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Financial Services Law Insights and Observations

OCC Updates Comptroller’s Licensing Manual to Provide Revised Guidance on Business Combination Applications

Agency Rule-Making & Guidance OCC Licensing Comptroller's Licensing Manual

Agency Rule-Making & Guidance

On November 14, the OCC released Bulletin 2017-53 announcing a revised version of its “Business Combinations” booklet (replacing the booklet of the same title issued in December 2006), which includes updates related to regulations addressing applications for national banks and federal savings associations proposing to execute a business combination. The booklet, which is part of the Comptroller’s Licensing Manual, covers:

  • policies and decision criteria that the OCC considers when evaluating applications from banks seeking to execute business combinations, including mergers, consolidations, certain purchase and assumption transactions, and reorganizations;
  • the application process, including the pre-filing, filing, review, decision, and post-consummation phases;
  • guidance on application requirements and circumstances under which a streamlined business combination is granted; and
  • references and links to informational resources for applicants to use during the filing process.

Reflected in the newly revised booklet are updates to procedures and regulations that have been implemented since 2006, including the integration of the Office of Thrift Supervision into the OCC and the issuance of revised regulation 12 C.F.R. § 5 that went into effect July 1, 2015.

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