WASHINGTON - The Office of the Comptroller of the Currency is not prepared to oversee the boom in national bank insurance sales that last year's financial reform law is expected to spark, according to the Treasury Department's inspector general.

"It is uncertain whether OCC is ready to respond to any major stress on the national banking system as a result of a rapid expansion into insurance activities," Dennis S. Schindel, assistant inspector general for audit, wrote in a June 27 report that was released late last week.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.