OCC BULLETIN 2015-28
Subject: Integration of National Bank and Federal Savings Association Licensing Rules
Date: June 2, 2015
To: Chief Executive Officers of All National Banks and Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: Final Rule
The Office of the Comptroller of the Currency (OCC) has issued a final rule that integrates its rules for national banks and federal savings associations (FSA) relating to policies and procedures for corporate activities and transactions (licensing rules). The final rule revises these rules to eliminate unnecessary requirements, to further the safe and sound operation of the institutions the OCC supervises, and to make technical and conforming changes. This final rule facilitates fairness in supervision for national banks and FSAs with respect to filings for all activities and transactions addressed in the OCC’s licensing rules. As part of this rulemaking, the OCC also is updating its rules for the agency’s organization and function, clarifying the responsibilities of OCC licensing offices, and correcting contact information.
This final rule was published in the Federal Register on May 18, 2015, and is effective on July 1, 2015. A section-by-section overview of the final rule is included as an attachment to this bulletin.
The final rule does the following:
In certain areas, the OCC has one set of rules applicable to national banks and another set applicable to FSAs or, when appropriate, to all savings associations. The OCC is reviewing these rules to determine whether, when legally permissible and consistent with underlying statutes applicable to national banks and FSAs, it is appropriate to integrate the rules into a single set of rules applicable to both charters. The key objectives of this review are to reduce regulatory duplication, promote fairness in supervision, eliminate unnecessary burden consistent with safety and soundness, and create efficiencies for both national banks and FSAs, as well as for the OCC. The final rule stems from this review.1
The OCC published a Notice of Proposed Rulemaking requesting public comment for this rulemaking in the Federal Register on June 10, 2014.2 The OCC also considered comments submitted pursuant to the federal banking agencies’ current decennial review of their regulations required by the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) when drafting this final rule.3
This integration of the OCC’s licensing rules is an integral part of the OCC’s process of updating the Comptroller’s Licensing Manual and the OCC’s electronic licensing system to incorporate FSAs.
Please contact Heidi M. Thomas, Special Counsel, Legislative and Regulatory Activities Division, (202) 649-5490; Kevin Corcoran, Assistant Director, or Richard Cleva, Senior Counsel, Bank Activities and Structure Division, (202) 649-5500; or Stephen Lybarger, Deputy Comptroller for Licensing, 202-649-6260.
Amy S. Friend
1 The OCC has issued previous rulemakings that integrated, or proposed to integrate, its rules for national banks and FSAs relating to lending limits, capital, flood insurance, and safety and soundness standards. See 78 Fed. Reg. 37930 (June 25, 2013), 78 Fed. Reg. 62018 (October 11, 2013), 78 Fed. Reg. 65108 (October 30, 2013), and 79 Fed. Reg. 54518 (September 11, 2014), respectively. Furthermore, the OCC has integrated its rules relating to consumer protection in insurance sales, Bank Secrecy Act compliance, management interlocks, appraisals, disclosure and reporting of Community Reinvestment Act (CRA)-related agreements, and the Fair Credit Reporting Act. See 79 Fed. Reg. 28393 (May 16, 2014).