OCC Rule Changes

The Office of the Comptroller of the Currency continued its initiative to lessen the regulatory burden for community banks through final rules that addressed several National Bank Act requirements. The changes:

Make it easier for community banks to buy back their own stock and pay cash for acquired shares.
Increase the ways bank directors can hold required stock interests,
Clarify what constitutes a "branch." For example, the rule clarifies that remote service units such as automated teller machines are not subject to state geographic and operational restrictions.
Clarify the scope of OCC's visitorial rights. In other words, the rule specifies what right the OCC has to inspect a bank's books and what activities the agency supervises.