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News Release 2020-38
March 22, 2020
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WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced an interim final rule to revise its short-term investment fund (STIF) rule for national banks acting in a fiduciary capacity.
The rule allows the OCC to authorize banks to temporarily extend maturity limits of these funds. The financial markets are in a period of significant stress negatively affecting the ability of banks to operate in compliance with maturity limits identified in the rule.
The rule is effective immediately. The agency will accept comments for 45 days following publication in the Federal Register.
Simultaneously to announcing the interim final rule, the OCC also announced an order extending the maturity limits for STIFs affected by the market effects of COVID-19. The order provides that a bank will be deemed in compliance with the rule if
The OCC also determined that the relief provided by this administrative order terminates on July 20, 2020, unless the OCC revises this order to provide otherwise before that date.
The OCC has established a single web page with all of its COVID-19 related information at https://occ.gov/covid-19.
Bryan Hubbard (202) 649-6870