OCC Releases Strategic Plan for 2023-2027
On September 6, 2022, the Office of the Comptroller of the Currency (“OCC”) released its strategic plan for fiscal years (FY) 2023-2027[1] (“Plan”). The Plan outlines the OCC’s strategic goals and it’s planned approach to achieve these goals and “fulfill its mission to ensure that national banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.”
Strategic Goals
Goal 1: The OCC learns and adapts effectively.
This goal focuses on the OCC’s culture and talent management to ensure that the agency is engaged in continuous learning; “adaptability, trust, and intellectual curiosity”; and a workforce that promotes a progressive approach to the industry.
To achieve this goal, the OCC committed to:
“Promote an organizational culture that seeks workforce diversity, inclusive of thought, experiences, and knowledge, and brings multiple perspectives to bear on issues, especially divergent views.”
This will be achieved by establishing a diversity plan and monitoring the outcome of these plans to ensure intended results are achieved and promoting diverse experiences.
Enhance and promote an adaptive mindset and culture of continuous learning, including the critical thinking skills necessary to meet rapidly evolving bank regulatory challenges.”
The OCC will update their training approach and programs and encourage employees to engage in this practices that further this mindset and approach.
“Enable information to flow easily throughout the agency and promote influence through sharing and collaboration. Enable flexible resource sharing to be responsive to changing priorities while maintaining mission activities without disruption.”
The OCC will promote access to information and effective practices and technology that will support this objective.
Transform the agency’s talent management strategy and practices to attract, engage, develop, retain, and promote diverse employees, including those with diversity of education, experience, and perspective.”
The OCC will engage in recruitment, hiring, development, and promotion strategies, policies, and practices that furthers this objective and will address all biases and culture deficiencies that take away from this objective.
“Develop and implement an approach that empowers staff to exercise judgment and use their discretion by ensuring alignment across the agency. Ensure that processes and operations are modernized and updated accordingly.”
The OCC will establish and implement strategies for achieving this objective and encourage stuff to take advantage of opportunities presented pursuant to this objective.
Goal 2: The OCC is highly credible and consistently trusted.
“Prioritize safeguarding the public’s trust and ensure that the federal banking system is safe, sound, and fair.”
The OCC will “[u]pdate community and stakeholder outreach programs” and publish surveys to promote feedback and ethics rules to ensure regulatory compliance pursuant to this objective.
“Push our limits on how we communicate. Challenge our traditional communication practices, develop effective feedback loops, and be bold in seizing opportunities to tell our story and share our work with internal and external stakeholders.”
The OCC will communicate across a variety of issues throughout the agency to achieve this objective.
“Through transparency, bolster the credibility of our actions, processes, and decision-making. Increase awareness of the OCC’s mission, tools, and resources to drive better outcomes for the American people.”
The OCC will review and amend existing and establish new policies and practices pursuant to this objective.
"Approach outreach and engagement with stakeholders strategically, especially on complex and emerging issues facing the banking system.”
The OCC will engage with “supervised institutions, community and public interest organizations, and other stakeholders” to further this objective.
“Hold all levels within the OCC accountable for strengthening credibility, reliability, and trust with internal and external stakeholders.”
The OCC will incorporate this objective into the OCC’s performance management system and hold sponsors and project leaders accountable for implementing these changes.
Goal 3: The OCC leads on supervision as the banking system evolves.
“Enhance the implementation of risk-based supervision, thus enabling the agency to be nimble given a changing landscape of banking activities and financial services.”
The OCC will provide necessary tools and resources to support effective execution of this objection.
“Elevate fairness—i.e., ensure that the federal banking system provides fair access and treats customers fairly—and integrate it with safety and soundness.”
The OCC will “[a]dvance financial inclusion and economic opportunity” and “[s]upport expanded financial literacy and financial health through outreach, collaboration, and enhancing OCC expertise” to achieve this objective.
“Invest the time and resources necessary to cover innovations and emerging issues that may affect safety, soundness, and fairness in banking.”
The OCC will “identify, assess, and prioritize emerging challenges” and “invest in research and development capabilities” to mitigate their impact.
“Deepen collaboration with other regulators, both domestically and internationally.”
The OCC will encourage “agencies, industry groups, and institutions to influence supervisory perspectives and identify emerging risks and threats to financial stability.”
“Promote strengthening and modernizing community banks, with a focus on small businesses and underserved communities.”
The OCC will develop guidance and outreach and employ practice steps to support these efforts.