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.
Comptroller of the Currency
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.
Additional authority
12 U.S.C. 5411The 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 [].
Dec. 23, 1913, ch. 6, § 1038 Stat. 261June 3, 1922, ch. 20542 Stat. 621Aug. 23, 1935, ch. 61449 Stat. 704Pub. L. 89–427, § 180 Stat. 161Pub. L. 103–325, title III, § 331(b)(2)108 Stat. 2232Pub. L. 111–203, title III, § 314(a)124 Stat. 1523Pub. L. 119–27, § 4(b)(2)139 Stat. 434(R.S. § 324; (par.), ; , ; , title II, § 203(a), ; , , ; , , ; , , ; , , .)
Amendment of Subsection (b)
Pub. L. 119–27139 Stat. 434Pub. L. 119–27, §§ 4(b)(2), 20, , , 466, provided that, effective on the earlier of the date that is 18 months after , or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing , subsection (b) of this section is amended by adding at the end the following:
(3) Regulation of Federal qualified payment stablecoin issuers
The Comptroller of the Currency shall, in coordination with other relevant regulators and consistent with section 5913 of this title, issue such regulations and orders as necessary to ensure financial stability and implement section 5903(a) of this title.
See 2025 Amendment note below.
Editorial Notes
References in Text
Pub. L. 111–203, title III124 Stat. 1520section 5301 of this titleThe Enhancing Financial Institution Safety and Soundness Act of 2010, referred to in subsec. (b)(2), is , , . For complete classification of this Act to the Code, see Short Title note set out under and Tables.
Codification
act June 3, 1864, ch. 106, § 113 Stat. 99section 38 of this titleR.S. § 324 derived from , , which was the National Bank Act. See .
Section is comprised of R.S. § 324, as amended by the eighth paragraph of act , § 10.
Amendments
Pub. L. 119–272025—Subsec. (b)(3). added par. (3).
Pub. L. 111–203section 1462a(b)(3) of this title2010— amended section generally. Prior to amendment, section read as follows: “There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national currency secured by United States bonds and, under the general supervision of the Board of Governors of the Federal Reserve System, of all Federal Reserve notes, except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of Federal Reserve notes unfit for circulation, the chief officer of which bureau shall be called the Comptroller of the Currency and shall perform his duties under the general directions of the Secretary of the Treasury. The Comptroller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Supervision has over matters within the Director’s jurisdiction under . 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.”
Pub. L. 103–325section 1462a(b)(3) of this title1994— inserted at end “The Comptroller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Supervision has over matters within the Director’s jurisdiction under . 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.”
Pub. L. 89–4271966— inserted exception relating to cancellation and destruction, and accounting with respect to the cancellation and destruction, of Federal Reserve notes unfit for circulation.
Statutory Notes and Related Subsidiaries
Effective Date of 2025 Amendment
Pub. L. 119–27Pub. L. 119–27section 20 of Pub. L. 119–27section 5901 of this titleAmendment by effective on the earlier of the date that is 18 months after , or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing , see , set out as an Effective Date note under .
Effective Date of 2010 Amendment
Pub. L. 111–203, title III, § 314(d)124 Stat. 1524
section 314(d) of Pub. L. 111–203section 5301 of this title[For definition of “transfer date” as used in , set out above, see .]
Executive Documents
Exception as to Transfer of Functions
64 Stat. 1280section 321(c)(2) of Title 31Functions 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. , 15 F.R. 4935, . See , Money and Finance.