InfoBytes Blog
OCC proposes licensing policy changes
On March 5, the OCC announced a Notice of Proposed Rulemaking (NPR) and request for comment on proposed amendments that would update and clarify certain licensing policies and procedures and would revise its rules in 12 CFR part 5 to eliminate unnecessary requirements. Proposed changes include, among other things (i) allowing national and federal savings associations to “follow the procedures applicable to state banks or state savings associations…for certain business combinations”; (ii) expanding operating subsidiary notice and expedited review processes to include activities that are substantively the same as activities previously approved by the OCC; (iii) allowing “non-controlling investments and pass-through investments” in non-OCC supervised entities; (iv) creating procedures for citizenship and residency waivers for national bank directors; (v) redefining “troubled condition” in relation to director and senior executive officer changes; and (vi) adding chief risk officer to the list of positions for which a bank in troubled condition must provide notice when making a personnel change. Comments must be received by May 4.