On December 15, 2016, the US Office of the Comptroller of the Currency released a final rule to remove outdated or unnecessary provisions of certain rules to reduce regulatory burden. The rule is a result of the OCC's decennial review of its rules required by the US Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996. While the OCC is conducting the EGRPRA review jointly with the other federal financial regulatory agencies, the final rule addresses regulations that are exclusive to the OCC. Of note, the final rule: removes notice and approval requirements for certain changes in permanent capital involving national banks; clarifies national bank director oath requirements; removes certain financial disclosure requirements for national banks; integrates and updates OCC rules for national banks and federal savings associations relating to municipal securities dealers, Securities Exchange Act of 1934 disclosures, securities offering disclosures and insider and affiliate transactions; updates recordkeeping and confirmation requirements for national banks' and federal savings associations' securities transactions; and permits the electronic submission of filings required under the Securities Act of 1933 and the Securities Exchange Act. The OCC has also recommended legislative chances that would remove unnecessary burden for national banks and federal saving associations.
The final rule is available at: https://www.federalreserve.gov/newsevents/press/bcreg/20161213a.htm.
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