OCC Publishes Guidance on Substantial Asset Changes

The Office of the Comptroller of the Currency ("OCC") published a new booklet of the Comptroller's Licensing Manual titled "Substantial Asset Changes, Including Changes in Charter Purpose."

To execute a substantial asset change, banks first must submit an application to receive OCC approval. The OCC describes: (i) what may constitute a substantial asset change, including a change in charter purpose, (ii) when filing with the OCC is required, and (iii) what criteria the OCC considers when evaluating applications.