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OCC streamlines OREO regs
The Office of the Comptroller of the Currency has published a final rule to clarify and streamline its regulation on other real estate owned (OREO) for national banks and update the regulatory framework for OREO activities at Federal savings associations.
The OCC is also removing outdated capital rules for national banks and Federal savings associations, which include provisions related to OREO, and making conforming edits to other rules that reference those capital rules.
The rule, which will amend OCC regulations at 12 CFR Parts 3, 6, 34, 46, 160, 161, 163, and 167, will be effective December 1, 2019.
UPDATE: On 11/21/2019, the OCC published [84 FR 64193] an amendment and correction to its 10/22/2019 final rule, changing the effective date to 1/1/2020.