Comments due on OCC proposed rule
The OCC has issued Bulletin 2020-1 giving notice of the publication [85 FR 1052] of a proposed rule to address recommendations from the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) report issued in March 2017. Specifically, the proposal:
- would repeal the regulatory requirements for employment contracts of federal savings associations (FSA) in their entirety.
- requests comment on potential amendments to the rules regarding fiduciary record-keeping requirements for national banks and FSAs and acceptable collateral for self-deposited trust funds.
The proposal would also make amendments to rules that were not addressed by the EGRPRA report. It would:
- increase flexibility and reduce burden for FSAs that are converting from mutual to stock form.
- amend the securities disclosure exemptions in the OCC’s securities offering disclosure rules to remove the requirement that national banks and FSAs provide the OCC with audited financial statements in connection with small securities issues;
- make technical and conforming amendments to the lending limits and enforcement rules; and
- make technical amendments to other rules, including updating cross-references to repealed and integrated rules.
Comments on the proposal will be accepted for 61 days, through March 9, 2020.