Proposed Rule2026-08143
Streamlining Regulations Concerning Public Welfare Investments, Open Market Collateralized Loan Obligations, and Federal Savings Association Nondiscrimination Requirements
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Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 27, 2026
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The Office of the Comptroller of the Currency invites public comment on a notice of proposed rulemaking (proposed rule) to rescind or amend certain regulations that are unnecessary, based on anything other than the best reading of the underlying statutory authority, or lacking clear statutory authority, consistent with the criteria set out in the Executive Order titled Ensuring Lawful Governance and Implementing the President's "Department of Government Efficiency" Deregulatory Initiative. The proposed rule would remove certain references to minority- and women-owned entities; remove the portion of the credit risk retention requirements that provides an alternative compliance option for lead arrangers of open market collateralized loan obligations; and remove certain duplicative non-discrimination requirements for Federal savings associations.
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<title>Federal Register, Volume 91 Issue 80 (Monday, April 27, 2026)</title>
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[Federal Register Volume 91, Number 80 (Monday, April 27, 2026)]
[Proposed Rules]
[Pages 22481-22485]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-08143]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Parts 24, 43, and 128
[Docket ID OCC-2025-0075]
RIN 1557-AF32
Streamlining Regulations Concerning Public Welfare Investments,
Open Market Collateralized Loan Obligations, and Federal Savings
Association Nondiscrimination Requirements
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Notice of proposed rulemaking.
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SUMMARY: The Office of the Comptroller of the Currency invites public
comment on a notice of proposed rulemaking (proposed rule) to rescind
or amend certain regulations that are unnecessary, based on anything
other than the best reading of the underlying statutory authority, or
lacking clear statutory authority, consistent with the criteria set out
in the Executive Order titled Ensuring Lawful Governance and
Implementing the President's ``Department of Government Efficiency''
Deregulatory Initiative. The proposed rule would remove certain
references to minority- and women-owned entities; remove the portion of
the credit risk retention requirements that provides an alternative
compliance option for lead arrangers of open market collateralized loan
obligations; and remove certain duplicative non-discrimination
requirements for Federal savings associations.
DATES: Comments must be received by May 27, 2026.
ADDRESSES: Commenters are encouraged to submit comments through the
Federal eRulemaking Portal. Please use the title ``Streamlining
Regulations Concerning Public Welfare Investments, Open Market
Collateralized Loan Obligations, and Federal Savings Association
Nondiscrimination Requirements'' to facilitate the organization and
distribution of the comments. You may submit comments by any of the
following methods:
<bullet> Federal eRulemaking Portal--<a href="http://Regulations.gov">Regulations.gov</a>:
[[Page 22482]]
Go to <a href="https://regulations.gov/">https://regulations.gov/</a>. Enter Docket ID ``OCC-2025-0075''
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 <a href="http://Regulations.gov">Regulations.gov</a> site, please call
1-866-498-2945 (toll free) Monday-Friday, 9 a.m.-5 p.m. EST, or email
<a href="/cdn-cgi/l/email-protection#a8dacdcfddc4c9dcc1c7c6dbc0cdc4d8cccddbc3e8cfdbc986cfc7de"><span class="__cf_email__" data-cfemail="f3819694869f92879a9c9d809b969f8397968098b3948092dd949c85">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, 400 7th Street
SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Instructions: You must include ``OCC'' as the agency name and
Docket ID ``OCC-2025-0075'' in your comment. In general, the OCC will
enter all comments received into the docket and publish the comments on
the <a href="http://Regulations.gov">Regulations.gov</a> website without change, including any business or
personal information provided 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 action by the following method:
<bullet> Viewing Comments Electronically--<a href="http://Regulations.gov">Regulations.gov</a>:
Go to <a href="https://regulations.gov/">https://regulations.gov/</a>. Enter Docket ID ``OCC-2025-0075''
in the
Search Box and click ``Search.'' Click on the ``Dockets'' tab and
then the document's title. After clicking the document's title, click
the ``Browse All 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 Comments Results'' options on the left side of the
screen. Supporting materials can be viewed by clicking on the ``Browse
Documents'' tab. Click 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 checking the ``Supporting & Related Material'' checkbox. For
assistance with the <a href="http://Regulations.gov">Regulations.gov</a> site, please call 1-866-498-2945
(toll free) Monday-Friday, 9 a.m.-5 p.m. EST, or email
<a href="/cdn-cgi/l/email-protection#0e7c6b697b626f7a6761607d666b627e6a6b7d654e697d6f20696178"><span class="__cf_email__" data-cfemail="6c1e090b19000d180503021f0409001c08091f072c0b1f0d420b031a">[email protected]</span></a>.
