TeachMeFinance.com - explain Comptroller of the Currency (OCC)
Comptroller of the Currency (OCC) -- a federal office created by Congress in 1863 as a part of the national banking system. The Comptroller of the Currency is a bureau of the Treasury Department and charters, regulates and examines national banks. The Comptroller of the Currency came into being during the civil war. In part to finance the war debt, Congress authorized federally chartered banks that were to issue bank notes -- in other words, currency. Initially, the OCC provided the bank notes to these federally chartered banks, and each bank then printed its own name on the paper money it put into circulation. Thus, the agency got its name from its original responsibility of controlling the currency it distributed to these federal banks.
Comptroller of the Currency -- The government official who
has control of the national banks. National bank examiners
are his representatives in the various districts to which they
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