OCC Renews Forex Transaction Reporting Rules for Banks
Published Date: 4/20/2026
Notice
Summary
The Office of the Comptroller of the Currency (OCC) is renewing its paperwork rules for banks handling retail foreign exchange (forex) transactions. They want your thoughts by May 20, 2026, to keep things clear and simple while following federal rules. This update won’t cost extra but helps keep the paperwork smooth and fair for everyone involved.
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Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Must get OCC OK before starting forex
Before starting a retail forex business, a national bank or Federal savings association must give the OCC prior notice and obtain a written supervisory no-objection letter under 12 CFR 48.4. To get that letter, the institution must have written policies, procedures, risk measurement and management systems, and provide requested documentation such as customer due diligence and new product approvals.
Paperwork burden quantified: 22 firms
The OCC estimates this information collection affects 22 respondents and imposes a total annual burden of 32,880 hours. The agency invites comment on the accuracy of that burden estimate and ways to minimize the collection burden.
OCC renews forex paperwork rules
The OCC is renewing its information collection for Retail Foreign Exchange Transactions under OMB Control No. 1557-0250 and has submitted it to OMB for review. If you run a national bank or Federal savings association that offers retail forex, the existing reporting, disclosure, and recordkeeping requirements under 12 CFR part 48 will continue; the OCC is accepting comments through May 20, 2026.
Customers must get forex disclosures
Retail forex customers must receive written disclosures before opening an account, acknowledgments that they understood the disclosure, monthly account statements, and transaction confirmations under 12 CFR part 48 (see sections 48.5, 48.6, and 48.10). Institutions also must disclose their profitable-accounts ratio and fees to customers.
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