OCC merges credit and market risk units

The Office of the Comptroller of the Currency (OCC), a division of the US Department of Treasury, which regulates national banks, is in the process of merging its credit and market risk divisions.

Deputy Comptroller Kathy Dick, who currently oversees the market risk unit, will head the consolidated entity, while Barbara Grunkemeyer, head of credit risk, will retire at the end of February when the merger becomes effective.

Comptroller of the currency John Dugan said that the move is to reflect the changing realities of the banking industry. “This action will bring closer together, under a single deputy Comptroller, two groups whose work is increasingly similar and intertwined and whose staffs share many of the same skills, training, and interest,” said Dugan.

Dick was previously a director of the treasury and market risk division for four years, and developed bank regulations and examiner guidelines on trading, interest rate risk, securitisation, derivatives and dealer activities. Prior to that, she supervised US national bank branches in Europe.

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