OCC's Dugan: Focus on Compliance Still a Priority Despite Credit Issues

Comptroller of the Currency John C. Dugan this week told his agency's compliance examiners that they need to stay focused on compliance despite the industry's recent credit issues.

"We simply cannot take our eyes off compliance while we address safety and soundness," said Dugan, speaking at the OCC Compliance Conference in Orlando, FL. "We know how to deal with credit issues, and we will work our way through these very difficult problems. What I don't want, though, is to finish dealing with the industry's safety and soundness issues only to find that we've allowed significant compliance problems to develop in their place."

Dugan stressed that examiners can't afford to put compliance supervision on hold in the midst of the increasing risks to safety and soundness. "As safety and soundness issues come to the fore, it is imperative that we guard against compliance complacency," he told examiners. While noting the agency's credo of risk-based supervision, and as the risk to safety and soundness continues to rise, "that does not mean that compliance supervision will take a back seat." He added that some compliance issues, especially consumer protection issues, will continue to be focused on by the current Congress, and he sees that trend continuing, "regardless of the outcome of the Presidential election," even if credit and safety and soundness issues become worse. (Read Dugan's speech: "The Need to Stay Focused on Compliance Supervision" ).

About the Author

Linda McGlasson

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.

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