ABA Supports OCC’s Proposed EGRPRA-Recommended Rule Changes

In a letter to the OCC today, the American Bankers Association offered support for several proposed rule changes, including those sought by the association during the Economic Growth and Paperwork Reduction Act feedback process. The OCC proposed to repeal employment contract requirements for federal savings associations; increase flexibility and reduce burden for thrifts converting from mutual to stock ownership; and remove requirements for OCC-supervised banks to provide the agency with audited statements in connection with small securities issues.

The agency also sought feedback 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 2014—and amending the recordkeeping requirements for fiduciary accounts to include state law retention minimums.

“ABA supports those parts of the proposed rule that seek to streamline and clarify requirements, and we have recommended additional changes and clarifications,” the letter noted. “We encourage the OCC to seek further opportunities for regulatory burden reduction and enhanced clarity.”