The OCC’s Part 7 Final Rule: Five Things to Know

The OCC’s Part 7 Final Rule: Five Things to Know

December 3, 2020, Covington Alert

On November 23, 2020, the Office of the Comptroller of the Currency (“OCC”) issued a final rule amending its regulations under 12 C.F.R. Part 7 relating to the activities and operations of national banks and federal savings associations. The final rule, which becomes effective on April 1, 2021, governs a range of topics, including permissible derivatives activities, payment system memberships, tax equity finance transactions, and corporate governance. The final rule is intended to clarify and codify recent OCC interpretations, integrate certain regulations for national banks and federal savings associations, and update or eliminate outdated regulatory requirements that no longer reflect the modern financial system.