News Release 2020-150 | November 16, 2020
OCC Finalizes Rule to Eliminate Unnecessary Licensing Requirements
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a final rule updating and clarifying licensing policies and procedures.
The final rule makes various changes to the OCC's Rules, Policies, and Procedures for Corporate Activities, 12 CFR part 5, including eliminating unnecessary requirements consistent with safe, sound, and fair operation of the federal banking system. It is part of the OCC's continual effort to modernize its rules and reduce unnecessary regulatory burden.
Among the significant changes 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.
- Federal Register Notice (PDF)