- OCC Updates the Comptroller’s Handbook
The OCC has issued revised Mortgage Banking and Retirement Plan Products and Services booklets of the Comptroller's Handbook. The revised Mortgage Banking booklet issued on February 7 provides updated guidance on assessing the quantity of risk associated with mortgage banking and the quality of mortgage banking risk management. The revised booklet also addresses recent amendments to Regulation X and Regulation Z issued by the CFPB and other regulatory changes.
Nutter Notes: The revised Retirement Plan Products and Services booklet issued on February 12 provides updated guidance to national banks and federal savings associations on the risks inherent in retirement plan products and services offered to customers and provides a framework for managing those risks. With the issuance of the revised booklet, the OCC has made certain related guidance to national banks applicable to federal savings associations, and rescinded OTS Trust and Asset Management Handbook, section 160,Introduction to Individual Retirement Accounts.
- SEC Paying Agent Rule Requires Notice to Unresponsive Securityholders
On January 23, 2014, a Securities and Exchange Commission (“SEC”) rule went into effect that requires “paying agents” to send a one-time notification to unresponsive securityholders stating that the agent has sent the securityholder a check that has not yet been negotiated. Unresponsive securityholders must be notified by the earlier of the date of the next regularly scheduled check or 180 days after the check was sent. The final rule, issued on January 23, 2013, implements Section 929W of the Dodd-Frank Act.
Nutter Notes: The SEC’s final rule defines the term “paying agent” to include any issuer of a security, which would include, for example, a bank holding company that has issued equity or debt securities, whether or not the banking organization is publicly traded. For example, a bank holding company that pays an annual dividend by check on its common stock would be required to notify any stockholder whose check has not been negotiated 180 days after the check was sent.