OCC Issues Collective Investment Funds Booklet

The Office of the Comptroller of the Currency (OCC) issued the “Collective Investment Funds” booklet of the Comptroller’s Handbook. This revised booklet replaces a similarly titled booklet issued in October 2005. The revised booklet provides updated guidance to examiners and bankers on collective investment funds offered to customers of national banks and federal savings associations; explains the risks inherent in such products and services; and provides a framework for managing those risks. Specifically, this booklet:

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  • Updates examination procedures and groups them by risk. The expanded examination procedures supplement the core assessment standards in the “Large Bank Supervision” and “Community Bank Supervision” booklets of the Comptroller’s Handbook.
  • Updates and expands the Risk Management section. The expanded section provides examples of effective investment risk management processes and provides more detailed explanation of collective fund benchmarks, valuation, and securities lending
  • Updates the audit and financial reports discussion.
  • Updates references.
  • Adds a discussion of board and senior management responsibilities regarding oversight of risk management.
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Collective Investment Funds 2014

Note for Community Banks: This booklet applies to all banks that offer collective investment funds. A community bank’s board and management should identify the material risks associated with the provision of collective investment funds and establish a risk management system that effectively assesses, measures, monitors, and controls those risks.
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