Comptroller updates ‘permissible activities’ list for banks, savings associations

An updated list of permissible activities for national banks and savings associations – spread over 100 pages and grouped into seven general areas (with exemptions noted in another section) – was released Friday by the Office of the Comptroller of the Currency (OCC).

According to the OCC, the (Activities Permissible for National Banks and Federal Savings Associations, Cumulative) reflects applicable precedent for national banks, streamlines entries for readability, and includes OCC decisions affecting federal savings association issued through applicable interpretive letters and corporate decisions.

“National banks and federal savings associations should not rely solely on this document to determine the activities permissible for their institutions,” OCC said in a release. “Instead, the banks and federal savings associations should review the authorities cited in the publication and other relevant precedent before engaging in an activity.”

The agency stated that banks and savings associations are responsible for determining whether changes to applicable laws and regulations affect the permissibility of an activity – and pointed out that previously permissible activities may become impermissible because of statutory or regulatory changes.

Further, any activity permissible for a national bank or federal savings association is also permissible for its operating subsidiary, OCC stated.

The list groups the “permissible activities” under the areas of general banking activities, fiduciary activities, insurance and annuities activities (including title insurance, underwriting and reinsurance), securities activities (including derivatives and tying), technology and electronic activities, compliance and investments.

OCC Releases Updated List of Permissible Activities for National Banks and Federal Savings Associations