OCC finalizes activities and operations amendments
On December 23, the OCC issued a final rule to amend 12 CFR part 7 to update or eliminate outdated regulatory requirements and clarify and codify recent OCC interpretations related to the modern financial system. Among other things, the final rule (i) codifies interpretations which permit covered institutions to engage in certain tax equity finance transactions; (ii) clarifies permissible anti-takeover provisions; and (iii) expands the ability of national banks to choose corporate governance provisions under state law. InfoBytes coverage of the proposed rule and a related advance notice of proposed rulemaking are available here. The amendments are effective April 1, 2021.