OCC Issues Revised Procedures for Termination of Federal Charter
In early June, the Office of the Comptroller of Currency (OCC) issued the “Termination of Federal Charter” booklet. This booklet includes additional procedures and requirements that have resulted from the integration of the OCC and the Office of Thrift Supervision, as well as revised regulations (12 CFR 5) that became effective in July 2015. The new booklet replaces the previous procedures booklet issued in 1998 (“Termination of National Bank Status”).
A few of the highlights taken from OCC Bulletin 2017-20 are as follows:
- provides an overview of policy considerations and evaluative factors that the OCC considers when reviewing notices to terminate a bank.
- outlines requirements and procedures that a bank should follow when completing the process to terminate, either through a merger, conversion, or liquidation, including completing related filings and notices.
- lists references and links to informational resources, sample forms, and documents that a bank may find useful during the termination process.
- incorporates revised regulatory requirements for terminating a bank.
To view the new booklet, click here.