Page 8 - February 2017 Regulatory Review

the Receivership Estate has been terminated, the The Office of the Comptroller of the Currency (OCC)
Receiver discharged, and the Receivership Estate has issued a final rule revising certain of its rules to
has ceased to exist as a legal entity. The notice remove outdated or otherwise unnecessary
may be viewed at: provisions. Specifically, OCC is: revising certain
https://www.gpo.gov/fdsys/pkg/FR-2017-02- licensing rules related to chartering applications,
09/pdf/2017-02627.pdf. Federal Register, Vol. business combinations involving Federal mutual
82, No. 26, 02/09/2017, 10008. savings associations, and notices for changes in
permanent capital; clarifying national bank director
 FDIC has issued a notice to announce it has been oath requirements; revising certain fiduciary activity
authorized to take all actions necessary to requirements for national banks and Federal savings
terminate the receivership estate of Old Southern associations; removing certain financial disclosure
Bank, Orlando, Florida (Receivership Estate). regulations for national banks; removing certain
The Receiver has made all dividend distributions unnecessary regulatory reporting, accounting, and
required by law. The Receiver has further management policy regulations for Federal savings
irrevocably authorized and appointed FDIC- associations; updating the electronic activities
Corporate as its attorney-in-fact to execute and regulation for Federal savings associations;
file any and all documents that may be required integrating and updating OCC regulations for
to be executed by the Receiver which FDIC- national banks and Federal savings associations
Corporate, in its sole discretion, deems relating to municipal securities dealers, Securities
necessary; including but not limited to releases, Exchange Act disclosure rules, and securities offering
discharges, satisfactions, endorsements, disclosure rules; updating and revising recordkeeping
assignments and deeds. Effective 02/01/2017, and confirmation requirements for national banks’
the Receivership Estate has been terminated, the and Federal savings associations’ securities
Receiver discharged, and the Receivership Estate transactions; integrating and updating regulations
has ceased to exist as a legal entity. The notice relating to insider and affiliate transactions; and
may be viewed at: making other technical and clarifying changes. The
https://www.gpo.gov/fdsys/pkg/FR-2017-02- final rule is effective 04/01/2017. The final rule may
09/pdf/2017-02631.pdf. Federal Register, Vol. be viewed at: https://www.gpo.gov/fdsys/pkg/FR-
82, No. 26, 02/09/2017, 10007. 2017-01-23/pdf/2016-30502.pdf. Federal Register,
Vol. 82, No. 13, 01/23/2017, 8082-8111.
 FDIC has issued a notice to announce it has been
authorized to take all actions necessary to OCC Finalizes Rule on Adjudicatory
terminate the receivership estate of WestBridge Proceedings.
Bank and Trust Company, Chesterfield,
Missouri, (Receivership Estate). The Receiver OCC has issued a final rule amending its rules of
has made all dividend distributions required by practice and procedure for national banks and its
law. The Receiver has further irrevocably rules of practice and procedure in adjudicatory
authorized and appointed FDIC-Corporate as its proceedings for Federal savings associations to adjust
attorney-in-fact to execute and file any and all the maximum amount of each civil money penalty
documents that may be required to be executed within its jurisdiction to administer to account for
by the Receiver which FDIC-Corporate, in its inflation. These actions implement the Federal Civil
sole discretion, deems necessary; including but Penalties Inflation Adjustment Act of 1990, as
not limited to releases, discharges, satisfactions, amended by the Federal Civil Penalties Inflation
endorsements, assignments and deeds. Effective Adjustment Act Improvements Act of 2015. The
02/01/2017, the Receivership Estate has been final rule is effective 02/13/2017. The final rule may
terminated, the Receiver discharged, and the be viewed at: https://www.gpo.gov/fdsys/pkg/FR-
Receivership Estate has ceased to exist as a legal 2017-01-12/pdf/2017-00178.pdf. Federal Register,
entity. The notice may be viewed at: Vol. 82, No. 8, 01/12/2017, 3619-3623.
https://www.gpo.gov/fdsys/pkg/FR-2017-02-
09/pdf/2017-02671.pdf. Federal Register, Vol.
82, No. 26, 02/09/2017, 10010.

OCC Adjusts Civil Monetary Penalties.
OCC Finalizes Rule on Economic OCC has issued a final rule amending its rules of
Growth. practice and procedure for national banks and its
rules of practice and procedure in adjudicatory

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