[Federal Register Volume 85, Number 157 (Thursday, August 13, 2020)]
[Rules and Regulations]
[Pages 49229-49233]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17322]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
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Federal Register / Vol. 85, No. 157 / Thursday, August 13, 2020 /
Rules and Regulations
[[Page 49229]]
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Part 9
[Docket ID OCC-2020-0031]
RIN 1557-AE99
Collective Investment Funds: Prior Notice Period for Withdrawals
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Interim final rule; request for comment.
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SUMMARY: OCC regulations permit a national bank or Federal Savings
association (collectively, a bank) administering a collective
investment fund (CIF) that is invested primarily in real estate or
other assets that are not readily marketable to require a prior notice
period, not to exceed one year, for withdrawals from the fund. The OCC
interprets this notice provision as requiring the bank to withdraw an
account within the prior notice period or, if permissible under the
CIF's written plan, within one year after prior notice was required
(standard withdrawal period). The OCC is issuing an interim final rule
to codify the standard withdrawal period and create a limited exception
that allows a bank, with OCC approval, to withdraw an account from the
CIF up to one year beyond the standard withdrawal period, with
opportunities for further extensions, provided that certain conditions
are satisfied. The exception is intended to enable a bank to preserve
the value of the CIF's assets for the benefit of fund participants
during unanticipated and severe market conditions, such as those
resulting from the current national health emergency concerning the
coronavirus disease (COVID-19) outbreak.
DATES: The interim final rule is effective August 13, 2020. Comments on
the interim final rule must be received no later than September 14,
2020.
ADDRESSES: Commenters are encouraged to submit comments through the
Federal eRulemaking Portal or email, if possible. Please use the title
``Collective Investment Funds: Prior Notice Period for Withdrawals'' to
facilitate the organization and distribution of the comments. You may
submit comments by any of the following methods:
Federal eRulemaking Portal--``Regulations.gov Classic or
Regulations.gov Beta'':
Regulations.gov Classic: Go to https://www.regulations.gov/. Enter
``Docket ID OCC-2020-0031'' in the Search Box and click ``Search.''
Click on ``Comment Now'' to submit public comments. For help with
submitting effective comments please click on ``View Commenter's
Checklist.'' Click on the ``Help'' tab on the Regulations.gov home page
to get information on using Regulations.gov, including instructions for
submitting public comments.
Regulations.gov Beta: Go to https://beta.regulations.gov/ or click
``Visit New Regulations.gov Site'' from the Regulations.gov Classic
homepage. Enter ``Docket ID OCC-2020-0031'' in the Search Box and click
``Search.'' Public comments can be submitted via the ``Comment'' box
below the displayed document information or by clicking on the document
title and then clicking the ``Comment'' box on the top-left side of the
screen. For help with submitting effective comments please click on
``Commenter's Checklist.'' For assistance with the Regulations.gov Beta
site, please call (877) 378-5457 (toll free) or (703) 454-9859 Monday-
Friday, 9 a.m.-5 p.m. ET or email [email protected].
Email: [email protected].
Mail: Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
Instructions: You must include ``OCC'' as the agency name and
``Docket ID OCC-2020-0031'' in your comment. In general, the OCC will
enter all comments received into the docket and publish the comments on
the Regulations.gov website without change, including any business or
personal information that you provide such as name and address
information, email addresses, or phone numbers. Comments received,
including attachments and other supporting materials, are part of the
public record and subject to public disclosure. Do not include any
information in your comment or supporting materials that you consider
confidential or inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this rulemaking action by any of the following methods:
Viewing Comments Electronically--Regulations.gov Classic
or Regulations.gov Beta:
Regulations.gov Classic: Go to https://www.regulations.gov/. Enter
``Docket ID OCC-2020-0031'' in the Search box and click ``Search.''
Click on ``Open Docket Folder'' on the right side of the screen.
Comments and supporting materials can be viewed and filtered by
clicking on ``View all documents and comments in this docket'' and then
using the filtering tools on the left side of the screen. Click on the
``Help'' tab on the Regulations.gov home page to get information on
using Regulations.gov. The docket may be viewed after the close of the
comment period in the same manner as during the comment period.