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: Chris Rafferty, Counsel, (202) 649-
5490; Office of the Comptroller of the Currency, 400 7th Street SW,
Washington, DC 20219. If you are deaf, hard of hearing, or have a
speech disability, please dial 7-1-1 to access telecommunications relay
services.
SUPPLEMENTARY INFORMATION:
I. Background
The OCC has conducted a review of its existing regulations for
consistency with the criteria set out in Executive Order 14219 (E.O.
14219), Ensuring Lawful Governance and Implementing the President's
``Department of Government Efficiency'' Deregulatory Initiative, which
requires agencies to review all regulations subject to their sole or
joint jurisdiction for consistency with law and Administration
policy.\1\ Among other criteria, E.O. 14219 requires agencies to
identify regulations that (1) are based on anything other than the best
reading of the underlying statutory authority and (2) implicate matters
of social, political, or economic significance that are not authorized
by clear statutory authority.\2\ The OCC is issuing this proposed rule
to streamline parts 24, 43, and 128 of title 12 of the Code of Federal
Regulations by rescinding or amending regulations that meet the
criteria of E.O. 14219 or are otherwise unnecessary, duplicative, or
burdensome.
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\1\ 90 FR 10583 (Feb. 19, 2025).
\2\ Id.
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II. Description of the Proposed Rule
A. Part 24--Community Development Corporation and Project Investments
and Other Public Welfare Investments
Consistent with E.O. 14219, the OCC is issuing this proposed rule
to amend the Community Development Corporation and Project Investments
and Other Public Welfare Investments regulations codified at 12 CFR
part 24.
Twelve U.S.C. 24(Eleventh) authorizes national banks and their
subsidiaries to make investments ``designed primarily to promote the
public welfare, including the welfare of low- and moderate-income
families and communities (such as through the provision of housing,
services, or jobs),'' subject to certain percentage of capital
limitations. Part 24 implements this statute to provide authority for
national banks to make public welfare investments (PWIs). Under Sec.
24.3, a PWI is an investment made directly or indirectly by a national
bank or its subsidiary that primarily benefits low- and moderate-income
(LMI) individuals, LMI areas, or other areas targeted by a governmental
entity for redevelopment, or an investment that would receive
consideration as a ``qualified investment'' under the investment test
in the Community Reinvestment Act's implementing regulations.\3\
Section 24.6, which incorporates definitions provided for in Sec.
24.2, describes examples that meet the requirements of Sec. 24.3. The
examples of PWIs that benefit LMI areas and individuals include certain
investments in small businesses and small farms, including minority-
and women-owned small businesses and small farms, and minority- and
women-owned depository institutions.
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\3\ See 12 CFR 24.3.
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Consistent with E.O. 14219, the OCC is issuing this proposed rule
to amend part 24 by removing references to minority- and women-owned
entities. These amendments align the PWI examples with the text of the
enabling statute. Further, the use of more streamlined text would
better highlight the operative components in each example. The
amendments in part 24, consistent with the minimum statutory
requirements, would generally permit national banks and their
subsidiaries to continue to make PWIs to the same extent as currently
permitted.\4\
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\4\ For the proposed examples, the primary determinant of
whether an investment meets the requirements of Sec. 24.3 would, as
in the current rule, continue to be (1) the location of the
investment (i.e., in an LMI area or targeted redevelopment area) or
(2) the benefit the investment would provide for LMI individuals.
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B. Part 43--Risk Retention for Open Market Collateralized Loan
Obligations
Consistent with E.O. 14219, the OCC is issuing this proposed rule
to rescind the portion of its credit risk retention regulation that
provides an alternative compliance option for lead arrangers of open
market collateralized loan obligations (CLO) codified at 12 CFR 43.9.
On December 24, 2014, the OCC published a joint final rule
implementing the credit risk retention requirements under section 15G
of the Securities Exchange Act of 1934 as amended by section 941 of the
Dodd-Frank Act.\5\ Generally, the final rule requires securitizers of
asset-backed securities (ABS) to retain at least five percent of the
credit risk associated with
[[Page 22483]]
related ABS transactions.\6\ The preamble to the final rule explains
that for open market CLO transactions, the CLO manager is the
appropriate party to hold risk retention.\7\ As an alternative to the
standard options for vertical or horizontal risk retention, the final
rule includes a provision to permit the lead arranger in an open market
CLO transaction to hold risk retention in lieu of the CLO manager (lead
arranger option).\8\
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\5\ 79 FR 77602 (Dec. 24, 2014).
