The Office of the Comptroller of the Currency (OCC) yesterday issued a bulletin clarifying the process for obtaining consent for a covered bond program. Under a policy statement issued by the FDIC in July, covered bonds issued by a bank will receive special treatment in the event of receivership or conservatorship of such bank if the covered bonds satisfy certain criteria, including a requirement that the proposed covered bond program receive the prior approval of the bank's primary federal regulator. As primary federal regulator for national banks, the OCC indicates that consent for covered bond programs may be obtained by notifying the bank's examiner-in-charge prior to commencing a covered bond program, and specifying how the proposed program would comply with the FDIC's requirements for covered bonds. If approved, the OCC will provide the bank with a written supervisory "no objection."