Regulations.gov Beta: Go to https://beta.regulations.gov/ or click
``Visit New Regulations.gov Site'' from the Regulations.gov Classic
homepage. Enter ``Docket ID OCC-2020-0031'' in the Search Box and click
``Search.'' Click on the ``Comments'' tab. Comments can be viewed and
filtered by clicking on the ``Sort By'' drop-down on the right side of
the screen or the ``Refine Results'' options on the left side of the
screen. Supporting materials can be viewed by clicking on the
``Documents'' tab and filtered by clicking on the ``Sort By'' drop-down
on the right side of the screen or the ``Refine Results'' options on
the left side of the screen. For assistance with the Regulations.gov
Beta site, please call (877) 378-5457 (toll free) or (703) 454-9859
Monday-Friday, 9 a.m.-5 p.m. ET or email
[email protected].
The docket may be viewed after the close of the comment period in
the same manner as during the comment period.
FOR FURTHER INFORMATION CONTACT:
Patricia Dalton, Director for Asset Management Policy, David
Stankiewicz, Technical Expert for Asset Management Policy, Market Risk
Policy Division,
[[Page 49230]]
Bank Supervision Policy, 202-649-6360; Beth Kirby, Assistant Director,
Asa Chamberlayne, Counsel, or Daniel Perez, Senior Attorney, Chief
Counsel's Office, (202) 649-5490, for persons who are deaf or hearing
impaired, TTY, (202) 649-5597, Office of the Comptroller of the
Currency, 400 7th Street SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION:
I. Background
A collective investment fund (CIF) is a bank-managed fiduciary fund
that holds pooled assets. A national bank or Federal savings
association (collectively, a bank) that establishes and operates a CIF
must do so in accordance with the criteria established under the OCC
fiduciary activities regulation at 12 CFR 9.18.\1\ A CIF is funded
through contributions by the CIF's participants, which are the
beneficial owners of the fund's assets. A bank admitting a CIF
participant or withdrawing all or part of its participating interest
(that is, allowing the participant to, in effect, redeem a
proportionate interest in the assets of the CIF) must do so on the
basis of a valuation of the CIF's assets.\2\
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\1\ Pursuant to 12 CFR 150.260, the terms ``bank'' and
``national bank'' as used in 12 CFR 9.18 are deemed to include a
Federal savings association.
\2\ 12 CFR 9.18(b)(5)(i).
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A bank administering a CIF invested primarily in real estate or
other assets that are not readily marketable may require a prior notice
period of up to one year for withdrawals.\3\ The OCC has interpreted
this notice as requiring the bank to withdraw an account within the
prior notice period or, if permissible under the CIF's written plan,
within one year after prior notice was required (standard withdrawal
period).\4\ The OCC has also recognized, however, that there may be
circumstances when a longer withdrawal period is appropriate. For
example, during the 2009 financial crisis, the OCC permitted a bank to
extend the time period for withdrawals, subject to certain
conditions.\5\
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\3\ 12 CFR 9.18(b)(5)(iii).
\4\ See, e.g., OCC Interpretive Letter No. 1121 (Aug. 2009)
(Interpretive Letter 1121).
\5\ Id.
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During normal market conditions, a bank can typically satisfy
withdrawal requests within the standard withdrawal period. However, in
the event of unanticipated and severe market conditions, a bank may be
faced with an increased number of withdrawal requests and reduced
market liquidity. If the bank is required to sell assets held by a CIF
to satisfy withdrawals within the standard withdrawal period, it may
have difficulty realizing a fair value for those assets. This could
compel ``fire sales'' of CIF assets and lead to avoidable economic harm
for CIF participants, which would be contrary to general fiduciary
principles that require a CIF trustee to act in the interests of CIF
participants. Similarly, an in-kind distribution \6\ of CIF assets to
CIF participants would be generally impractical and involve
considerable difficulties and transaction costs for the participants,
who may be ill-equipped to receive, manage, and liquidate such assets.
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\6\ See 12 CFR 9.18(b)(5)(iv) (a bank may withdraw an account
from a fund in cash, ratably in kind, a combination of cash and
ratably in kind, or in any other manner permitted under state law
where the bank national maintains the fund).
