CHAPTER 1 —THE COMPTROLLER OF THE CURRENCY
§1. Office of the Comptroller of the Currency
(a) Office of the Comptroller of the Currency established
There is established in the Department of the Treasury a bureau to be known as the "Office of the Comptroller of the Currency" which is charged with assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction.
(b) Comptroller of the Currency
(1) In general
The chief officer of the Office of the Comptroller of the Currency shall be known as the Comptroller of the Currency. The Comptroller of the Currency shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency, and may not intervene in any matter or proceeding before the Comptroller of the Currency (including agency enforcement actions), unless otherwise specifically provided by law.
(2) Additional authority
The Comptroller of the Currency shall have the same authority with respect to functions transferred to the Comptroller of the Currency under the Enhancing Financial Institution Safety and Soundness Act of 2010 as was vested in the Director of the Office of Thrift Supervision on the transfer date, as defined in section 311 of that Act [
(R.S. §324; Dec. 23, 1913, ch. 6, §10 (par.),
References in Text
The Enhancing Financial Institution Safety and Soundness Act of 2010, referred to in subsec. (b)(2), is
Codification
R.S. §324 derived from act June 3, 1864, ch. 106, §1,
Section is comprised of R.S. §324, as amended by the eighth paragraph of act Dec. 23, 1913, §10.
Amendments
2010—
1994—
1966—
Effective Date of 2010 Amendment
[For definition of "transfer date" as used in section 314(d) of
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, were not included in transfer of functions of officers, agencies, and employees of Department of the Treasury to Secretary of the Treasury, made by Reorg. Plan No. 26 of 1950, §1, eff. July 31, 1950, 15 F.R. 4935,
§2. Comptroller of the Currency; appointment; term
The Comptroller of the Currency shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for a term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate.
(R.S. §325; Aug. 23, 1935, ch. 614, title II, §209,
Codification
R.S. §325 derived from act June 3, 1864, ch. 106, §1,
Provisions of this section which prescribed the annual basic compensation of the Comptroller of the Currency were omitted to conform to the provisions of the Executive Schedule. See
Amendments
1935—Act Aug. 23, 1935, struck out "on the recommendation of the Secretary of the Treasury" after "President", where first appearing, and changed the salary from "$5,000 a year" to "$15,000 a year".
Repeals
Act Oct. 15, 1949, ch. 695, §4,
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, were not included in transfer of functions to Secretary of the Treasury, see note set out under
§3. Oath of Comptroller
The Comptroller of the Currency shall, within fifteen days from the time of notice of his appointment, take and subscribe the oath of office.
(R.S. §326;
Codification
R.S. §326 derived from act June 3, 1864, ch. 106, §1,
Amendments
1972—
1959—
§4. Deputy Comptrollers
The Secretary of the Treasury shall appoint no more than four Deputy Comptrollers of the Currency, one of whom shall be designated First Deputy Comptroller of the Currency, and shall fix their salaries. Each Deputy Comptroller shall take the oath of office and shall perform such duties as the Comptroller shall direct. During a vacancy in the office or during the absence or disability of the Comptroller, each Deputy Comptroller shall possess the power and perform the duties attached by law to the office of the Comptroller under such order of succession following the First Deputy Comptroller as the Comptroller shall direct.
(R.S. §327; Mar. 4, 1923, ch. 252, §209(b),
Codification
R.S. §327 derived from act June 3, 1864, ch. 106, §1,
R.S. §327, contained after the word "Secretary" the following "who shall be entitled to a salary of two thousand five hundred dollars a year, and" which was omitted from this section on authority of act Mar. 4, 1923, §209(b), fourth sentence, which was classified to
Amendments
1972—
1959—
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under
§4a. Delegation of authority by Comptroller
The Comptroller of the Currency may delegate to any duly authorized employee, representative, or agent any power vested in the office by law.
(R.S. §327A, as added
§4b. Deputy Comptroller for the supervision and examination of Federal savings associations
The Comptroller of the Currency shall designate a Deputy Comptroller, who shall be responsible for the supervision and examination of Federal savings associations.
(R.S. §327B, as added
Effective Date
Section effective on the transfer date, see section 314(d) of
§§5, 6. Repealed. Pub. L. 86–251, §1(b), (c)(1), Sept. 9, 1959, 73 Stat. 487 , 488
Section 5, act Mar. 4, 1909, ch. 297, §1,
Section 6, act Mar. 4, 1923, ch. 252, title II, §209(b) (pt.),
§7. Chief of examining division
The Comptroller of the Currency may designate a national bank examiner to act as chief of the examining division in his office.
