OCC Issues Final Rule Governing Licensing Amendments

Yesterday, the Office of the Comptroller of the Currency (OCC) issued a final rule relating to policies and procedures for corporate activities and transactions involving national banks and federal savings associations.

Included in the final rule changes are:

– Making the definition of “well managed” consistent for all filing types;

– Eliminating the filing requirements for federal savings associations that adopt without change the OCC’s model or optional bylaws;

– Providing procedures for granting and revoking citizenship and residency waivers for national bank directors; and

– Permitting national banks to request approval for a reduction in capital over more than four quarters.

These rules changes were issued as part of the OCC’s continued regulatory review process. Read the Licensing Amendments Final Rule here.