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GAO-25-108046 1 (May 15, 2025)

handle is hein.gao/prityonrdns0001 and id is 1 raw text is: c)AO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States May 15, 2025 The Honorable Rodney E. Hood Acting Comptroller of the Currency Office of the Comptroller of the Currency 400 7th St. SW Washington, D.C. 20219 Priority Open Recommendations: Office of the Comptroller of the Currency Dear Mr. Hood: The purpose of this letter is to call your personal attention to two areas based on GAO's past work and three open priority recommendations, which are enclosed.1 Additionally, there are eight other GAO open recommendations that we will continue to work with your staff to address. We are highlighting the following areas that warrant your timely and focused attention. Specifically: Financial services regulations. Leading practices for rulemaking call for assessing the potential and actual effects of proposed and final rules, such as costs and benefits. However, in July 2024, we found that regulators conducted few retrospective reviews of the effects of their existing rules. We also found that the Office of the Comptroller of the Currency (OCC) lacked policies and procedures for conducting such reviews. Systematically conducting retrospective reviews could help OCC assess whether its rules have had their intended effects and inform future rulemaking, as we recommended. Blockchain technology. In 2023, we found that financial regulators lacked an ongoing coordination mechanism for addressing blockchain risks in a timely manner. For example, regulators identified financial stability risks posed by stablecoins in 2019 but did not identify the need for action to address these risks until November 2021. We recommended that OCC and other federal financial regulators jointly establish or adapt an existing formal coordination mechanism to identify and address risks posed by blockchain-related products and services. Such a mechanism would help OCC and the other regulators collectively identify risks and develop and implement a regulatory response in a timely manner. Please see Enclosure 1 for additional details about the status and actions needed to fully implement the three open priority recommendations out of the 11 total recommendations that remain open. These include a priority recommendation on financial technology. 1GAO considers a recommendation to be a priority if, when implemented, it may significantly improve government operations-for example, by realizing large dollar savings; eliminating mismanagement, fraud, and abuse; or making progress toward addressing a high-risk or duplication issue. GAO-25-108046 OCC Priority Recommendations Page 1

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