OCC rule updates licensing requirements

The OCC released a final rule updating and clarifying licensing policies and procedures. The final rule makes various changes to the OCC’s Rules, Policies, and Procedures for Corporate Activities, 12 CFR part 5.

Among the changes, the rule:

  • Allows national banks and federal savings associations to follow procedures that apply to state institutions for certain business combinations.
  • Expands the operating subsidiary notice and expedited review processes.
  • Permits investments in entities that have not agreed to OCC supervision.
  • Provides procedures for granting and revoking citizenship and residency waivers for directors.
  • Changes the definition of "troubled condition" for changes in directors and senior executives.