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OCC Bulletin 2020-58
June 4, 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) is proposing to update its regulations in 12 CFR 7, “Activities and Operations.” This proposal would update or eliminate outdated regulatory requirements that no longer reflect the modern financial system, clarify and codify recent OCC interpretations, integrate certain regulations for national banks and federal savings associations (FSA), and make other technical and conforming changes. Comments on the proposal are due by August 3, 2020.
The proposed amendments would apply to all national banks and, where stated, all federal savings associations, including community institutions.
The notice of proposed rulemaking would propose 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Consistent with safety and soundness, the OCC periodically reviews its regulations to eliminate outdated or otherwise unnecessary regulatory provisions and, where possible, to clarify or revise requirements imposed on national banks and FSAs.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 proposed 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 proposed revisions to 12 CFR 5, “Licensing Amendments” published in the Federal Register on April 2, 2020 (85 FR 18728), and an advance notice of proposed rulemaking that requests 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 issued concurrently with this proposed rule.
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