OCC Finalizes Changes to Rules on Bank Activities, Operations

The OCC today finalized changes to its rules for national bank and federal savings association activities, operations and corporate governance to ensure that they can continue to meet the shifting needs of consumers, businesses and communities. The changes will take effect April 1, 2021.

The final rule makes a number of changes to update, streamline or clarify existing rules related to permissible derivatives activities for national banks; the ability of national banks and federal thrifts to engage in certain tax equity finance transactions; and national bank and thrift membership in payments systems.

The final rule also: expands the ability of national banks and federal savings associations to choose corporate governance provisions under state law; clarifies the extent to which national banks may adopt anti-takeover provisions permissible under state corporate governance law; offers clarity regarding financial literacy programs; codifies interpretations of the National Bank Act relating to capital stock issuances and repurchases; and addresses the application of rules related to finder activities, indemnification, equity kickers, postal services, independent undertakings, and hours and closings to federal savings associations.