The OCC proposed a rule categorizing substantive and technical violations in relation to MRAs for banks.
What changed
Introduced two categories for violations with substantive violations leading to MRAs while technical violations do not.
Compliance perspective
Banks need to assess their compliance structures against these defined categories to prepare for potential implications.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.