OCC releases bank supervision operating plan for FY 2021

Agency Rule-Making & Guidance OCC Supervision Covid-19 Risk Management

On October 1, the OCC’s Committee on Bank Supervision released its bank supervision operating plan (plan) for fiscal year 2021. The plan outlines the agency’s supervision priorities and highlights several supervisory focus areas including: (i) credit risk management; (ii) commercial and residential real estate concentration risk management, with a focus in areas heavily impacted by the Covid-19 pandemic; (iii) allowances for loan and lease losses; (iv) cybersecurity and operational resiliency; (v) Bank Secrecy Act/anti-money laundering compliance; (vi) compliance risk management related to Covid-19-related bank activities; (vii) Community Reinvestment Act performance; (viii) fair lending examinations and risk assessments; (ix) LIBOR phase-out preparations; (x) oversight of significant third-party relationships; (xi) change management to address significant operational changes; and (xii) payment systems products and services. The plan will be used by OCC staff members to guide the development of supervisory strategies for individual national banks, federal savings associations, federal branches, federal agencies, and technology service providers.

The OCC will provide updates about these priorities in its Semiannual Risk Perspective, as InfoBytes previously has covered.