OCC Proposes Rule to Reduce Regulatory Burden

WASHINGTON – The Office of the Comptroller of the Currency (OCC) issued a proposed rule in the Federal Register today to reduce unnecessary regulatory burden and update and change various OCC regulations. The OCC's review of regulations is consistent with the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).

The OCC regularly reviews its regulations to identify opportunities to streamline regulations or regulatory processes. The OCC proposal includes measures to reduce burden involving fiduciary powers, change in bank control notices, changes in permanent capital, electronic banking, recordkeeping and confirmation requirements for securities transactions, community development investments, and adjustable rate mortgages.

The burden reduction proposals are accompanied by other measures to incorporate previously published interpretive opinions, to harmonize the OCC rules with rules issued by other Federal agencies, to update OCC rules to reflect recent statutory changes, and to make technical and conforming amendments to improve clarity and consistency.