WASHINGTON -- The Office of the Comptroller of the Currency
(OCC) today published a proposed rule to assist consumers in identifying
national bank operating subsidiaries that are subject to OCC supervisory
authority.
Questions recently have arisen about how consumers identify
entities that are national bank operating subsidiaries, particularly in the
context of where consumers would direct any complaints about their experiences
with such an entity. Many national bank
operating subsidiaries that deal with consumers use a trade name or brand
closely identified with their parent bank.
Some do not, however, and thus some consumers may be unsure of the
character of the entity and the agency responsible for regulating it.
In order to provide
more specific information to consumers, the proposed rule would require
national banks to file an annual report with the OCC containing information
about national bank operating subsidiaries that are not functionally regulated
by other regulators and that do business directly with consumers. The OCC will make this information available
to the public on its Internet customer service Web site at www.occ.treas.gov/customer.htm.
The OCC invites comment on whether the information requested
is adequate to apprise consumers of the information they need to identify the
company as a national bank operating subsidiary. Commenters also are invited to address whether national banks
should report information on operating subsidiaries that are functionally
regulated by other regulators, and with respect to those subsidiaries, whether,
and if so, how best to direct consumers to the appropriate regulator(s) for the
particular “functionally regulated” company.
The proposed rule is available at www.occ.treas.gov.
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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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