ABA Calls for Greater Clarity on Criminal Penalties in OCC’s Licensing Standard 

In a comment letter to the OCC yesterday, ABA offered feedback on recent proposed changes to the agency’s licensing policies and procedures. The proposal was issued earlier this year as part of the OCC’s effort to modernize its current rules and reduce administrative burden.

In its comment letter, ABA specifically urged the OCC to incorporate into the certification requirements in section 5.4(g) of the proposal a reference to the legal standard for when criminal penalties apply for material misrepresenations and omissions. ABA asked that the regulation and related filing documents be amended to state that material representations and omissions made “knowingly and willfully” may be subject to criminal penalties.