The Office of the Comptroller of the Currency (OCC) has requested public comment on proposed changes to its rules governing the disclosure of OCC information. These structural and substantive revisions aim to balance the protection of confidential data, crucial for effective supervision, with the need for transparency to foster public confidence and agency accountability.
The proposed rulemaking seeks to allow information disclosure in limited circumstances to support economical business operations and public trust in the financial system. This initiative is intended to facilitate candid information exchange between supervised entities and the OCC, which is vital for robust oversight.
Comptroller of the Currency Jonathan V. Gould emphasized the importance of public understanding and confidence in the OCC's supervision and banks for a well-functioning financial system and good governance. He said, "I look forward to commenters’ views on how today’s proposal would seek to effect these goals while still protecting against disclosures that could harm banks or the supervisory process." Comments on the proposal are due 60 days after its publication in the Federal Register.