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Extending the time period for acting upon withdrawal requests
beyond the standard withdrawal period would allow a bank administering
a CIF to take appropriate steps to satisfy the requests within the
context of current market conditions, including allowing for an orderly
liquidation of sufficient assets to raise cash through prudent and
appropriate sales, as the return of more normal market conditions
permit.
II. Interim Final Rule
The OCC is issuing an interim final rule that clarifies the
standard withdrawal period and establishes a limited exception to that
withdrawal period.
Under 12 CFR 9.18(b)(5)(iii), a bank administering a CIF invested
primarily in real estate or other assets that are not readily
marketable may require a prior notice period of up to one year for
withdrawals. As described above, the OCC has interpreted this notice
provision as requiring payment of the withdrawal requests within the
standard withdrawal period. The IFR adds new paragraph (b)(5)(iii)(B)
to Sec. 9.18, which codifies the standard withdrawal period as a
distinct provision of the rule and provides that a bank that requires a
prior notice period for withdrawals generally must withdraw an account
within the prior notice period or, if permissible under the CIF's
written plan, within one year after prior notice was required.
The IFR also adds new paragraph (b)(5)(iii)(C) to Sec. 9.18 to
create an exception to the standard withdrawal period that may be
invoked under exceptional circumstances. Specifically, under the
exception, a bank may withdraw an account from a CIF up to one year
beyond the standard withdrawal period described in new paragraph
(b)(5)(iii)(B), if the OCC approves and certain conditions are met.
Namely, the fund's written plan (including its notice and withdrawal
policy) must authorize an extended withdrawal period and be fully
disclosed to fund participants. In addition, the bank's board of
directors, or a committee authorized by the board of directors, must
make certain determinations and commitments. The bank's board of
directors, or a committee authorized by the board of directors, must
determine that (1) due to unanticipated and severe market conditions
for specific assets held by the fund, an extended withdrawal period is
necessary in order to preserve the value of the fund's assets for the
benefit of fund participants; and (2) the extended withdrawal period is
consistent with 12 CFR part 9 and applicable law. The bank's board of
directors, or a committee authorized by the board of directors, must
also commit that the bank will act upon any withdrawal request as soon
as practicable. Finally, the rule provides discretion for the OCC to
impose additional conditions if the OCC determines that the conditions
are necessary or appropriate to protect the interests of fund
participants.
The conditions established by this interim final rule are intended
to ensure that the exception is only granted if it is consistent with
fiduciary principles, applicable law, and the CIF's written plan.\7\ To
ensure that the exception is consistent with these principles and
requirements, and as described above, the OCC may impose additional
conditions, such as requiring periodic progress reports from the bank.
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\7\ See 12 CFR 9.18(b)(1) (written plan requirements).
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If, due to ongoing severe market conditions, a bank has been unable
to satisfy withdrawal requests during the one-year extension period
without causing harm to participants, the bank may request OCC approval
under new paragraph (b)(5)(iii)(D) for up to two additional one-year
extensions. The OCC may only approve each additional one-year extension
if the OCC determines that the bank has made a good faith effort to
satisfy withdrawal requests during the original extension period and
the bank has been unable to satisfy such requests without causing harm
to participants due to ongoing severe market conditions. The bank must
also continue to satisfy the conditions described in new paragraph
(b)(5)(iii)(C). In the OCC's experience, the initial one-year extension
should be sufficient in most cases to avoid a ``fire sale'' of CIF
assets during stressed market conditions. Additional extensions are
available in one-year increments to allow the OCC to review
[[Page 49231]]
the bank's ongoing efforts to satisfy withdrawal requests. The
additional requests are capped at two years based on the OCC's
experience with stressed market events and the need to balance the
bank's and participants' interest in satisfying withdrawal requests at
fair value with the participants' interest in timely withdrawals.
For example, under normal circumstances and pursuant to the
standard withdrawal period in new paragraph (b)(5)(iii)(B), a bank that
requires notice of withdrawal by December 31, 2020, is required to
withdraw an account no later than December 31, 2021. However, if, due
to exceptional circumstances, the bank receives a one-year extension of
the standard withdrawal period pursuant to new paragraph
(b)(5)(iii)(C), the bank is required to withdraw the account no later
than December 31, 2022. If the bank later receives an additional one-
year extension pursuant to new paragraph (b)(5)(iii)(D), the bank is
required to withdraw the account no later than December 31, 2023.
