On December 22, 2022, the OCC, FRB, and FDIC issued a revised interagency statement to extend the “Extension of the Revised Statement Regarding Status of Certain Investment Funds and their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations.” The prior interagency statement, which was issued on December 17, 2021, was set to expire on January 1, 2023.

According to the OCC’s press release, the agencies will continue to exercise discretion not to take action against banks or against certain companies that sponsor, manage, or advise investment funds and institutional accounts that become principal shareholders of banks. The discretion relates to certain extensions of credit by banks to portfolio companies of the principal shareholder fund complex that otherwise would violate Regulation O, 12 CFR 215, provided certain eligibility criteria are satisfied.

Read the OCC’s release here.

The revised interagency statement can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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