The federal banking system is sound, but banks were urged to guard against complacency and remain vigilant according to the national bank regulator’s 2024 annual report, issued Friday.
The Office of the Comptroller of the Currency (OCC) said the report provides Congress with an overview of the condition of the federal banking system. It also discusses the agency’s strategic priorities and details agency regulatory and policy initiatives. Additionally, the report discusses the agency’s financial management and condition, including its audited financial statements.
While the report notes the soundness of the banking system, it also urges banks to be focused on risk management, including traditional risks, as well as to prepare for emerging risks and tail risk events.
The report notes that, in 2024, the OCC supervised 1,040 institutions, including 751 banks, 240 federal savings associations, and 49 federal branches and agencies.
The agency also reported taking 156 enforcement actions in 2024, which reaped assessed penalties of $406 million (made up of bank and personal civil money penalties).
As of the end of the fiscal year, the report notes, the OCC counted 3,630 full-time equivalent (FTE) employees, up from 3,509 at year-end 2023, and the most FTEs the agency has counted in five years.