III. Request for Comment
The OCC invites comment on all aspects of this rulemaking. In
particular, the OCC invites comment on whether the OCC approval
requirement and associated conditions for an extended withdrawal period
are (1) sufficient to ensure that any extension of the withdrawal
period would be consistent with fiduciary principles and applicable
law; and (2) consistent with general business practices.
IV. Administrative Law Matters
A. Administrative Procedure Act
The OCC is issuing the interim final rule without prior notice and
the opportunity for public comment and the 30-day delayed effective
date ordinarily prescribed by the Administrative Procedure Act
(APA).\8\ Pursuant to section 553(b) of the APA, general notice and the
opportunity for public comment are not required with respect to a
rulemaking when an ``agency for good cause finds (and incorporates the
finding and a brief statement of reasons therefor in the rules issued)
that notice and public procedure thereon are impracticable,
unnecessary, or contrary to the public interest.'' \9\
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\8\ 5 U.S.C. 553.
\9\ 5 U.S.C. 553(b)(B).
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The OCC is concerned that the disruption and stress in the real
estate markets and other markets for not readily marketable assets
resulting from the outbreak of the COVID-19 emergency, coupled with
requiring a bank to withdraw an account within the standard withdrawal
period, may undermine the ability of a bank to realize an appropriate
value for CIF assets and be harmful in preserving the value of the
CIF's assets for the benefit of fund participants. Accordingly, the OCC
finds that the public interest is best served by implementing the
interim final rule immediately upon publication in the Federal
Register.
The APA also requires a 30-day delayed effective date, except for
(1) substantive rules, which grant or recognize an exemption or relieve
a restriction; (2) interpretative rules and statements of policy; or
(3) as otherwise provided by the agency for good cause.\10\ Because the
rule relieves a restriction on banks, the interim final rule is exempt
from the APA's delayed effective date requirement.\11\ In addition, for
the same reasons set forth above under the discussion of section
553(b)(B) of the APA, the OCC finds good cause to publish the interim
final rule with an immediate effective date.
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\10\ 5 U.S.C. 553(d).
\11\ 5 U.S.C. 553(d)(1).
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While the OCC believes that there is good cause to issue the
interim final rule without advance notice and comment and with an
immediate effective date as of the date of Federal Register
publication, the OCC is interested in the views of the public and
requests comment on all aspects of the interim final rule.
B. Congressional Review Act
For purposes of Congressional Review Act, the Office of Management
and Budget (OMB) makes a determination as to whether a final rule
constitutes a ``major'' rule.\12\ If a rule is deemed a ``major rule''
by OMB, the Congressional Review Act generally provides that the rule
may not take effect until at least 60 days following its
publication.\13\
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\12\ 5 U.S.C. 801 et seq.
\13\ 5 U.S.C. 801(a)(3).
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The Congressional Review Act defines a ``major rule'' as any rule
that the Administrator of the Office of Information and Regulatory
Affairs of the OMB finds has resulted in or is likely to result in (A)
an annual effect on the economy of $100,000,000 or more; (B) a major
increase in costs or prices for consumers, individual industries,
Federal, State, or local government agencies or geographic regions, or
(C) significant adverse effects on competition, employment, investment,
productivity, innovation, or on the ability of United States-based
enterprises to compete with foreign-based enterprises in domestic and
export markets.\14\
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\14\ 5 U.S.C. 804(2).
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For the same reasons set forth above, the OCC is adopting the
interim final rule without the delayed effective date generally
prescribed under the Congressional Review Act. The delayed effective
date required by the Congressional Review Act does not apply to any
rule for which an agency for good cause finds (and incorporates the
finding and a brief statement of reasons therefor in the rule issued)
that notice and public procedure thereon are impracticable,
unnecessary, or contrary to the public interest.\15\ In light of the
potential economic harm described above, the OCC finds that delaying
the effective date of the interim final rule would be contrary to the
public interest.
