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On January 4, the Office of the Comptroller of the Currency (OCC) issued a proposed rule (Proposal) that would amend the requirements applicable to ownership of real property by national banks and federal savings associations (together, "banks"). The Proposal would modify and clarify the current requirements for bank premises. The Proposal was published in the Federal Register on February 3, 2021, and the deadline for comments is March 20, 2021.
On November 2, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the Agencies) published a paper, “ Sound Practices to Strengthen Operational Resilience,” to provide banks and their holding companies (collectively, institutions) with ways to minimize operational risks to institutions’ resiliency that can cause extensive disruptions.
[co-author: James Stevens]* The OCC’s new rule titled “Permissible Interest on Loans That Are Sold, Assigned, or Otherwise Transferred” (the Permissible Interest Rule) states that a national bank “may transfer a loan without impacting the permissibility or enforceability of the interest term in a loan contract, thereby resolving the legal uncertainty created by the Madden decision.” The OCC has repeatedly asserted that the Second Circuit’s 2015 Madden v.
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