Final answer:
The OCC establishes regulations and standards for national banks and federal savings associations, ensuring they adhere to legal and sound operational practices.
Step-by-step explanation:
The Office of the Comptroller of the Currency (OCC) is a bureau within the U.S. Department of the Treasury that serves to charter, regulate, and supervise all national banks and thrift institutions and the federal branches and agencies of foreign banks in the United States. The correct answer to the question is that the OCC establishes regulations and standards for national banks and federal savings associations. It's important to note that the OCC's regulatory approach ensures that these financial institutions operate safely and soundly, provide fair access to financial services, and comply with applicable laws and regulations.
The OCC works alongside other regulatory bodies such as the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. The FDIC is responsible for insuring bank deposits and the Federal Reserve supervises bank holding companies in addition to other financial regulatory responsibilities.