Search Results for agency_names:"Comptroller of the Currency"

The Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a report to Congress. As of September 30, 2024, they found no major differences in the accounting and capital standards for the banks they oversee. While there are some minor differences concerning definitions and rules, these do not significantly affect the institutions. The report highlights how certain rules apply differently to specific banking groups due to legal and regulatory requirements.

The Office of the Comptroller of the Currency (OCC) adopted a final rule to codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued in 2018 along with the Federal Reserve, FDIC, NCUA, and the Bureau of Consumer Financial Protection. This rule emphasizes that supervisory guidance, unlike laws or regulations, does not have legal force and doesn't create legally binding obligations for the public. The rule aims to ensure that the OCC will follow the principles of administrative law and use guidance to support transparency and consistency in the supervision of banks. The final rule takes effect on March 15, 2021, and assures that supervisory guidance will continue to be a valuable tool without being enforceable like laws.

The Office of the Comptroller of the Currency (OCC) is proposing a new rule that aims to change the requirements for national bank and Federal savings association properties. This rule includes standards for acquiring and holding real estate and considers modern needs, like mixed-use developments and virtual workspaces. The OCC is seeking public comments on the proposal to apply these standards consistently while addressing recent changes in real estate and banking operations. The comments must be submitted by March 22, 2021.

The Office of the Comptroller of the Currency (OCC), part of the Treasury Department, is seeking public comments on an information collection titled "Covered Savings Associations Notice," in line with the Paperwork Reduction Act (PRA). This notice aims to reduce paperwork and ensure efficiency by renewing procedures that allow certain Federal savings associations to operate with the same rights as national banks. Comments on the proposal should be submitted by April 14, 2025, and will be considered in the final decision process. The OCC is particularly interested in feedback on the necessity, clarity, and burden of the information collection.

The Office of the Comptroller of the Currency (OCC) is inviting comments on the proposed renewal of an information collection, as required by the Paperwork Reduction Act. This involves a revision of their annual stress test reporting template for financial institutions with assets of $250 billion or more, under the Dodd-Frank Act. The proposed updates aim to align with existing Federal Reserve reporting forms and exclude outdated or unnecessary components. Public comments are encouraged and can be submitted by various methods outlined in the notice until March 7, 2025.

On December 11, 2020, the Office of the Comptroller of the Currency (OCC) published a final rule aimed at updating regulations for national banks and Federal savings associations to improve clarity, safety, and efficiency, while eliminating unnecessary requirements. A subsequent correcting amendment, effective January 11, 2021, addresses missing information and corrects three typographical errors within the final rule. These technical changes do not alter the substance of the regulations and were implemented without requiring the usual public notice and comment process, based on the OCC's determination that such steps were unnecessary. The OCC also ensured that the rule would take effect promptly, waiving typical delays because the changes increase compliance flexibility and reduce burdens for regulated institutions.