The Office of the Comptroller of the Currency is combining its supervision of community and midsize banks with larger financial institutions. .The OCC said the changes are to modernize its supervisory approach and create efficiencies. The combined supervisory unit will be called the Bank Supervision and Examination department.“Blending the large, midsize and community bank supervision activities will allow for the seamless sharing of expertise and resources to address bank-specific issues or novel needs and provides opportunities for career development and progression for the agency’s entire examination workforce,” according to the OCC. The Independent Community Bankers of America disapproved of merging supervisory responsibilities. President and CEO Rebeca Romero Rainey said it was “counterintuitive to consolidate supervisory approaches across institutions with vastly different business models and risk profiles. “This change marks a step in the wrong direction and contradicts the agency’s own stated commitment to tailoring supervision based on a bank’s size, complexity and risk profile — rather than applying a one-size-fits-all model,” she added.The OCC is expected to reinstate its Chief National Bank Examiner Office, which will include divisions overseeing bank supervision policy and supervision risk and analysis. Jay Gallagher, senior deputy comptroller for supervision risk and analysis, is expected to lead the office.The OCC also announced the upcoming retirements of two longtime leaders in May. Beverly Cole, senior deputy comptroller for midsize and community bank supervision, is expected to retire after a 43-year career at the OCC. Also retiring is Grovetta Gardineer, senior deputy comptroller for bank supervision policy. Gardineer has worked for the federal government for 37 years, 15 of which have been at the OCC.
