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OCC pitches resolution plan for uninsured national banks

Joe Mont | September 22, 2016

The Office of the Comptroller of the Currency (OCC) has released a proposed rule for establishing a framework for placing uninsured national banks into receivership.

“While the OCC has not appointed a receiver for an uninsured national bank in many years [not since the Great Depression], clarifying the framework, process, and authority promotes the orderly resolution of such institutions if required and contributes to the broader stability of the federal banking system,” the agency said in a statement.

The proposed rule would apply to all uninsured national banks regulated by the OCC. While the National Bank Act and Federal Deposit Insurance Act specify the Federal Deposit Insurance Corporation as receiver for insured banks and savings associations, the law grants the Comptroller broad authority to choose a receiver for uninsured national banks. The proposal would not apply to federal...

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