\6\ Id.
\7\ Id. at 77650.
\8\ Id. at 77750-1, codified at 12 CFR 43.9.
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In 2018, plaintiffs successfully sued the Securities and Exchange
Commission and the Board of Governors of the Federal Reserve System to
block the final rule's credit risk retention requirements from applying
to CLO managers in open market CLO transactions.\9\ While the OCC was
not a party to the case, it is likely the court's conclusions would
apply to open market CLO managers under the OCC's risk retention rule.
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\9\ Loan Syndications & Trading Ass'n v. SEC, 882 F.3d 220 (D.C.
Cir. 2018).
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As open market CLO managers are no longer subject to the current
risk retention rule, the lead arranger option in 12 CFR 43.9 is now
irrelevant. Therefore, the OCC is issuing this proposed rule to rescind
the lead arranger option for its credit risk retention regulation and
make conforming amendments to cross-references in part 43.
C. Part 128--Nondiscrimination Requirements
Consistent with E.O. 14219, the OCC is issuing this proposed rule
to rescind its ``Nondiscrimination Requirements'' regulation for
Federal savings associations (FSAs) codified at 12 CFR part 128.\10\
The regulation is duplicative of other legal authorities that address
discrimination and lacks clear statutory authority. Additionally,
rescinding part 128 would reduce burden for FSAs by removing regulatory
requirements that are not applicable to national banks.
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\10\ 76 FR 48950 (Aug. 9, 2011).
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Part 128 prohibits FSAs from engaging in discriminatory practices
in connection with: (i) lending and other services, including the
purchase of a loan or securities; (ii) applications; (iii) advertising;
(iv) appraisals; (v) underwriting; and (vi) employment. These
requirements were originally promulgated by the Office of Thrift
Supervision (OTS) at 12 CFR part 528 before the OTS's powers,
authorities, rights, and duties were transferred to the OCC pursuant to
Title III of the Dodd-Frank Act.\11\
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\11\ Dodd-Frank Wall Street Reform and Consumer Protection Act,
Public Law 111-203, 124 Stat. 1376, 1522 (2010). The Dodd-Frank Act
transferred 12 CFR part 528 to the OCC with respect to Federal
saving associations and to the Federal Deposit Insurance Corporation
(FDIC) with respect to State saving associations. The FDIC
republished these regulations at 12 CFR part 390.
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E.O. 14219 requires agencies to identify regulations that (1) are
based on anything other than the best reading of the underlying
statutory authority and (2) implicate matters of social, political, or
economic significance that are not authorized by clear statutory
authority.\12\ Twelve CFR part 128 implicates nondiscrimination, which
is a matter of social, political, or economic significance, and is not
authorized by clear statutory authority. Current part 128 cites to 12
U.S.C. 1464 (the OCC's general rulemaking powers for FSAs under the
Home Owners' Loan Act) and 12 U.S.C. 5412(b)(2)(B) (the transfer
provision for authorities from OTS to the OCC). Twelve U.S.C. 1464 does
not address nondiscrimination. Further, the OTS did not have clear
statutory authority to promulgate 12 CFR part 528 in the first
instance,\13\ and thus 12 U.S.C. 5412 did not transfer clear statutory
authority to the OCC for part 128.
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\12\ 90 FR 10583 (Feb. 19, 2025).
\13\ The former OTS rule cites to 12 U.S.C. 2810 (disclosure of
data by the Department of Housing and Urban Development under 12
U.S.C. 29); 12 U.S.C. 2901 et seq. (Community Reinvestment Act,
which does not impose substantive nondiscrimination requirements);
12 U.S.C. 1691 et seq. (Equal Credit Opportunity Act, for which the
Bureau of Consumer Financial Protection has exclusive rulemaking
authority); and 42 U.S.C. 1981-1982 (civil rights statutes relating
to equal rights under the law and the property rights of citizens,
which do not grant the OCC rulemaking authority).
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Additionally, part 128 largely reiterates the prohibitions on
discrimination contained in the Equal Credit Opportunity Act and its
implementing regulations,\14\ the Fair Housing Act and its implementing
regulations,\15\ and other laws concerning nondiscrimination and their
implementing regulations.\16\ Accordingly, part 128 is generally
duplicative of other legal authorities that address discrimination and
unnecessary.\17\
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\14\ 15 U.S.C. 1691 et seq.
