OCC Adopts Withdrawal Period Exception for Collective Investment Funds

An OCC final rule that codifies an exception to the withdrawal period for banks that administer a collective investment fund ("CIF") primarily invested in real estate or other non-readily marketable assets was published in the Federal Register. The final rule went into effect on May 26, 2021.

As previously covered, the rule finalizes an August 2020 interim final rule that established that a bank would be allowed to withdraw from a CIF up to one year after the standard withdrawal period, contingent on the OCC's approval and subject to certain conditions.