OCC Proposes Removal of Outdated Rule Provisions for National Banks and Federal Savings Associations

The Office of the Comptroller of the Currency ("OCC") proposed the removal of the outdated or unnecessary provisions of certain rules in order to reduce the regulatory burden on national banks and federal savings associations. The proposal is part of the OCC's decennial review of its rules as required by the Economic Growth and Regulatory Paperwork Reduction Act.

Specifically, the OCC proposes:

• the removal of notice and approval requirements for certain changes in permanent capital involving national banks;

• the simplification of certain licensing rules for business combinations involving federal mutual savings associations;

• the clarification of national bank directors' oath requirements;

• the removal of unnecessary burdens with respect to federal savings associations' fidelity bond activities;

• the revision of certain fiduciary activity requirements for national banks and federal savings associations, including increasing the asset size limit for mini-funds;

• the removal of certain financial disclosure requirements for national banks;

• the removal of certain unnecessary regulatory reporting, accounting and management policy requirements for federal savings associations;

• the removal of unnecessary requirements in the electronic activities rule for federal savings associations;

• integrating and updating OCC rules for national banks and federal savings associations relating to municipal securities dealers, Securities Exchange Act disclosures, securities offering disclosures, and insider and affiliate transactions;

• permitting the electronic submission of filings required under the Securities Act and the Securities Exchange Act; and

• updating the recordkeeping and confirmation requirements for national banks and federal savings associations' securities transactions.

Comments on the proposal must be received by May 13, 2016.