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Comments due on OCC licensing proposal

05/04/2020
Status: 

On March 5, 2020, the OCC 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. 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.

Comments are due May 4, 2020.

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