The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and federal thrift institutions and the federally licensed branches and agencies of foreign banks in the United States.

[citation needed] It is an independent bureau of the United States Department of the Treasury and is headed by the comptroller of the currency, appointed to a five-year term by the president with the consent of the U.S.

[citation needed] By monitoring capital, asset quality, management, earnings, liquidity, sensitivity to market risk, information technology, consumer compliance, and community reinvestment, the OCC is able to determine whether or not the bank is operating safely and soundly, providing fair access and treatment to customers, and complying with all applicable laws and regulations.

[citation needed] The OCC was created by Abraham Lincoln to fund the American Civil War but was later transformed into a regulatory agency to instill confidence in the federal banking system, ensure it operates in a safe and sound manner, and treats customers fairly.

[9] During the American Civil War, leaders of the U.S. federal government, including President Abraham Lincoln and Treasury Secretary Salmon P. Chase, drafted plans for a national banking system.

[10] By ensuring the new currency was backed by the government-held bonds, the system gave users greater confidence in the stability of the paper money.

[10] In the 1960s, 21st comptroller James J. Saxon passed a number of controversial regulations, including one which allowed national banks to underwrite revenue bonds for the governments of states and municipalities.

[10] The OCC was involved in the response during and after the financial crisis of 2007–08, including work with the Troubled Asset Relief Program (TARP), designing stress tests for major banks, and collecting and analyzing data on home mortgage loans.

[13] The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 abolished the Office of Thrift Supervision and merged its former oversight functions into the OCC.