OCC Bulletin 2021-49| October 21, 2021

Payment Systems: Revised Comptroller’s Handbook Booklet and Rescissions

To

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

Summary

The Office of the Comptroller of the Currency (OCC) issued today the revised “Payment Systems” booklet of the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with the examination and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, banks).

Refer to the “Foreword” booklet of the Comptroller’s Handbook for more information regarding the OCC’s process for revising and updating booklets.

Rescissions

This booklet replaces the

  • “Payment Systems and Funds Transfer Activities” booklet of the Comptroller’s Handbook, dated March 1990.
  • Office of Thrift Supervision Examination Handbook section 580, “Payments Systems Risk,” dated January 1994.
  • Banking Circular 235, “International Payments Systems Risks,” dated May 10, 1989.
  • OCC Bulletin 1996-48, “Stored Value Card Systems: Information for Bankers and Examiners,” dated September 3, 1996.

Note for Community Banks

This booklet applies to the OCC’s supervision of community banks.

Highlights

The booklet

  • provides examiners with information regarding payment systems, types of payments, risks associated with payment systems, and associated risk management practices.
  • discusses requirements of 12 CFR 7.1026 regarding payment systems memberships.
  • includes expanded examination procedures for examiners to use when assessing payment products and services.
  • includes supplemental procedures for deeper review of certain payment activities.

Further Information

Please contact Tanya A. Oskanian, Payments Risk Policy, Operational Risk Division, at (202) 649-6550.

 

Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy

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