\15\ 42 U.S.C. 3605.
\16\ See Equal Employment Opportunity Act of 1972, Pub. L. 92-
261, 86 Stat.103 (1972); Home Mortgage Disclosure Act, 12 U.S.C.
2801 et seq.; Civil Rights Act of 1964, Pub. L. 88-352, 78 Stat. 241
(1964).
\17\ Similarly, on February 3, 2021, the FDIC rescinded and
removed 12 CFR part 390, which, as noted above, was applicable to
State savings associations. The FDIC based its rescission on the
fact that the provision was largely duplicative of other regulations
and burdensome to subject State savings associations to additional
requirements to which insured State nonmember banks are not subject.
86 FR 8082 (Feb. 3, 2021).
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Request for Comments
The OCC invites comment on all aspects of this proposed rule.
III. Regulatory Analyses
Paperwork Reduction Act
The Paperwork Reduction Act of 1995 (PRA) \18\ 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 Office of Management and Budget (OMB) control number. The OCC has
reviewed the notice of proposed rulemaking and determined that it would
not create any new or revise any existing, collections of information
under the PRA. Accordingly, no PRA submissions to OMB will be made with
respect to this proposed rule.
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\18\ 44 U.S.C. 3501 et seq.
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Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA), 5 U.S.C. 601 et seq.,
requires an agency, in connection with a proposed rule, to prepare an
Initial Regulatory Flexibility Analysis describing the impact of the
rule on small entities (defined by the Small Business Administration
(SBA) for purposes of the RFA to include commercial banks and savings
institutions with total assets of $850 million or less and trust
companies with total assets of $47 million or less) or to certify that
the proposed rule would not have a significant economic impact on a
substantial number of small entities. The OCC currently supervises
approximately 609 small entities.\19\
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\19\ The OCC bases the estimate of the number of small entities
on the Small Business Administration's size thresholds for
commercial banks and savings institutions (NAICS Code: 522110), and
trust companies (NAICS Code: 523991), which are $850 million and $47
million, respectively. Consistent with the General Principles of
Affiliation 13 CFR 121.103(a), the OCC counts the assets of
affiliated financial institutions when determining whether to
classify an OCC-supervised institution as a small entity. The OCC
uses December 31, 2024, to determine size because a ``financial
institution's assets are determined by averaging the assets reported
on its four quarterly financial statements for the preceding year.''
See footnote 8 of the U.S. Small Business Administration's Table of
Size Standards.
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The OCC estimates that the proposed rule would not have a
significant economic impact on a substantial number of small entities,
as the proposed rule would rescind or amend existing regulations and
does not contain any new mandates. Accordingly, an Initial Regulatory
Flexibility Analysis is not required, and
[[Page 22484]]
the OCC certifies that the proposed rule would not have a significant
economic impact on a substantial number of small entities.
Unfunded Mandates Reform Act of 1995
The OCC analyzed the proposed rule under the factors set forth in
the Unfunded Mandates Reform Act of 1995 (UMRA) (2 U.S.C. 1532). Under
this analysis, the OCC considered whether the proposed rule 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 (adjusted for inflation). Because the
proposed rule would rescind or amend existing regulations and does not
contain any new mandates, the OCC estimates that the proposed rule
would not result in an expenditure of $100 million or more annually by
State, local, and Tribal governments, or by the private sector
(adjusted for inflation). The OCC's estimates that the costs associated
with the proposed rule, if finalized as proposed, would be de minimis.
Accordingly, the OCC has not prepared the written statement described
in section 202 of the UMRA.
Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302(a) of the Riegle Community Development and
Regulatory Improvement Act of 1994 (12 U.S.C. 4802(a)), in determining
the effective date and administrative compliance requirements for new
regulations that impose additional reporting, disclosure, or other
requirements on insured depository institutions, the OCC will consider,
consistent with the principles of safety and soundness and the public
interest: (1) any administrative burdens that the proposed rule would
place on depository institutions, including small depository
institutions and customers of depository institutions and (2) the
benefits of the proposed rule. The OCC requests comment on any
administrative burdens that the proposed rule would place on depository
institutions, including small depository institutions and their
customers, and the benefits of the proposed rule that the OCC should
consider in determining the effective date and administrative
compliance requirements for a final rule.
Providing Accountability Through Transparency Act of 2023
The Providing Accountability Through Transparency Act of 2023 \20\
requires that a notice of proposed rulemaking include the internet
address of a summary of not more than 100 words in length of a proposed
rule, in plain language, that shall be posted on the internet website
<a href="http://www.regulations.gov">www.regulations.gov</a>.
