A realignment of approximately 150 staff members to create two new units, consolidating bank supervision support, risk analysis, and oversight of national trust banks and significant service providers – all set to take effect Oct. 1 – was announced Wednesday by the Office of the Comptroller of the Currency (OCC).
“This realignment will improve the agency’s ability to supervise the federal banking system by aligning like work, eliminating redundancies, and ensuring the OCC presents a single voice to supervised institutions,” according to a statement by Comptroller of the Currency Joseph Otting in a release on the changes Wednesday. “In addition, this work will contribute to our strategic goal of operating the agency as effectively and efficiently as possible.”
The first unit, Supervision System and Analytical Support, will pull together supervisory information system teams, data management, business intelligence, risk analysis, and supervision risk management staff from other OCC supervisory and policy units, the OCC said. Headed by Bob Phelps, who currently serves as the Deputy Comptroller for Supervision Risk Management, this new unit will provide support across the agency and provide broad national perspective to the agency’s work, the agency said.
The second unit, Systemic Risk Identification Support and Specialty Supervision, will bring together lead experts from Large Bank Supervision and Midsize Bank Supervision as well as teams responsible for the supervision of trust companies from the Northeastern District National Trust Banks team and significant service providers from Bank Supervision Policy. The unit will be led by a Deputy Comptroller, whom the OCC says it has not yet identified.
“While both units will report to the Chief Operating Officer, the OCC’s Committee on Bank Supervision will provide strategic direction and oversight to both units and will review and approve strategic plans and initiatives, annual business plans or operating plans, and major projects and initiatives,” the agency said. “This will promote greater coordination and collaboration across the supervision business units.”
The Committee on Bank Supervision is made up of senior executives who oversee OCC units that supervise the majority of institutions that make up the federal banking system. Strategic direction from the committee, the agency notes, ensures the units’ activity supports the supervisory needs of the federal banking system.
The OCC said that although this realignment consolidates certain supervision and supervision-support functions, Midsize and Community Bank Supervision and Large Bank Supervision will retain primary responsibility for overseeing the banks, savings associations, and federal branches and agencies of foreign banks that compose the federal banking system.
The vast majority of employees who will make up the new units will be reassigned from other OCC divisions. A limited number of new positions will be advertised later this year, the agency said.