(Jan. 3, 1923, ch. 22,
Codification
Section is based on Treasury Department Appropriation Act, 1924, act Jan. 3, 1923.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under
Similar Provisions
Similar provisions were contained in act Feb. 17, 1922, ch. 55,
§8. Clerks
The Comptroller of the Currency shall employ, from time to time, the necessary clerks, to be appointed and classified by the Secretary of the Treasury, to discharge such duties as the comptroller shall direct.
(R.S. §328.)
Codification
R.S. §328 derived from act June 3, 1864, ch. 106, §1,
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under
§9. Additional examiners, clerks, and other employees
The Comptroller of the Currency is authorized to employ such additional examiners, clerks, and other employees as he deems necessary to carry out the provisions of
(Mar. 4, 1923, ch. 252, title II, §209(b),
References in Text
Section 6, referred to in text, was repealed by
Section 1151a, included within the reference to
Sections 1245, 1248, and 1311 to 1318, included within the reference to
The bureau referred to in text is known as the Office of the Comptroller of the Currency.
Codification
Section is comprised of subsec. (b), third sentence, of section 209 of act Mar. 4, 1923. For classification to this title of other provisions of section 209, see Tables.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under
§9a. Repealed. Pub. L. 89–554, §8(a), Sept. 6, 1966, 80 Stat. 645
Section, act Mar. 4, 1923, ch. 252, title II, §209(b),
§10. Salaries of Deputy Comptrollers, examiners, and other employees as part of bank examination expenses
The salaries of the Deputy Comptrollers and of all national bank examiners and assistant examiners assigned to duty in the office of the bureau in Washington in connection with the supervision of national banks shall be considered part of the expenses of the examinations provided for by subchapter XV of
(Mar. 4, 1923, ch. 252, title II, §209(b),
References in Text
Subchapter XV [§481 et seq.] of
Codification
Section is comprised of subsec. (b), fifth sentence, of section 209 of act Mar. 4, 1923. For classification to this title of other provisions of section 209, see Tables.
Amendments
1959—
§11. Interest in national banks
It shall not be lawful for the Comptroller or the Deputy Comptroller of the Currency, either directly or indirectly, to hold an interest in any national bank or any Federal savings association.
(R.S. §329;
Codification
R.S. §329 derived from act June 3, 1864, ch. 106, §1,
Amendments
2010—
2000—
Effective Date of 2010 Amendment
Amendment by
§12. Seal of Comptroller
The seal devised by the Comptroller of the Currency for his office, and approved by the Secretary of the Treasury, shall continue to be the seal of office of the comptroller, and may be renewed when necessary. A description of the seal, with an impression thereof, and a certificate of approval by the Secretary of the Treasury, shall be filed in the office of the Secretary of State.
(R.S. §330; Feb. 18, 1875, ch. 80, §1,
Codification
R.S. §330 derived from act June 3, 1864, ch. 106, §2,
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under
§13. Rooms for Currency Bureau
There shall be assigned, from time to time, to the Comptroller of the Currency, by the Secretary of the Treasury, suitable rooms in the Treasury Building for conducting the business of the Currency Bureau, containing safe and secure fireproof vaults, in which the Comptroller shall deposit and safely keep all the plates not necessarily in the possession of engravers or printers, and other valuable things belonging to his department; and the Comptroller shall from time to time furnish the necessary furniture, stationery, fuel, lights, and other proper conveniences for the transaction of the business of his office.
(R.S. §331.)
References in Text
The bureau referred to in text is known as the Office of the Comptroller of the Currency.
Codification
R.S. §331 derived from act June 3, 1864, ch. 106, §3,
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under
§14. Report of Comptroller
The Comptroller of the Currency shall make an annual report to Congress. The report required under this section shall include the report required under section 57a(f)(7) 1 of title 15.
(R.S. §333; Feb. 18, 1875, ch. 80, §1,
References in Text
Codification
R.S. §333 derived from acts June 3, 1864, ch. 106, §61,
Amendments
2000—
1946—Act Aug. 7, 1946, repealed in the opening clause, the requirement that the report to Congress shall be submitted at the commencement of its session, and repealed all provisions prescribing contents of the exhibits in the report.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under
1 See References in Text note below.
§15. Repealed. Aug. 7, 1946, ch. 770, §1(40, 50), 60 Stat. 869 , 870
Section, act Apr. 28, 1902, ch. 594, §1,
§16. Funding of Office
The Comptroller of the Currency may collect an assessment, fee, or other charge from any entity described in
The Comptroller of the Currency shall have sole authority to determine the manner in which the obligations of the Office of the Comptroller of the Currency shall be incurred and its disbursements and expenses allowed and paid, in accordance with this section, except as provided in
(R.S. §5240A, as added
References in Text
Subchapter XV of
Effective Date
[For definition of "transfer date" as used in section 318(e) of