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OCC Issues Proposal on Transfer of OTS Functions, Pre-emption

Posted on 5/26/2011

The Office of the Comptroller of the Currency yesterday issued a proposed rule that would implement Dodd-Frank Act provisions involving, among other things, the transfer of Office of Thrift Supervision functions to the OCC, and some changes to the OCC's national bank pre-emption authority.

The proposal would amend the OCC's assessment fee rule to include federal savings associations. Under the proposal, the thrift assessments normally due on July 31 would be deferred to Sept. 30, using June 30 data.

The OCC will compute assessment fees under both its own and the OTS' schedules for assessments charged in September 2011 and March 2012. Federal savings associations will pay the lesser of the two fees. Then, beginning with assessments charged in September 2012, the OCC will assess fees based on a single fee schedule, regardless of charter.

The proposal also would amend, but largely preserve, the OCC's federal pre-emption of national banks, as Acting Comptroller of the Currency John Walsh explained earlier this month in a letter to lawmakers.

The proposed rule eliminates pre-emption for national bank subsidiaries, agents and affiliates. The OCC also will have to comply with new procedures in making pre-emption determinations, including consulting with the Consumer Financial Protection Bureau on state law. The proposed rule will be published in today's Federal Register, and comments are due June 27.

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