OCC Reveals Final Integration Rule

A press release from the Office of the Comptroller of the Currency (OCC) revealed its final rule integrating policies and procedures for corporate activities and transactions of national banks and federal savings associations. The OCC also is adopting amendments to update its rules for agency organization and function.

The rule is intended to do away with any unnecessary requirements, promote fair supervision, and promote the smooth operation of the institutions the OCC supervises, according to the news release. Technical and conforming changes where appropriate are also a part of the new rule to enable a provision to apply to national banks and federal savings associations, clarifies responsibilities of OCC licensing offices, updates the description of OCC supervision structure, and corrects contact information.

Coincidentally, the timing and substance of the integration project overlaps with the decennial review of agency regulations required by the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). The OCC staff took comments it has received in regards to EGRPRA notices and at EGRPRA outreach meetings into consideration when developing the final rule.

“Changes made in response to comments aim to make the regulatory regime for both national banks and federal savings associations more efficient and streamlined where possible, consistent with safety and soundness,” the OCC said.

The OCC will issue this final licensing rule prior to the end of the EGRPRA process on July 1, 2015. This is so that the agency can complete the upgrade of its corporate application and tracking system and provide significant improvement to the process associated with licensing activities for national banks and federal savings associations with no delays.

To view the full rule: FederalRegister.gov