ABA on Thursday welcomed a proposal from the OCC that would make several regulatory adjustments as part of its efforts under the Economic Growth and Regulatory Paperwork Reduction Act to reduce unnecessarily burdensome or outdated banking rules. The changes relate to custody of fiduciary assets, deposits of securities with state authorities, collective investment funds, licensing rules, bank director oath requirements, fidelity bond activities, reporting requirements, electronic activities and recordkeeping.
ABA identified several places in the regulations at issue where the OCC could go further in removing burdensome regulations. “Many of these proposed changes offered by the OCC are welcome technical changes, while others seem to be a continuing effort to integrate further the rules applicable to national banks and federal savings associations,” ABA added. “Understandably, these changes alone will not result in meaningful regulatory relief for our nation’s banks, but they can and should be part of a general pattern of regulatory update, refinement and relief from necessary burdens.” For more information, contact ABA’s Phoebe Papageorgiou.
