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OCC Bulletin 2020-62 | June 17, 2020
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Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
Federal, state, and local governments have taken many actions to respond to the economic disruption caused by the spread of COVID-19. While the Office of the Comptroller of the Currency (OCC) recognizes that a wide range of stakeholders, including state and local governments, have an important role to play in the country’s COVID-19 response, the agency reminds stakeholders that banks1 are governed primarily by uniform federal standards.
This bulletin applies to community banks.
Consistent with these principles of federal preemption, the OCC encourages states and localities to expressly exempt federally chartered banks from their laws and invites states and localities to reach out to the OCC with any concerns.
Please contact Andra Shuster, Senior Counsel, Karen McSweeney, Special Counsel, or Priscilla Benner, Senior Attorney, Chief Counsel’s Office, at (202) 649-5490.
Jonathan V. Gould Senior Deputy Comptroller and Chief Counsel
1 The term “banks” refers collectively to national banks, federal savings associations, and federal branches and agencies of foreign banks.
2 See, e.g., OCC News Release 2020-50, “Agencies Issue Revised Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus” (April 7, 2020).
3 See e.g., sections 4022 and 4023 of the Coronavirus Economic Stabilization Act of 2020, Public Law 116-136.
4 Easton v. Iowa, 188 U.S. 220, 229 (1903).
5 517 U.S. 25 (1996).
6 See 12 CFR 7.4007(b), 7.4008(d), 7.4010, 34.4(a), and 34.6; see also 12 USC 3102(b); 12 CFR 28.13(a)(1). These OCC regulations also address the types of state laws that generally do apply to banks. See, e.g., 12 CFR 7.4007(c), 7.4008(e), and 34.4(b).
7 See, e.g., 12 CFR 7.4008(d)(4) and (9), and 34.4(a)(4), (10), and (11).
8 See, e.g., 12 CFR 7.4001, 7.4002, and 160.110.
9 See, e.g., 12 CFR 34.3, 34.4(a)(7), and 34.6.
10 See 12 USC 371.
11 See, e.g., 12 USC 484, 1463(a)(1), 1464(a)(1), and 3102(b); 12 CFR 7.4000.