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News Release 2020-158
November 23, 2020
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WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a final rule that updates its rules for national bank and federal savings association activities and operations.
The rule is part of the OCC’s continuous effort to modernize its rules and remove unnecessary requirements to relieve banks of unnecessary burden, encourage economic opportunity, and promote the safe, sound, and fair operation of the federal banking system.
The amendments take effect April 1, 2021.
The final rule changes 12 CFR 7 to update or eliminate outdated regulatory requirements that no longer reflect the modern financial system and to clarify and codify recent OCC interpretations. Among the changes are:
Bryan Hubbard (202) 649-6870