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Fundamental Change in Asset Composition of a Bank

banking-occ · OCC · Rule · Published 2004-08-16 · Effective 2004-10-01 · 69 FR 50293

Document

Document number
04-18681
Federal Register citation
69 FR 50293
CFR reference
12 CFR 5
Type
Rule
Action
Final rule.
Category
banking-occ
Sub-agency
OCC
Publication date
2004-08-16
Effective date
2004-10-01
Treasury docket
Docket No. 04-20

Abstract

The Office of the Comptroller of the Currency (OCC) is amending its regulations to require a national bank to obtain the approval of the OCC before changing the composition of all, or substantially all, of its assets (1) through sales or other dispositions, or (2) after having sold or disposed of all, or substantially all, of its assets, through subsequent purchases or other acquisitions or other expansions of its operations. The final rule provides that, in the second case, the OCC will apply, among other factors, the same factors as it applies to the establishment of a de novo bank. This new approval requirement will enable the OCC to better assess the bank's compliance with applicable law and whether the proposed change comports with safe and sound banking practices.

Source

Authoritative
Federal Register document
Machine
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