OCC Finalizes Rule Creating Exception to Withdrawal Period Requirement for Collective Investment Funds

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today finalized a rule applicable to national banks and federal savings associations administering a collective investment fund invested primarily in real estate or other assets that are not readily marketable.

On August 13, 2020, the OCC published an interim final rule that codified the time a bank generally has for withdrawing an account from a covered CIF and established an exception to that requirement. Under that exception, a bank may receive an extension to the standard withdrawal period with OCC approval, if certain conditions are met.

The final rule revises one of the conditions for the exception and otherwise adopts the interim final rule as final without further change. The rule is effective as of the date in the Federal Register.

Related Link

• Federal Register Notice (PDF)