OCC Requests Comments on Proposals to Eliminate Unnecessary Licensing Requirements

News Release 2020-28 | March 5, 2020

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a proposal for public comment to update and clarify licensing policies and procedures and eliminate unnecessary requirements consistent with safe, sound, and fair operation of the federal banking system.

The proposal would make various changes to the OCC’s Rules, Policies, and Procedures for Corporate Activities, 12 CFR part 5. It is part of the OCC’s continual effort to modernize its rules and remove unnecessary requirements. Comments are due May 4, 2020.

Among the significant changes being proposed are:

  • permitting national banks and federal savings associations to elect to follow the procedures applicable to state banks or state savings associations, respectively, for certain business combinations.
  • expanding the operating subsidiary notice and expedited review processes to include activities that are substantively the same as activities previously approved by the OCC.
  • permitting non-controlling investments and pass-through investments in entities that have not agreed to OCC supervision, and permitting certain other investments without a filing.
  • providing procedures for granting and revoking citizenship and residency waivers for national bank directors.
  • changing the definition of “troubled condition” for purposes of changes in directors and senior executive officers to specify that an enforcement action must require the national bank or savings association to improve its financial condition for it to be considered in “troubled condition” solely as a result of the enforcement action, which would align with OCC supervisory practice.
  • adding chief risk officer to the list of positions for which a bank in troubled condition must provide notice when making a change in personnel.

Related Link

Media Contact

Bryan Hubbard
(202) 649-6870

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

2 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

2 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

3 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

3 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

3 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

3 days ago