OCC clarifies swap policies, makes other technical updates

WASHINGTON — The Office of the Comptroller of the Currency clarified that federal thrifts must abide by the same rules as national banks pertaining to membership in payment systems and codified policies on acceptable derivatives practices among a slew of technical updates announced Monday.

The changes were included in a final rule as part of an effort to modernize OCC regulation of certain activities and operations for the digital age.

“The rule is part of the OCC’s continuous effort to modernize its rules and remove unnecessary requirements to relieve banks of unnecessary burden, encourage economic opportunity, and promote the safe, sound, and fair operation of the federal banking system,” the agency wrote in a press release.

The OCC’s rule expands the ability of supervised entities to adopt corporate governance provisions under state law, building off changes finalized by the agency last week when it finalized another rule to eliminate “unnecessary” bank licensing regulation.

The rule codifies other long-time interpretations of OCC guidance regarding national banks’ ability to issue capital stock.