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\15\ 5 U.S.C. 808.
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As required by the Congressional Review Act, the OCC will submit
the interim final rule and other appropriate reports to Congress and
the Government Accountability Office for review.
C. Paperwork Reduction Act
The Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3521) (PRA)
states that no agency may conduct or sponsor, nor is the respondent
required to respond to, an information collection unless it displays a
currently valid OMB control number. The interim final rule contains
reporting requirements under the Paperwork Reduction Act. With the
OCC's approval, and if certain conditions are satisfied, a bank may
withdraw an account from a collective investment fund up to one year
after the end of the standard withdrawal period.\16\ In addition, a
bank may request that the OCC approve an extension beyond the one-year
extension period, if certain conditions are satisfied.\17\ Extensions
past the initial one-year extension must be requested and approved
annually, for a maximum of two years after the initial one-year
extension period.\18\
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\16\ 12 CFR 9.18(b)(5)(iii)(C) introductory text.
\17\ 12 CFR 9.18(b)(5)(iii)(D).
\18\ Id.
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Title of Information Collection: Fiduciary Activities.
OMB Control No.: 1557-0140.
Frequency: On occasion.
Affected Public: Businesses or other for-profit.
Estimated number of respondents: 4.
Total estimated annual burden: 220 burden hours.
Comments are invited on:
a. Whether the collections of information are necessary for the
proper performance of the OCC's functions,
[[Page 49232]]
including whether the information has practical utility;
b. The accuracy or the estimate of the burden of the information
collections, including the validity of the methodology and assumptions
used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of the information collections on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
D. Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) \19\ requires an agency to
consider whether the rules it proposes will have a significant economic
impact on a substantial number of small entities.\20\ The RFA applies
only to rules for which an agency publishes a general notice of
proposed rulemaking pursuant to 5 U.S.C. 553(b). As discussed
previously, consistent with section 553(b)(B) of the APA, the OCC has
determined for good cause that general notice and opportunity for
public comment is impracticable and contrary to the public's interest,
and therefore the OCC is not issuing a notice of proposed rulemaking.
Accordingly, the OCC concludes that the RFA's requirements relating to
initial and final regulatory flexibility analysis do not apply.
Nevertheless, the OCC is interested in receiving feedback on ways that
the OCC can reduce any potential burden of the interim final rule on
small entities.
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\19\ 5 U.S.C. 601 et seq.
\20\ Under regulations issued by the Small Business
Administration, a small entity includes a depository institution,
bank holding company, or savings and loan holding company with total
assets of $600 million or less and trust companies with total assets
of $41.5 million or less. See 13 CFR 121.201.
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E. Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302(a) of the Riegle Community Development and
Regulatory Improvement Act (RCDRIA),\21\ in determining the effective
date and administrative compliance requirements for new regulations
that impose additional reporting, disclosure, or other requirements on
insured depository institutions (IDIs), each Federal banking agency
must consider, consistent with the principle of safety and soundness
and the public interest, any administrative burdens that such
regulations would place on depository institutions, including small
depository institutions, and customers of depository institutions, as
well as the benefits of such regulations. In addition, section 302(b)
of RCDRIA requires new regulations and amendments to regulations that
impose additional reporting, disclosures, or other new requirements on
IDIs generally to take effect on the first day of a calendar quarter
that begins on or after the date on which the regulations are published
in final form, with certain exceptions, including for good cause.\22\
For the reasons described above, the OCC finds good cause exists under
section 302 of RCDRIA to publish the interim final rule with an
immediate effective date.
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\21\ 12 U.S.C. 4802(a).
\22\ 12 U.S.C. 4802.
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F. Use of Plain Language
Section 722 of the Gramm-Leach-Bliley Act \23\ requires the Federal
banking agencies to use ``plain language'' in all proposed and final
rules published after January 1, 2000. In light of this requirement,
the OCC has sought to present the interim final rule in a simple and
straightforward manner. The OCC invites comments on whether there are
additional steps the OCC can take to make the rule easier to
understand. For example:
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\23\ 12 U.S.C. 4809.
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Have we organized the material to suit your needs? If not,
how could this material be better organized?
