OCC proposed to update and clarify licensing policies and procedures, eliminate unnecessary requirements consistent with safe, sound, and fair operation of the federal banking system, and make other technical and conforming changes. The proposal would make various changes to the Rules, Policies, and Procedures for Corporate Activities, codified under 12 CFR part 5. The amendments proposed by this notice of proposed rulemaking would apply to all national banks and federal savings associations, including community institutions. Comments on this proposal are due by May 04, 2020.
This notice of proposed rulemaking proposes the following changes, among others:
- Permit national banks and federal savings associations to elect to follow the procedures applicable to state banks or state savings associations, respectively, for certain business combination
- Add chief risk officer to the list of positions for which a bank in troubled condition must provide notice when making a change in personnel
- Make the definition of “well managed” consistent for all filing type
- Eliminate the filing requirement for federal savings associations that adopt without change the OCC model or optional bylaws
- Provide procedures for granting and revoking citizenship and residency waivers for national bank director
- Permit national banks to request approval for a reduction in capital over more than four quarters
- Change the definition of “troubled condition” for purposes of changes in directors and senior executive officers to align with OCC supervisory practices. The updated definition would specify that an enforcement action (a cease-and-desist order, consent order, or formal written agreement) must require the national bank or federal savings association to improve its financial condition for it to be considered in “troubled condition” solely as a result of the enforcement action
Comment Due Date: May 04, 2020
Keywords: Americas, US, Banking, Licensing Requirements, 12 CFR Part 5, Bank Licenses, OCC
Previous ArticleMAS Response to Parliamentary Question on Green Bond Grant Scheme
BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.
In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.