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
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.