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Priority Open Recommendations: Office of the Comptroller of the Currency

GAO-23-106940 Published: Aug 01, 2023. Publicly Released: Aug 08, 2023.
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Fast Facts

Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations.

This letter to the Office of the Comptroller of the Currency outlines 2 open recommendations to prioritize. For example, OCC should work with other federal banking regulators to communicate appropriate uses of alternative data sources—such as rent or utility payments—in credit underwriting.

OCC didn't implement the recommendation we identified as a priority last year.

We update priority recommendations here.

Graphic that says, "GAO's Priority Open Recommendations" and includes the seal for the Office of the Comptroller of the Currency.

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What GAO Found

In May 2022, GAO identified 1 priority recommendation for the Office of the Comptroller of the Currency (OCC), which was identified in a letter to Treasury.

As of July 2023, OCC had not implemented this priority recommendation and GAO identified 1 additional priority recommendation for OCC, bringing the total number to 2. These recommendations involve the following areas:

  • Blockchain technology
  • Financial technology

Fully implementing these open recommendations could significantly improve OCC's efforts to supervise and examine the operations of its chartered banks.

Why GAO Did This Study

Priority open recommendations are the GAO recommendations that warrant priority attention from heads of key departments or agencies because their implementation could save large amounts of money; improve congressional and/or executive branch decision-making on major issues; eliminate mismanagement, fraud, and abuse; or ensure that programs comply with laws and funds are legally spent, among other benefits. Since 2015, GAO has sent letters to selected agencies to highlight the importance of implementing such recommendations.

For more information, contact Daniel Garcia-Diaz at (202) 512-8678.

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