July 21, 2011
Authored by: Beth Lanier
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, on July 21, the OCC assumed responsibility from the OTS for the ongoing examination, supervision, and regulation of federal savings associations and rulemaking for all savings associations, state and federal. Accordingly, the OCC issued an Interim Final Rule with request for comments that republishes regulations issued by the Office of Thrift Supervision that the OCC has authority to promulgate and enforce as July 21. The rule is effective July 21 and the comment period will close on October 11.
This rule renumbers and issues these former OTS regulations as new OCC regulations, with nomenclature and other technical amendments to reflect OCC supervision of federal savings associations. These newly issued OCC regulations will supersede OTS regulations for purposes of OCC supervision of federal savings associations, as provided by the Act.
This interim final rule is part of a larger OCC review of OCC and OTS regulations to determine what changes are needed for the transition to OCC supervision of federal savings associations. As a continuation of this review, the OCC will consider more comprehensive substantive amendments to these regulations, as appropriate, later this year.