WASHINGTON – The Office of the Comptroller of the Currency
today published a final rule implementing sections of the American
Homeownership and Economic Opportunity Act of 2000 (AHEOA) that will enable
national banks to make some organizational changes more efficiently.
The new rule implements provisions of AHEOA that:
Allow a national bank to reorganize directly to become a
subsidiary of a holding company;
Increase the maximum term of service for national bank directors,
permit a national bank to adopt bylaws allowing for staggered terms for
directors in accordance with OCC regulations, and permit national banks to
apply for permission to have more than 25 directors; and
Permit national banks to merge with one or more of their
nonbank affiliates, subject to OCC approval.
The final rule also revises several provisions of the
corporate procedures and the bank activities regulations to make clarifying
changes or updates based on recent developments in the law. It amends the fiduciary activities rules to
modify the required timing of valuation for certain collective investment
funds. Finally, it revises a provision
of the real estate lending rules, which address the OCC's authority with
respect to real estate lending for national banks, to conform with a change
that was made to the underlying statute.
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The OCC charters, regulates
and examines approximately 2,100 national banks and 52 federal branches of
foreign banks in the U.S., accounting for more than 55 percent of the
nation’s banking assets. Its mission is to ensure a safe and sound and
competitive national banking system that supports the citizens, communities
and economy of the United States.
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