OCC Proposed Rule to Remove References to Credit Ratings

On November 29, pursuant to Section 939A of the Dodd-Frank Act, the OCC proposed a rule to remove references to credit ratings from various regulations and related guidance. In addition, the OCC issued proposed guidance on the procedures banks should follow in order to demonstrate that their investments satisfy the new credit quality standards created by the proposed rule. Comments must be submitted by December 29. OCC Release. OCC Proposed Rule. OCC Proposed Guidance.