OCC finalizes rule on collective investment funds

The OCC finalized a rule applicable to national banks and federal savings associations administering a collective investment fund invested primarily in real estate or other assets that are not readily marketable.

Background: In August, the OCC published an interim final rule that codified the time a bank generally has for withdrawing an account from a covered CIF and established an exception to that requirement. Under the exception, banks may qualify for an extension to the standard withdrawal period with OCC approval.

Update: The final rule revises one of the conditions for the exception and otherwise adopts the interim final rule as final without further change, effective upon publication in the Federal Register.