On April 22, 2021, the Federal Reserve Board, FDIC, and OCC (the “agencies”) issued a notice of proposed rulemaking that would require banks that file tax returns as part of a consolidated tax filing group to enter into income tax allocation agreements with their parent companies and other members of the consolidated group that join in the filing, and would set forth specific requirements for the contents of those agreements.  The proposal would apply to all insured depository institutions and OCC-chartered uninsured institutions that are not registered as Subchapter S corporations (collectively, “covered institutions”).

Continue Reading Federal Banking Regulators Issue Proposal on Income Tax Allocation Agreements

On December 20, 2016, the Office of the Comptroller of the Currency (“OCC”) released a final rule addressing the receivership of national banks that are not insured by the Federal Deposit Insurance Corporation (“FDIC”) and therefore are not subject to receivership by the FDIC under the Federal Deposit Insurance Act (“FDIA”).  While all 52 existing uninsured national banks are trust banks, the final rule also will presumably apply to fintech companies that obtain special purpose national bank charters if and when the OCC charters them.

Continue Reading OCC Finalizes Receivership Rule for Uninsured National Banks