OCC Requests Comment for Survey on Trust in Banking

The Office of the Comptroller of the Currency (OCC) has published a press statement to announce an upcoming „request for information“ regarding a proposed annual trust survey in relation to banking services and supervision. The aim of the survey is to understand, measure, and track the public’s trust in banking and bank supervision by the OCC and other banking regulators over time. The request for information has meanwhile been published in the Federal Register.
Specifically, the OCC is inviting various stakeholders, including the public, financial industry participants, government agencies, academic and research organizations, and others to provide input on the survey, particularly with respect to the survey’s scope, the components and drivers of trust, and methods to track and assess trust over time. Participating in the survey is voluntary.
Some of the questions raised by the OCC are briefly quoted below; for all of them, please refer to the original statement:
– Are there certain segments of the U.S. population (e.g., geographic, unbanked, underbanked, demographic groups) that should be targeted for inclusion to ensure survey participation is sufficiently high to make generalized statements about those groups?
– Are there specific types of questions that should be included for any such targeted group?
– What are some of the key considerations in determining whether the survey should focus solely on groups of potential bank customers that have not been the subject of previous surveys?
– Alternatively, what are some key considerations in determining whether the survey respondents should be expansive to reflect the general population?
– What are some of the key considerations in determining whether the survey should include questions related to customers’ use of specific types of financial products or services such as mortgage loans, credit cards, or overdrafts?
– What are the key considerations in asking respondents to distinguish between different financial institutions (i.e., federally chartered depository institutions, state-chartered depository institutions, credit unions, non-banks) providing financial services in terms of their experience, perceptions, or trust?
– Are the components of trust comprehensive (as outlined in the document: Competency, goodwill, integrity, and transparency)?
– Which components are not needed?
– …
Recognizing that public trust in banks is crucial for a healthy and stable banking system, the OCC plans to utilize the survey results to identify areas where trust can be improved. Additionally, the survey will provide insights into the various factors that are significant for maintaining and enhancing trust in banking and bank supervision.