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Office of the Comptroller of the Currency (OCC)
Since 1863· Institution or agency
Fact, law or dataA rule, statute, definition or measured number.
The Treasury bureau that charters and supervises national banks, the 'N.A.' (National Association) banks that include the country's biggest.
See it on the Money & Finance map →How it works
The National Currency Act of February 1863 created the OCC to help fund the Civil War and replace thousands of differing state banknotes: national banks had to buy Treasury bonds to back uniform notes, and an 1865 tax drove state notes out. Today the OCC supervises about 1,000 national banks and federal savings associations holding roughly two-thirds of US commercial bank assets. It is funded by fees on banks, not taxpayers. Under the 2025 GENIUS Act it also licenses nonbank stablecoin issuers.
Why it matters
It created America's 'dual banking' system: a bank picks a federal (OCC) or state charter, and that choice decides who examines it and which state laws it can override.
Facts, rules and data
The National Bank Act of 1864; the OCC's annual reports and lists of supervised banks; court rulings on federal preemption of state laws.
Debates and risks
How far national banks can disregard state consumer laws remains contested; the Supreme Court's 2024 Cantero decision sent that question back to lower courts.
Connections (3)
▸Commercial banks: taking deposits, making loans if national, are chartered by Office of the Comptroller of the Currency (OCC)Fact, law or data
The connection
A bank chooses its charter. A national bank, marked 'N.A.' in its name, is chartered and examined by the OCC; state banks are chartered by their state and examined by the Fed or the FDIC. National status lets a bank follow one federal rulebook and override some state laws.
When and why
Since 1863; today JPMorgan Chase Bank, Bank of America, Wells Fargo Bank and Citibank are all national banks among about 1,000 the OCC oversees.
How we know
The National Bank Act and OCC charter records; public bank-regulator databases list each bank's charter type and primary regulator.
Debates and risks
Critics say banks shop for the most lenient regulator by switching charters; how much state consumer law national banks can override remains disputed after the 2024 Cantero ruling.
▸Stablecoins: crypto tokens pegged to a currency can be licensed by Office of the Comptroller of the Currency (OCC)Fact, law or data
The connection
The GENIUS Act gives stablecoin issuers a federal route: a nonbank issuer can get an OCC license and supervision, bank subsidiaries answer to their bank regulator, and issuers under $10 billion may choose state oversight. In December 2025 the OCC also conditionally approved national trust bank charters for several crypto firms, including Circle and Paxos.
When and why
Washington, July 18, 2025, when President Trump signed the act; regulators had a year to write rules, which take effect by January 2027 at the latest.
How we know
The GENIUS Act's text assigns nonbank licensing to the OCC; OCC press releases and proposed rules document implementation.
Debates and risks
Banks argue stablecoins could drain deposits, especially if exchanges pay holders rewards; how the OCC will treat offshore issuers like Tether is unclear.
▸GENIUS Act (2025): the federal law for payment stablecoins gives new licensing power to Office of the Comptroller of the Currency (OCC)Fact, law or data
The connection
The act makes the OCC, long the national-bank regulator, the federal licensing and supervisory agency for nonbank stablecoin issuers and registered foreign issuers. It can examine them, set capital and liquidity rules, and revoke licenses. The OCC proposed its main rule in February 2026 and aims to finalize it by November.
When and why
Washington; the OCC under Comptroller Jonathan Gould proposed a 376-page rule on February 25, 2026.
How we know
The GENIUS Act's text and the OCC's proposed rule, published in the Federal Register on March 2, 2026.
Debates and risks
Whether the OCC has the staff and expertise to supervise crypto firms well, and how strict its final capital floors will be.