Manage Currency Charter For Free

The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury and is led by the Comptroller of the Currency.

A charter allows a financial institution to perform certain financial services, including accepting deposits, making loans, and providing a range of fiduciary services to its customers. While some charters allow banks to do all of these things, others are limited in purpose to allow only a subset of financial services.

(c) Annual review. At least once during every calendar year, a bank shall conduct a review of all assets of each fiduciary account for which the bank has investment discretion to evaluate whether they are appropriate, individually and collectively, for the account.

Regulation 9 allows banks to hold stocks, bonds, and other securities and act as trustees with respect to them. Although Regulation 9 gives banks permission to engage in trust-related activities at a federal level, banks must still adhere to state statutes as well.

Share This Page: The Office of the Comptroller of the Currency (OCC) is the primary regulator of banks chartered under the National Bank Act (12 USC 1 et seq.) and federal savings associations chartered under the Home Owners Loan Act of 1933 (12 USC 1461 et seq.).

The Dual Banking System This means that state banks and national banks are chartered and supervised at different levels. National banks are chartered and regulated under federal laws and are supervised by a central agency. State banks are chartered and regulated under state laws and are supervised by a state agency.

12 CFR 9.5 contains a general requirement that a national bank exercising fiduciary powers adopt and follow written policies and procedures that are adequate to maintain its fiduciary activities in compliance with applicable law.

At least once during every calendar year, a bank shall conduct a review of all assets of each fiduciary account for which the bank has investment discretion to evaluate whether they are appropriate, individually and collectively, for the account.