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\20\ 5 U.S.C. 553(b)(4).
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The OCC invites public comment on the proposed rule to rescind or
amend certain regulations that are unnecessary, based on anything other
than the best reading of the underlying statutory authority, or lacking
clear statutory authority, consistent with the criteria set out in the
Executive Order titled Ensuring Lawful Governance and Implementing the
President's ``Department of Government Efficiency'' Deregulatory
Initiative. The proposed rule would remove certain references to
minority- and women-owned entities; remove the credit risk retention
requirements for open market collateralized loan obligations; and
remove certain duplicative non-discrimination requirements for Federal
savings associations.
The proposal and the required summary can be found at <a href="https://www.regulations.gov">https://www.regulations.gov</a> by searching for Docket ID OCC-2025-0075 and
<a href="https://occ.gov/topics/laws-and-regulations/occ-regulations/proposed-issuances/index-proposed-issuances.html">https://occ.gov/topics/laws-and-regulations/occ-regulations/proposed-issuances/index-proposed-issuances.html</a>.
Executive Orders 12866 and 14192
Executive Order 12866, as amended, provides that the Office of
Information and Regulatory Affairs (OIRA) will review all ``significant
regulatory actions'' as defined therein. OIRA has determined that this
proposed rule is a ``significant regulatory action'' for purposes of
section 3(f) of Executive Order 12866.
Executive Order 14192, titled ``Unleashing Prosperity Through
Deregulation,'' separately requires that an agency, unless prohibited
by law, identify at least ten existing regulations to be repealed when
the agency publicly proposes for notice and comment or otherwise
promulgates a new regulation with total costs greater than zero.
Executive Order 14192 further requires that new incremental costs
associated with new regulations shall, to the extent permitted by law,
be offset by the elimination of existing costs associated with at least
ten prior regulations. This proposed rule is considered a deregulatory
action under Executive Order 14192.
List of Subjects
12 CFR Part 24
Community development, Credit, Investments, Low and moderate income
housing, Manpower, National banks, Reporting and recordkeeping
requirements, Rural areas, Small businesses.
12 CFR Part 43
Automobile loans, Banks and banking, Commercial loans, Commercial
real estate, Credit risk, Mortgages, National banks, Reporting and
recordkeeping requirements, Risk retention, Securitization.
12 CFR Part 128
Advertising, Aged, Civil rights, Credit, Equal employment
opportunity, Fair housing, Individuals with disabilities, Martial
status discrimination, Mortgages, Religious discrimination, Reporting
and recordkeeping requirements, Savings associations, Sex
discrimination, Signs and symbols.
Authority and Issuance
For the reasons set forth in the preamble, the Office of the
Comptroller of the Currency proposes to amend 12 CFR parts 24, 43, and
128 as follows:
PART 24--COMMUNITY AND ECONOMIC DEVELOPMENT ENTITIES, COMMUNITY
DEVELOPMENT PROJECTS, AND OTHER PUBLIC WELFARE INVESTMENTS
0
1. The authority citation for part 24 continues to read as follows:
Authority: 12 U.S.C. 24(Eleventh), 93a, 481 and 1818.
Sec. 24.2 [Amended]
0
2. Amend Sec. 24.2(h) by removing the phrase ``or minority-owned small
business''.
Sec. 24.6 [Amended]
0
3. Amend Sec. 24.6 by:
0
a. In paragraph (b)(2), removing the phrase ``, including minority- and
women-owned small businesses or small farms,'';
0
b. In paragraph (d)(1), removing the phrase ``, including minority- and
women-owned small businesses,''; and
0
c. In paragraph (d)(4), removing the phrase ``minority- and women-
owned''.
PART 43--CREDIT RISK RETENTION
0
4. The authority citation for part 43 is revised to read as follows:
Authority: 12 U.S.C. 93a, 1464, and 15 U.S.C. 78o-11.
Sec. 43.3 [Amended]
0
5. Amend Sec. 43.3(b) by removing ``Sec. 43.9,''.
Sec. 43.9 [Removed and Reserved]
0
6. Remove and reserve Sec. 43.9.
[[Page 22485]]
PART 128--[REMOVED AND RESERVED]
0
7. Remove and reserve part 128.
Jonathan V. Gould,
Comptroller of the Currency.
[FR Doc. 2026-08143 Filed 4-24-26; 8:45 am]
BILLING CODE 4810-33-P
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