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Banking Terms - OOffice of the Comptroller of the Currency (OCC) - (U.S. Treasury Department Agency with supervisory authority over nationally chartered banks)
Office of Foreign Assets Control (OFAC) - (an office of the U.S. Treasury that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted individuals and entities, such as foreign countries, regimes, terrorists, and drug traffickers)
Office of Management and Budget (OMB) - (agency at the federal level within the Office of the President responsible for preparing the president's budget and developing fiscal programs)
Office of National Drug Control Policy (ONDCP) - (federal agency dealing with policy issues surrounding illegal drugs)
Office of Thrift Supervision (OTS) - (federal agency established in 1989 to supervise thrift institutions with federal charters - the OTS was abolished in 2011 by the Dodd-Frank Act)
Offshore Banking Unit (OBU) - (shell branch owned by a nonresident bank in an international financial center that makes loans in the Eurocurrency market, unrestricted by local monetary authorities or governments - cannot take domestic deposits)
Offshore Financial Center (OFC) - (shell branch in an international financial center which provides banking services to businesses and individuals wishing to set up companies or accounts outside their home countries)
online transaction processing (OLTP) - (data processing which occurs in an online environment on a computer system capable of processing data/transactions as they are entered into the system - usually includes safeguards to ensure transactions occur properly)
option-adjusted spread (OAS) - (method used in calculating the relative value of a fixed-income security containing an embedded option, such as a borrower's option to prepay a loan)
Options Clearing Corporation (OCC) - (corporation, owned by the stock exchanges, providing trade comparison and settlement services for all option trades on U.S. securitiees exchanges)
Organization for Economic Cooperation and Development (OECD) - (official group of 24 nations, including most of the major industrialized countries, formed in 1961, to coordinate economic and social policies among its members and promote economic assistance tto developing countries)
Organization of Petroleum Exporting Countries (OPEC) - (international organization of developing countries dependent on oil exports as a source of revenues)
original issue discount (OID) - (amount that the original issue price (selling price) of a bond or other debt instrument is below the par value or face value)
Originating Depository Financial Institution (ODFI) - (a bank or financial institution that initiates an automated clearing house (ACH) transaction which enters the national ACH network)
other real estate owned (OREO) - (real estate acquired by a lender through foreclosure in satisfaction of a debt)
over-the-counter (OTC) - (market for trading securities that are not listed on an organized stock exchange, such as the New York Stock Exchange or a regional stock exchange)
overdraft, overdrawn (OD) - (situation in which drafts or checks have been written against a bank account for more than the account balance)
Overseas Private Investment Corporation (OPIC) - (independent federal agency that insures, guarantees, and finances private inveestments in developing countries - unit of the International Development Cooperation Agency)