U.S. Code » Title 12 » Chapter CHAPTER 1— THE COMPTROLLER OF THE CURRENCY

12 U.S.C. § 1

Office of the Comptroller of the Currency

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(a) Office of the Comptroller of the Currency established

There is established in the Department of the Treasury a bureau to be known as the “Office of the Comptroller of the Currency” which is charged with assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction.

(b) Comptroller of the Currency(1) In general

The chief officer of the Office of the Comptroller of the Currency shall be known as the Comptroller of the Currency. The Comptroller of the Currency shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency, and may not intervene in any matter or proceeding before the Comptroller of the Currency (including agency enforcement actions), unless otherwise specifically provided by law.

(2) Additional authority

The Comptroller of the Currency shall have the same authority with respect to functions transferred to the Comptroller of the Currency under the Enhancing Financial Institution Safety and Soundness Act of 2010 as was vested in the Director of the Office of Thrift Supervision on the transfer date, as defined in section 311 of that Act [12 U.S.C. 5411].

(R.S. § 324; Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 89–427, § 1, May 20, 1966, 80 Stat. 161; Pub. L. 103–325, title III, § 331(b)(2), Sept. 23, 1994, 108 Stat. 2232; Pub. L. 111–203, title III, § 314(a), July 21, 2010, 124 Stat. 1523; Pub. L. 119–27, § 4(b)(2), July 18, 2025, 139 Stat. 434.)Amendment of Subsection (b)

Pub. L. 119–27, §§ 4(b)(2), 20, July 18, 2025, 139 Stat. 434, 466, provided that, effective on the earlier of the date that is 18 months after July 18, 2025, or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing Pub. L. 119–27, subsection (b) of this section is amended by adding at the end the following:

(3) Regulation of Federal qualified payment stablecoin issuers

The Comptroller of the Currency shall, in coordination with other relevant regulators and consistent with section 5913 of this title, issue such regulations and orders as necessary to ensure financial stability and implement section 5903(a) of this title.

See 2025 Amendment note below.

Editorial NotesReferences in Text

The Enhancing Financial Institution Safety and Soundness Act of 2010, referred to in subsec. (b)(2), is Pub. L. 111–203, title III, July 21, 2010, 124 Stat. 1520. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.

Codification

R.S. § 324 derived from act June 3, 1864, ch. 106, § 1, 13 Stat. 99, which was the National Bank Act. See section 38 of this title.

Section is comprised of R.S. § 324, as amended by the eighth paragraph of act Dec. 23, 1913, § 10.

Amendments

2025—Subsec. (b)(3). Pub. L. 119–27 added par. (3).

2010—Pub. L. 111–203 amended section generally. Prior to amendment, section read as follows: “There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national currency secured by United States bonds and, under the general supervision of the Board of Governors of the Federal Reserve System, of all Federal Reserve notes, except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of Federal Reserve notes unfit for circulation, the chief officer of which bureau shall be called the Comptroller of the Currency and shall perform his duties under the general directions of the Secretary of the Treasury. The Comptroller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Supervision has over matters within the Director’s jurisdiction under section 1462a(b)(3) of this title. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency.”

1994—Pub. L. 103–325 inserted at end “The Comptroller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Supervision has over matters within the Director’s jurisdiction under section 1462a(b)(3) of this title. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency.”

1966—Pub. L. 89–427 inserted exception relating to cancellation and destruction, and accounting with respect to the cancellation and destruction, of Federal Reserve notes unfit for circulation.

Statutory Notes and Related SubsidiariesEffective Date of 2025 Amendment

Amendment by Pub. L. 119–27 effective on the earlier of the date that is 18 months after July 18, 2025, or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing Pub. L. 119–27, see section 20 of Pub. L. 119–27, set out as an Effective Date note under section 5901 of this title.

Effective Date of 2010 Amendment

Pub. L. 111–203, title III, § 314(d), July 21, 2010, 124 Stat. 1524, provided that: “This section [enacting section 4b of this title and amending this section and section 11 of this title], and the amendments made by this section, shall take effect on the transfer date.”

