News

Curry stresses OCC’s commitment to continued Dodd-Frank implementation

Thomas J. Curry

Comptroller of the Currency Thomas J. Curry testified in front of the Senate Banking Committee on Wednesday, saying that the OCC has taken further steps to reduce risk in the U.S. banking system.

Curry told the committee that the OCC has structured its supervision activities at three tier levels to individually supervise and oversee banks of various sizes. Curry said that he plans to approve a set of proposals that would alter current risk-based capital rules to include some “enhancements” established by the Basel Committee.

Those enhancements include a more rigorous definition of capital, increased minimum risk-based capital requirements, a capital conservation “buffer,” removal of credit ratings references from risk-based capital rules, new leverage ratio requirement for bigger institutions and enhanced counterparty risk-based capital requirements.

Curry said an important part of the OCC’s supervisory structure was to identify the lessons learned to improve the office’s supervisory effectiveness.

“The areas that we will explore here include whether the quality and extent of information available to the OCC examiners was sufficient to permit an understanding of the risk and management processes in place to govern it,” Curry said. “We will also determine what, in retrospect, the OCC could have done differently, and how to ensure that the risk management processes of this bank—and others—are effective.”

Curry said that while the agency has made headway in implementing Dodd-Frank rules, the OCC will take steps to ensure the pace of progress.

“While my testimony reports significant progress on implementing the Dodd-Frank Act and other reforms and shares insight into our ongoing efforts to enhance supervision of community banks and large banks, I want to stress my commitment to ensuring this process continues,” Curry said.

One Response to Curry stresses OCC’s commitment to continued Dodd-Frank implementation

  1. Pingback: Daily Dodd Frank News | Dodd Frank News and Information