On 10/1/2020, the OCC issued its bank supervision operating plan for fiscal year 2021. This yearly release provides a foundation for policy initiatives and for supervisory strategies the OCC will apply to financial institutions under its supervision.

Supervisory strategies for FY 2021 focus on

credit risk management, commercial and residential real estate concentration risk management, allowances for loan and lease losses, and allowances for credit losses.
cybersecurity and operational resilience.
Bank Secrecy Act/anti-money laundering (BSA/AML) compliance management.
compliance risk management associated with 2020 pandemic-related bank activities.
Community Reinvestment Act performance.
fair lending examinations and risk assessments.
the impact of a low-rate environment and preparation for the phaseout of the London Interbank Offering Rate (LIBOR).
proper oversight of significant third-party relationships.
change management over significant operational changes.
payment systems products and services.

The OCC release can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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