FOR IMMEDIATE RELEASE
December 20, 2016
Contact: Stephanie Collins
OCC Adopts Framework for Receiverships for
Uninsured Federally Chartered National Banks
WASHNGTON—The Office of the Comptroller of the Currency (OCC) today released a final rule setting forth a framework for placing uninsured national banks into receivership.
The final rule will apply to all uninsured national banks regulated by the OCC. While the National Bank Act (NBA) and Federal Deposit Insurance Act specify the Federal Deposit Insurance Corporation as receiver for insured banks and savings associations, the NBA grants the Comptroller broad authority to appoint a receiver for uninsured national banks. The final rule will not apply to federal savings associations, all of which are insured. The final rule describes the:
- Appointment of a receiver and required federal notice,
- Process for submitting claims against the receivership,
- Order of priorities for payment of administrative expenses and claims,
- Powers and duties of the receiver,
- Payment of dividends on claims,
- Sources of funds for payments and claims, and
- Status of fiduciary and custodial assets and accounts.
The final rule will become effective on January 19, 2017.