The OCC is seeking public feedback on proposed changes to its licensing policies and procedures. The 232-page proposal issued today would make significant changes to existing regulations, and comes as part of the OCC’s effort to modernize its rules and remove unnecessary requirements. Comments are due May 4.
Under the proposal, national banks and federal savings associations could elect to follow the licensing procedures applicable to state banks or state savings associations, respectively, for certain business combinations. It would also expand the agency’s operating subsidiary notice and expedited review processes to include activities that are substantively the same as activities previously approved by the OCC.
Other proposed changes address non-controlling investments and pass-through investments; granting and revoking citizenship and residency waivers for national bank directors; the definition of “troubled condition”; and adding chief risk officer to the list of positions for which a bank in troubled condition must provide notice when making a personnel change.