OCC Renews Forex Transaction Reporting Rules Smoothly
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.
Analyzed Economic Effects
7 provisions identified: 6 benefits, 1 costs, 0 mixed.
Banks Need OCC OK Before Forex
If a national bank or Federal savings association wants to start a retail forex business, it must give the OCC prior notice and obtain a written supervisory no-objection letter before initiating the business. The institution must have written policies, procedures, risk measurement and management systems, and provide documentation such as customer due diligence, new product approvals, and haircuts applied to noncash margins.
Pre-Account Disclosure and Acknowledgment
Before opening a retail forex account, the bank must give you a written disclosure and get your signed acknowledgment that you received and understood it. The disclosure must include the institution's profitable accounts ratio and its fees and other charges.
Prompt Transaction Result Statements
After a retail forex transaction, the bank must promptly give you a statement showing the financial result of the transaction and the name of any introducing broker. The bank must also follow your specific instructions about how offsetting transactions are applied.
Monthly Statements and Confirmations
Banks must send retail forex customers monthly account statements and send confirmation statements following individual transactions as required by the rule. These regular statements provide a running record of activity in your forex account.
Notice and Consent for Account Transfers
If your retail forex account or positions are assigned or transferred, the bank must give you 30 days' prior notice. The bank that receives the assigned accounts must provide risk disclosure statements and obtain signed acknowledgments from affected customers within 60 days.
Arbitration Help Within 10 Days
If you tell the bank you plan to submit a claim to arbitration, the bank must, within 10 days, give you a list of persons qualified to resolve the dispute. This helps you prepare for dispute resolution.
Limits on Related-Person Accounts
Banks are prohibited from knowingly handling accounts of related persons of another retail forex counterparty unless they get written authorization, promptly prepare a written record of the order, and send copies of all statements and records to the counterparty. Related persons must also provide authorization and have records transmitted to the counterparty.
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