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On September 8, 2016, the OCC issued a proposed rule that would prohibit national banks and federal savings associations from dealing and investing in industrial or commercial metal.
On September 8, 2016, as it indicated it would do in the Joint
Report on Banking Activities and Investments, the OCC issued a
proposed rule that would prohibit national banks and federal
savings associations from dealing and investing in industrial or
commercial metal. If finalized, the prohibition would cover metal,
including alloy, in a physical form primarily suited to industrial
or commercial use (including, for example: copper cathodes,
aluminum T-bars and gold jewelry). The proposal states that such
metals do not constitute "exchange, coin, and bullion"
under 12 USC 24(Seventh), nor would buying or selling such metals
for the purpose of dealing or investing in that metal be part of or
incidental to the business of banking. By operation of various
federal laws, the prohibition would also apply to FDIC-insured
state banks and to US branches and agencies of foreign banks.
Comments must be submitted 60 days from the date of the proposed
rule's publication in the Federal Register.
The text of the OCC proposed rule is available at:
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