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OCC creates exception to CIF withdrawal period rule
The OCC has issued an interim final rule clarifying rules on account withdrawals from collective investment funds (CIFs).
The rule amends the OCC's requirements applicable to national banks and federal savings associations administering CIFs invested primarily in real estate or other assets that are not readily marketable and codifies the time a bank generally has for withdrawing accounts from those CIFs. The rule establishes an exception that allows a bank to extend the period for withdrawals, with OCC approval and provided that certain conditions are met. The rule also creates an opportunity for additional extensions with OCC approval.
Comments on the interim final rule will be accepted for 30 days following Federal Register publication.