OCC Proposes Simplifying Public Welfare Investments
The OCC is proposing to simplify its rules governing community development and public welfare investments by national banks to reduce regulatory burden to encourage investments. Well-managed and well-capitalized banks with a CRA rating of "satisfactory" or "outstanding" could use a shorter after-the-fact notice. Other banks would need prior OCC approval for public welfare investments, but would use a streamlined application. The proposal would redefine public welfare investments to take into account investments that have recently become more common. And finally, the proposal would eliminate the need to demonstrate community support for the investment. The proposal is available at www.occ.treas.gov. Comments are due by March 11.