On September 28, 2023, the OCC released its bank supervision operating plan for fiscal year 2024, which begins on October 1, 2023 and ends on September 30, 2024. 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 2024:
Asset and liability management
Credit
Allowance for credit losses
Cybersecurity
Operations
Digital ledger technology activities
Change management
Payments
Bank Secrecy Act/anti-money laundering/countering the financing of terrorism and Office of Foreign Assets Control
Consumer compliance
Community Reinvestment Act
Fair lending
Climate-related financial risks
The OCC’s new release can be found here.
The full OCC Bank Supervision Operating Plan can be found here.