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Change in public welfare investments

In a move to encourage additional public welfare investments by national banks, the Office of the Comptroller of the Currency (OCC) is proposing to amend its regulation governing national bank investments that are designed primarily to promote the public welfare. National banks and their community partners committed $995 million to public welfare investments in 2001, the OCC reported.

The proposal streamlines the OCC's processes for notification and prior approval of the investments. Under the OCC proposal, an eligible national bank may make a public welfare investment without prior notification if the bank submits an after-the-fact notice to the OCC that simply describes the investment, ...

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