risk
Liquidity risk management
Consumer compliance
Bank Secrecy Act
Fair lending
Community Reinvestment Act
New products and services
Climate-related financial risks
The OCC’s new release can be found here.
The full OCC Bank Supervision Operating Plan can be found here.