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    OCC Proposes to Eliminate Unnecessary Licensing Requirements

    March 05, 2020

    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

     

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    Comment Due Date: May 04, 2020

    Keywords: Americas, US, Banking, Licensing Requirements, 12 CFR Part 5, Bank Licenses, OCC

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