By Jeff Bater
The Office of the Comptroller of the Currency is removing certain financial disclosure requirements for national banks as part of a final rule meant to reduce outdated compliance burdens on the industry.
Among other things, the rule removes unnecessary regulatory reporting, accounting and management policy requirements for federal savings associations, the OCC said Dec. 15.
The rule, proposed in March, is part of a decennial review by the OCC required under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), a 1996 law. The OCC and other agencies solicited comments from lenders during the EGRPRA review process, which began in late 2014.
While other federal financial regulators participated in the EGRPRA review, the OCC made clear its final rule affects regulations exclusive to the OCC and its supervision of national banks and thrifts.
The rule revises certain fiduciary activity requirements for national banks and thrifts, including increasing the asset size limit for mini-funds. Banks maintain mini-funds for the collective investment of cash balances received or held by the bank in its capacity as custodian under the Uniform Gifts to Minors Act that the bank considers too small to be invested separately in an economically efficient manner.
During the review process, the OCC was asked to periodically adjust the asset limit for mini-funds to account for inflation and economic growth.
“The OCC believes this change will continue to make mini-funds a feasible investment option for national banks,” the agency said in the text of the final rule.
The OCC said it continues to review EGRPRA comments and may consider additional changes to OCC rules as the review progresses.
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