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On January 19, the OCC announced an updated version of the “Branches and Relocations” booklet of the Comptroller’s Licensing Manual. According to Bulletin 2023-04, the revised booklet replaces booklet of the same title issued in October 2019. The revised booklet, among other things: (i) reflects recent updates to 12 CFR 5 and other regulations, as applicable; (ii) removes references to outdated guidance and provides current references; and (iii) makes other minor modifications and corrections throughout.
On February 28, the OCC issued Bulletin 2022-5 announcing the revision of the Articles of Association, Charter, and Bylaw Amendments, Fiduciary Powers, Subordinated Debt, and Subsidiaries and Equity Investments booklets of the Comptroller’s Licensing Manual. The updated booklets replace the booklets of the same title issued between June 2017 and January 2019. Among other clarifying changes, the updated booklets: (i) reflect recent updates to 12 CFR 5 and other regulations; (ii) remove references to outdated guidance and provide current references; and (iii) make other minor modifications and corrections.
On December 10, the OCC announced an updated version of its “Background Investigations,” “Capital and Dividends,” “Charters,” “Conversions to Federal Charter,” and “National Bank Director Waivers” booklets of the Comptroller’s Licensing Manual. According to Bulletin 2021-60, the revised booklets: (i) replace booklets with the same titles issued between April 2017 and October 2019; (ii) reflect recent changes to 12 CFR 5 and other applicable regulations; (iii) eliminate references to outdated guidance and provide current references; and (iv) make other minor modifications and corrections.
On November 23, the OCC announced a new Comptroller’s Licensing Manual booklet, “Mutual to Stock Conversions,” which incorporates provisions of revised regulation 12 CFR Part 192. The new booklet, among other things, “provides an overview of policy considerations and decision criteria that the OCC considers when reviewing applications by federal savings associations to convert from a mutual to stock form of ownership under 12 CFR 192.” The new booklet also outlines requirements for covered institutions when filing conversion applications, as well as references and information resources for prospective filers.
On September 9, the OCC announced an updated version of its “Federal Branches and Agencies” booklet of the Comptroller’s Licensing Manual. According to Bulletin 2020-80, the revised booklet clarifies and updates the OCC’s policies and processes covering the establishment, operations, and other corporate activities of federally licensed offices of foreign banks, including (i) notice and application filing requirements; (ii) decision factors and criteria; and (iii) removal of internal licensing procedures.
On January 31, the OCC announced an updated version of its “Subsidiaries and Equity Investments” booklet of the Comptroller’s Licensing Manual. According to Bulletin 2019-4, the revised booklet now provides additional guidance describing activities that the OCC has determined may be performed in operating subsidiaries and servicer corporations, or through pass-through investments.
Buckley Sandler Special Alert: OCC announces it will accept fintech charter applications, following the release of Treasury report on nonbank financial institutions
On July 31, the OCC announced that nondepository financial technology firms engaged in one or more core banking functions may apply for a special purpose national bank (SPNB) charter. The announcement follows a report released the same day by the Treasury Department, which discusses a number of recommendations for creating a streamlined environment for regulating financial technology, and includes an endorsement of the OCC’s SPNB charter for fintech firms (fintech charter).
If you have questions about the report or other related issues, please visit our Fintech practice page, or contact a Buckley Sandler attorney with whom you have worked in the past.
OCC updates Comptroller’s Licensing Manual to revise public comment period calculation for business combination applicants
On July 30, the OCC released Bulletin 2018-22 announcing an updated version of its “Business Combinations” booklet of the Comptroller’s Licensing Manual. As previously covered in InfoBytes, the OCC released a revised version of the booklet last November, which included updates related to regulations addressing applications for national banks and federal savings associations proposing to execute a business combination. Current version 1.1 of the booklet incorporates minor technical corrections and includes a change in the public comment period calculation, which is “generally 30 days after the newspaper publication.” Among other things, the booklet provides a requirement that a notice “must be published three times in a newspaper of general circulation in the community or communities where the main or home offices of the banks involved in the transaction are located.” The OCC further advises applicants to consider the possibility of a processing delay in the event “significant or adverse comments” are received, and stresses potential delays should be a factored in when planning target dates for consummating a business combination.
On February 23, the OCC released Bulletin 2018-5 announcing a revised version of its “Background Investigations (Version 1.1)” booklet, which is part of the Comptroller’s Licensing Manual. The revised booklet replaces a November 2017 booklet of the same name, and reflects minor technical corrections and one process update. The booklet outlines the OCC’s procedures for carrying out background investigations of individuals, companies, and other organizations who file applications or notices seeking to acquire control of or influence a national bank or a federal branch or agency of a foreign bank. Specifically, the changes made under the heading “Application Process” (i) removes enforcement actions and 12 USC §1818 approval conditions from a list of filers subject to OCC background investigations; and (ii) adds a description of language the OCC may use should the agency decide to allow an individual to assume his duties before the background investigation has been completed.
On November 17, the OCC released Bulletin 2017-55 announcing a revised version of its “Public Notice and Comments” booklet. This revised booklet replaces a May 2017 booklet of the same name, and is part of the Comptroller’s Licensing Manual. The revised booklet reflects updates related to the OCC’s policy regarding review of public comments on licensing filings. Specifically, the OCC will now only consider public comments if they are received before the close of the comment period (typically 30 days following a filing), unless an extension has been granted “in accordance with 12 CFR 5.10(b)(2).” The revised booklet also describes situations in which an extension may be granted.