The Office of the Comptroller of the Currency ("OCC") published a new booklet of the Comptroller's Licensing Manual titled "Substantial Asset Changes, Including Changes in Charter Purpose."
To execute a substantial asset change, banks first must submit an application to receive OCC approval. The OCC describes: (i) what may constitute a substantial asset change, including a change in charter purpose, (ii) when filing with the OCC is required, and (iii) what criteria the OCC considers when evaluating applications.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