[For definition of “transfer date” as used in section 314(d) of Pub. L. 111–203, set out above, see section 5301 of this title.]

Executive DocumentsException as to Transfer of Functions

Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, were not included in transfer of functions of officers, agencies, and employees of Department of the Treasury to Secretary of the Treasury, made by Reorg. Plan No. 26 of 1950, § 1, eff. July 31, 1950, 15 F.R. 4935, 64 Stat. 1280. See section 321(c)(2) of Title 31, Money and Finance.

Notes of Decisions
Cited in 165 cases (14 in the last 5 years), 1929–2025 · leading case: Watters v. Wachovia Bank, N. A., 550 U.S. 1 (2007).
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Watters v. Wachovia Bank, N. A., 550 U.S. 1 (2007). · cites it 2× “Noreika, Emily Johnson Henn, Covington & Burling LLP, Washington, DC, for Respondents.”
PHH Corp. v. Consum. Fin. Prot. Bureau, 881 F.3d 75 (D.C. Cir. 2018). · cites it 2× “§ 3502 (5); see also 12 U.S.C. § 1 (b)(1) (prohibiting the Treasury Secretary from interfering with the Comptroller); 2 Op.”
Basile v. H & R Block, Inc., 761 A.2d 1115 (Pa. 2000). · cites it 2× “[6] 12 U.S.C. § 1 et seq. [7] Block cross-appealed the initial trial judge's order to the extent that it created a presumption that Block had acted as appellees' agent.”
Lacewell v. Off. of the Comptroller of the Currency, 999 F.3d 130 (2d Cir. 2021). “” 12 U.S.C. § 1 (a). In New York, DFS is the state agency responsible for “the enforcement of [New York’s] insurance, banking and financial services laws.”
Best v. United States Nat'l Bank, 739 P.2d 554 (Or. 1987). · cites it 2× “12 USC § 1 . The Comptroller’s responsibilities include prescribing rules and regulations to govern the operations of national banks.”
Fawcett v. Citizens Bank, N.A., 919 F.3d 133 (1st Cir. 2019). · cites it 2× “This putative class action alleges that Citizens Bank's "Sustained Overdraft Fees" for overdrawn checking accounts are usurious interest charges in violation of Section 85 of the National Bank Act, 12 U.S.C. § 1 et seq. The district court concluded that Citizens Bank's fees were…”
Inclusive Communities Proj. v. Dep't of Tre, 946 F.3d 649 (5th Cir. 2019). “” See 12 U.S.C. § 1 et seq. National banks generally are forbidden from owning or investing in real prop- erty, but they can make public welfare investments (“PWI”) in real estate, including LIHTC projects, that don’t expose them to unlimited liability.”
Veronica Gutierrez v. Wells Fargo Bank, N.A., 704 F.3d 712 (9th Cir. 2012). “Because we reject Wells Fargo’s belated effort to invoke arbitration, we proceed to the parties’ remaining arguments.”
Johnson v. BOKF Nat'l Assn, 15 F.4th 356 (5th Cir. 2021). “Last, she contends that the Extended Overdraft Charges were usurious in violation of § 85 of the National Bank Act of 1864, 12 U.S.C. § 1 et seq. The district court concluded that these Extended Overdraft Charges were not “interest” under the Act and, accordingly, dismissed the…”
Cline v. Hawke, 51 F. App'x 392 (4th Cir. 2002). · cites it 4× “Simi- larly, the National Bank Act ("NBA"), 12 U.S.C. § 1 et seq., addresses the ability of national banks to engage in insurance sales in small towns.”
Fed. Nat'l Mortg. Ass'n v. Sundquist, 2013 UT 45, 311 P.3d 1004. · cites it 2× “” As a national bank, ReconTrust operates under the National Banking Act, 12 U.S.C. § 1 et seq., and is regulated by the Office of the Comptroller of Currency (Comptroller).”
Sylvester Marx v. Centran Corp., 747 F.2d 1536 (6th Cir. 1984). “” See 12 U.S.C. § 1 . The Comptroller is not charged with protecting national banks and their shareholders from imprudent directors.”
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