June 4, 2020

OCC: Comments Requested on Proposed Rules to Update Activities and Operations and Digitial Activities

The Office of the Comptroller of the Currency (OCC) today released two issuances for public comment.

The OCC published a Notice of Proposed Rulemaking (NPR) for public comment to update its rules for national bank and federal savings association activities and operations. The agency also released an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on rules on national banks’ and federal savings associations’ (banks) digital activities.

The NPR is part of the OCC’s continual effort to modernize its rules and remove unnecessary requirements to relieve banks of unnecessary burden, encouraging economic opportunity and promoting the safe, sound, and fair operation of the federal banking system. The ANPR is part of the agency’s effort to support the evolution of the federal banking system and its ability to meet the needs of the consumers, businesses, and communities it serves. Comments on both issuances are due August 3, 2020.

The NPR would make various changes to 12 CFR 7 to update or eliminate outdated regulatory requirements that no longer reflect the modern financial system and clarify and codify recent OCC interpretations. Among the significant proposed changes are:

The ANPR invites comment on its regulations at 12 CFR 7, subpart E and 155, and any other banking issues related to digital technology and innovation, including:

Comments received on this ANPR may inform the development of specific policy proposals or future rulemakings.

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