The Office of the Comptroller of the Currency today issued a bulletin to clarify its standards for approving or denying filings, stating that “it is important that the public understand how filings are decided under applicable laws, regulations and policy.”
The OCC said it is committed to acting on all filings in a timely manner, as appropriate to the nature and complexity of a filing. A filing may be returned if it is materially deficient, such as if it lacks required biographic information of the individuals involved in the institution, or if the filers do not sufficiently respond to agency requests for more information.
“When the OCC finds a significant supervisory, Community Reinvestment Act (if applicable), or compliance concern exists with respect to the filer, approval is inconsistent with law, regulation, or OCC policy, or the filer fails to provide requested information, the agency plans to deny the filing,” the bulletin states. “A filing is inconsistent with law or regulation if it does not meet the applicable statutory or regulatory criteria for that filing type.”
The OCC added that it plans to make all denial decisions public “in order to provide the industry and all applicable stakeholders awareness of how the OCC has applied the decision criteria in that proposal.”
