Search Results for keywords:"national banks"

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.

The Office of the Comptroller of the Currency (OCC) is seeking public comments on the renewal of the "Fair Housing Home Loan Data System Regulation" information collection. This request is part of the agency's effort to reduce paperwork and respondent burden, in accordance with the Paperwork Reduction Act. The regulation requires certain national banks to collect and maintain specific data on home loans, especially if they receive over 50 home loan applications annually. The OCC is asking for feedback on whether the information collections are necessary, how to reduce the burden on respondents, and any start-up or ongoing costs associated with providing the information.

The Office of the Comptroller of the Currency (OCC) is proposing a new rule that would allow exemptions from certain requirements tied to Suspicious Activity Reports (SARs), which banks and savings associations must file. This rule aims to give national banks and federal savings associations some flexibility if they come up with new, more efficient ways to comply with anti-money laundering laws, while still being reviewed for safety and soundness. The proposal includes guidelines on how banks can apply for these exemptions and factors that will be considered in granting them, like consistency with the Bank Secrecy Act and any supervisory concerns. The OCC is inviting public comments on this proposed rule until February 22, 2021.