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OCC Bulletin 2020-111
December 23, 2020
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Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
The Office of the Comptroller of the Currency (OCC) has issued a final rule to amend its regulations in 12 CFR 7, "Activities and Operations." Specifically, the final rule updates or eliminates outdated regulatory requirements that no longer reflect the modern financial system, clarifies and codifies recent OCC interpretations, integrates certain regulations for national banks and federal savings associations (FSA), and makes other technical and conforming changes. The amendments are effective April 1, 2021.
The amendments in this final rule apply to all national banks and, where stated, all federal savings associations, including community institutions.
The final rule makes the following changes, among others:
Consistent with safety and soundness, the OCC periodically reviews its regulations to eliminate outdated or otherwise unnecessary regulatory provisions and, where possible, to clarify or revise requirements imposed on national banks and FSAs. These reviews are in addition to the OCC's decennial review of its regulations as required by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). These reviews also consider, where appropriate, opportunities to integrate rules that apply to national banks with similar rules that apply to FSAs. This final rule is a continuation of the OCC's regulatory review process and accompanies other OCC efforts to modernize OCC rules, remove unnecessary burden, and clarify requirements, including the finalized revisions to 12 CFR 5, "Licensing Amendments," issued on December 11, 2020, and an advance notice of proposed rulemaking that requested comment on revising the OCC's regulations at 12 CFR 7, subpart E, and 12 CFR 155 regarding the use of digital technology by national banks and FSAs, published in the Federal Register on July 7, 2020.
Please contact Beth Kirby, Assistant Director, Valerie Song, Assistant Director, or Heidi Thomas, Special Counsel, Chief Counsel's Office, at (202) 649-5490.
Jonathan V. Gould
Senior Deputy Comptroller and Chief Counsel