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Tuesday, March 15, 2016

OCC Issues Proposal on EGRPRA-Related Reg Changes

The OCC issued a proposal that would make several regulatory adjustments as part of its efforts under the Economic Growth and Regulatory Paperwork Reduction Act to reduce unnecessarily burdensome or outdated banking rules.

Most notably, the agency agreed with ABA's recommendation to allow national banks to offer investment advice for a fee without having custody of the client’s assets either directly or through a sub-custodian, as currently required in 12 CFR 9.13. This request to modernize the rules on custody was made to address the growing trend that bank fiduciary clients, while wanting the bank’s investment management expertise, sometimes seek to maintain custody with another institution.

Other specific proposed changes include changes to licensing rules, bank director oath requirements, fidelity bond activities, reporting requirements, electronic activities and recordkeeping. ABA will thoroughly review the proposed rule. Comments are due by May 13.

Read the proposed rule.
Read ABA’s comment letter.

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