Alternatives to the Use of External Credit Ratings in the Regulations of the Office of the Comptroller of the Currency

Document ID: OCC-2011-0019-0001
Document Type: Proposed Rule
Agency: Comptroller Of The Currency
Topics: Banks and Banking, National Banks, Reporting and Recordkeeping Requirements, Securities
Federal Register Number: 2011-30428
CFR Citation: 12 CFR Parts 1, 5, 16, 28, and 160
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Abstract:	Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains two directives to Federal agencies including the OCC. First, section 939A directs all Federal agencies to review, no later than one year after enactment, any regulation that requires the use of an assessment of creditworthiness of a security or money market instrument and any references to, or requirements in, such regulations regarding credit ratings. Second, the agencies are required to remove any references to, or requirements of reliance on, credit ratings and substitute such standard of credit- worthiness as each agency determines is appropriate. The statute further provides that the agencies shall seek to establish, to the extent feasible, uniform standards of creditworthiness, taking into account the entities the agencies regulate and the purposes for which those entities would rely on such standards. Through this notice of proposed rulemaking (NPRM), the OCC seeks comment on a proposal to revise its regulations pertaining to investment securities, securities offerings, and foreign bank capital equivalency deposits to replace references to credit ratings with alternative standards of creditworthiness. The OCC also is proposing to amend its regulations pertaining to financial subsidiaries of national banks to better reflect the language of the underlying statute, as amended by section 939(d) of the Dodd- Frank Act.
Document Subtype:	Notice of Proposed Rulemaking (NPRM)
Received Date:	November 29 2011, at 12:00 AM Eastern Standard Time
Start-End Page:	73526 - 73534
Comment Start Date:	November 29 2011, at 12:00 AM Eastern Standard Time
Comment Due Date:	December 29 2011, at 11:59 PM Eastern Standard Time