FOR IMMEDIATE RELEASE
April 24, 2008
Contact: Kevin M. Mukri
OCC Issues Final Rule Reducing Regulatory Burden and Updating its Rules
WASHINGTON — The Office of the Comptroller of the Currency (OCC) published a final rule in the Federal Register today to reduce unnecessary regulatory burden and revise and update various OCC regulations.
The OCC final rule results from the agency's most recent review of its regulations to ensure that they effectively advance the OCC mission to promote the safety and soundness of the national banking system, ensure that national banks can compete efficiently in the financial services marketplace, and foster fairness and integrity in national banks' dealing with customers, without imposing regulatory burden unnecessary to achievement of these objectives.
The OCC final rule includes measures updating and revising the qualifying standards and after-the-fact notice procedures that apply to national bank operating subsidiaries. It also expands the list of operating subsidiary activities that are permissible upon filing an after-the-fact notice. Other revisions reduce the burden associated with applications for fiduciary powers and intermittent branches, with change in bank control notices, and with requirements to make securities filings.
The final rule also includes other measures to incorporate previously published interpretive opinions concerning, for example, electronic banking activities, and to harmonize the OCC rules with rules issued by other Federal agencies, to update OCC rules to reflect recent statutory changes, and to make technical and conforming amendments to improve clarity and consistency.
The OCC final rule is effective on July 1, 2008. National banks, and foreign banks taking actions with respect to Federal branches and agencies, may elect to comply voluntarily with any applicable provision of the rule prior to this effective date.
# # #