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OCC Bulletin 2020-60
June 10, 2020
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Chief Executive Officers of All National Banks, Federal Savings Associations and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
On June 9, 2020, the Office of the Comptroller of the Currency (OCC) issued a final rule to address recommendations from the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) report issued in March 2017. The final rule reduces burden and increases flexibility for banks1 and is effective 30 days after the date of publication in the Federal Register.
This final rule applies to all community banks.
Consistent with recommendations in the EGRPRA report to reduce burden and increase flexibility for banks, the final rule
Section 2222 of EGRPRA requires the Federal Financial Institutions Examination Council (FFIEC) and each appropriate federal banking agency represented on the FFIEC (the OCC, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System [collectively, the agencies]) to review their regulations at least once every 10 years.2 The agencies also must publish a summary of the comments received in connection with the EGRPRA review in the Federal Register, and the FFIEC must submit a report to Congress that summarizes any significant issues raised by the comments and the relative merits of the issues. The agencies completed their second EGRPRA review on March 30, 2017, with the publication of the Joint Report to Congress.3
In May 2015, the OCC published a final rule revising its licensing rules that included a number of amendments directly responsive to recommendations from the March 2017 EGRPRA report.4 In January 2017, the OCC published a second final rule implementing further changes requested by EGRPRA commenters.5 This final rule is the third OCC rulemaking that addresses recommendations from the report.6
Please contact Charlotte Bahin, Senior Advisor for Thrift Supervision, at (202) 649-6281, or Marta Stewart-Bates, Senior Attorney, Chief Counsel's Office, at (202) 649-5490.
Jonathan V. Gould
Senior Deputy Comptroller and Chief Counsel
1 The term "banks" refers collectively to national banks, federal savings associations, and federal branches and agencies of foreign banking organizations.
2 Section 2222 of EGRPRA is codified at 12 USC 3311(b).
3 82 Fed. Reg. 15900 (March 30, 2017).
4 80 Fed. Reg. 28346 (May 18, 2015).
5 82 Fed. Reg. 8082 (January 23, 2017).
6 See the FFIEC's Joint Report to Congress (March 3, 2017).