12 CFR 24.1 – Authority, purpose, and OMB control number
(a) Authority. The Office of the Comptroller of the Currency (OCC) issues this part pursuant to its authority under 12 U.S.C. § 24(Eleventh), 93a, and 481.
Terms Used In 12 CFR 24.1
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
(b) Purpose. This part implements 12 U.S.C. § 24 (Eleventh). It is the OCC’s policy to encourage a national bank to make investments described in § 24.3, consistent with safety and soundness. This part provides the standards and procedures that apply to these investments.
(c) OMB control number. The collection of information requirements contained in this part were approved by the Office of Management and Budget under OMB control number 1557-0194.
(d) A national bank that makes loans or investments that are authorized under both 12 U.S.C. § 24 (Eleventh) and other provisions of the Federal banking laws may do so under such other provisions without regard to the provisions of 12 U.S.C. § 24 (Eleventh) or this part.
(e) Investments made, or written commitments to make investments made, prior to October 13, 2006, pursuant to 12 U.S.C. § 24 (Eleventh) and this part, continue to be subject to the statutes and regulations in effect prior to the enactment of the Financial Services Regulatory Relief Act of 2006 (Pub. L. 109-351).