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.
Simple Explanation
The government is thinking about changing how banks can use and own buildings. They want to make sure these rules work for things like fancy buildings with stores and offices together, and for people who work from home, so they're asking people what they think about it.