OCC Rule Clarifies Virtual Meeting Options for National Banks, Federal Thrifts

To facilitate banks’ needs to hold meetings during the coronavirus pandemic, the OCC is issuing an interim final rule clarifying that national banks and federal thrifts may hold virtual board, shareholder and (as applicable) member meetings using remote communication tools.

The rule, which takes effect tomorrow, permanently amends OCC rules about telephonic or electronic participation, as well as advance notice of meetings, to reflect the availability of today’s advanced virtual meeting technology.

“The amendments made by this IFR will enable national banks and federal savings associations to conduct necessary meetings remotely during the COVID-19 emergency as well as during any other future emergency when in-person meetings may not be feasible,” the OCC said, noting that they will also afford OCC-supervised institutions with more flexibility, greater participation and reduced costs for institutions and participants.