OCC Issues Updated Comptroller's Licensing Manual Booklet on Federal Branches and Agencies

The Office of the Comptroller of the Currency ("OCC") issued an updated booklet, titled "Federal Branches and Agencies," which is part of the Comptroller's Licensing Manual.

The current booklet, which revises the booklet of the same title issued in December 1999, provides updated guidance and examination procedures to examiners and bankers concerning the supervision of federal branches and agencies.

The updated booklet:

• reflects amendments in 2003 to the International Banking Act and the OCC's revisions to the implementing regulation 12 CFR 28;
• incorporates applicable regulatory changes that address expedited approvals for establishments and relocations and the elimination of agreements for deposit-taking by limited federal branches;
• adds a discussion of new activities and operations permitted for federal branches and agencies, including loan production offices, operating subsidiaries and noncontrolling investments; and
• includes policy considerations for conversions of state-licensed branches and agencies to federal licenses.

See: Press Release.