Are the requirements in the regulation clearly stated? If
not, how could the regulation be more clearly stated?
Does the regulation contain language or jargon that is not
clear? If so, which language requires clarification?
Would a different format (grouping and order of sections,
use of headings, paragraphing) make the regulation easier to
understand? If so, what changes to the format would make the regulation
easier to understand?
What else could we do to make the regulation easier to
understand?
G. Unfunded Mandates Act
As a general matter, the Unfunded Mandates Act of 1995 (UMRA), 2
U.S.C. 1531 et seq., requires the preparation of a budgetary impact
statement before promulgating a rule that includes a Federal mandate
that may result in the expenditure by State, local, and tribal
governments, in the aggregate, or by the private sector, of $100
million or more in any one year. However, the UMRA does not apply to
final rules for which a general notice of proposed rulemaking was not
published. See 2 U.S.C. 1532(a). Therefore, because the OCC has found
good cause to dispense with notice and comment for this interim final
rule, the OCC concludes that the requirements of UMRA do not apply to
this interim final rule.
List of Subjects
12 CFR Part 9
Estates, Investments, National banks, Reporting and recordkeeping
requirements, Trusts and trustees.
Office of the Comptroller of the Currency
12 CFR CHAPTER I
Authority and Issuance
For the reasons set forth in the preamble, the OCC amends chapter I
of Title 12 of the Code of Federal Regulations as follows:
PART 9--FIDUCIARY ACTIVITIES OF NATIONAL BANKS
0
1. The authority citation for part 9 continues to read as follows:
Authority: 12 U.S.C. 24 (Seventh), 92a, and 93a; 15 U.S.C. 78q,
78q-1, and 78w.
0
2. Section 9.18 is amended by revising paragraph (b)(5)(iii):
Sec. 9.18 Collective investment funds.
* * * * *
(b) * * *
(5) * * *
(iii) Prior notice period for withdrawals from funds with assets
not readily marketable--(A) A bank administering a collective
investment fund described in paragraph (a)(2) of this section that is
invested primarily in real estate or other assets that are not readily
marketable may require a prior notice period, not to exceed one year,
for withdrawals.
(B) A bank that requires a prior notice period for withdrawals must
withdraw an account from the fund within the prior notice period or, if
permissible under the fund's written plan, within one year after the
date on which notice was required, except as described in paragraph
(b)(5)(iii)(C) of this section.
(C) A bank may withdraw an account from the fund up to one year
after the withdrawal period described in paragraph (b)(5)(iii)(B) of
this section, with the OCC's approval, provided that the following
conditions are met:
(1) The fund's written plan, including its notice and withdrawal
policy, authorizes an extended withdrawal period and is fully disclosed
to fund participants;
(2) The bank's board of directors, or a committee authorized by the
board of
[[Page 49233]]
directors, determines that, due to unanticipated and severe market
conditions for specific assets held by the fund, an extended withdrawal
period is necessary in order to preserve the value of the fund's assets
for the benefit of fund participants;
(3) The bank's board of directors, or a committee authorized by the
board of directors, determines that the extended withdrawal period is
consistent with 12 CFR part 9 and applicable law;
(4) The bank's board of directors, or a committee authorized by the
board of directors, commits that the bank will act upon any withdrawal
request as soon as practicable; and
(5) Any other condition imposed by the OCC, if the OCC determines
that the condition is necessary or appropriate to protect the interests
of fund participants.
(D) Upon request by a bank, the OCC may approve an extension beyond
the one-year extension period described in paragraph (b)(5)(iii)(C) of
this section if the OCC determines that the bank has made a good faith
effort to satisfy withdrawal requests and the bank has been unable to
satisfy such requests without causing harm to participants due to
ongoing severe market conditions. The bank must also continue to
satisfy the conditions described in paragraph (b)(5)(iii)(C) of this
section. Extensions under this paragraph must be requested and approved
annually, for a maximum of two years after the initial one-year
extension period.
* * * * *
Brian P. Brooks,
Acting Comptroller of the Currency.
[FR Doc. 2020-17322 Filed 8-12-20; 8:45 am]
BILLING CODE 4810-33-P