On June 17, the OCC issued a bulletin to clarify the standards it uses to decide filings (i.e., applications or notices submitted to the OCC), stating that 12 CFR 5.13 governs filing decisions and allows the agency to approve, conditionally approve, or deny a filing. The OCC also stated it may return a filing as “materially deficient” when it lacks sufficient information to make a determination under the applicable statutory or regulatory criteria. The agency instructed that filings should contain the information necessary for the OCC to evaluate them in the initial submission, including required biographical and financial information for individuals, corporate background and financial reports for entities, and information requested by the filing form.

The OCC noted that it may return a filing as materially deficient when responses to an additional information request do not sufficiently respond to the agency’s requests, including in de novo charter matters where organizers have not demonstrated that all products and services have been defined “with particularity,” including how they will be operationalized, or fully defined the associated governance, risk management and compliance management infrastructure. The OCC explained that it approves a filing when the filer has favorably met the relevant statutory, regulatory and policy criteria. Where appropriate, the agency may condition an approval to ensure the filer will operate in a “safe and sound” manner, consistent with OCC policy, and comply with applicable laws and regulations. The agency noted that it plans to deny filings when: (i) significant supervisory, CRA or compliance concerns exist; (ii) approval is inconsistent with law, regulation, or OCC policy; or (iii) a filer fails to provide requested information. The OCC also said it plans to make all denial decisions public and noted that a denial does not prohibit a subsequent application.