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OCC Bulletin 2023-20
June 22, 2023
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Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
The Office of the Comptroller of the Currency (OCC) today issued version 1.0 of the “Asset Management” booklet of the Comptroller’s Handbook. This booklet provides an overview of the asset management business and guidance on sound risk management processes. Version 1.0 is a targeted update that clarifies the OCC’s expectations with respect to fiduciary audit requirements under 12 CFR 9.9 and 12 CFR 150.440–480. In addition, this update provides for consistency during OCC’s examination of bank fiduciary audit activities. The OCC intends to publish a more extensive and comprehensive update to the entire booklet at a later date.
The updated booklet replaces the booklet of the same title issued December 2000.
The booklet applies to the OCC’s supervision of community banks that engage in asset management activities.
This updated booklet expands the audit section to
Please contact Chizoba Egbuonu, Director for Asset Management, at (202) 649-6360.
Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy