OCC Proposes New Round of EGRPRA-Recommended Rule Changes

As part of its ongoing actions to implement regulatory relief identified by the decennial Economic Growth and Regulatory Paperwork Reduction Act review, the OCC today proposed several rule changes and sought comments on prospective changes sought by ABA during the EGRPRA feedback process. The OCC proposed to repeal employment contract requirements for federal savings associations, and it sought comment on amending its fiduciary rules to expand the list of acceptable collateral for self-deposited trust funds to include additional types of instruments—a recommendation ABA made in a 2014 comment letter. The OCC also sought feedback on amending the recordkeeping requirements for fiduciary accounts to include state law retention minimums.

Separate from the EGRPRA review, the OCC also proposed amendments intended to increase flexibility and reduce burden for thrifts converting from mutual to stock ownership, to remove requirements for OCC-supervised banks to provide the agency with audited statements in connection with small securities issues and to make technical and conforming amendments.