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Collection: Semiannual Risk Perspective
OCC Report Identifies Key Risks Facing Federal Banking System
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2023.
The OCC reported that the overall strength of the federal banking system is sound. The OCC has closely monitored the condition of the institutions it supervises throughout the market stress this spring and has engaged directly with its banks to ensure they are appropriately managing their risks and restoring confidence in the banking system.
The banking system faced increased volatility due to a liquidity crisis in the first quarter of 2023. Banks are focused on stabilizing liquidity and maintaining confidence in the banking system. Banks should remain diligent and maintain effective risk management practices over critical functions to continue to withstand current and future economic and financial challenges.
Highlights from the report include:
The report also highlights the OCC’s initiative on managing climate-related financial risks to the federal banking system and discusses the challenges and costs associated with the continued use of aging technologies and systems reaching their end of life and the importance of banks investing and aligning technology with their business goals.