Regulatory Alerts2026-01-13 | Conditional Approval 1360Added
Conditional Approval 1360 — Application by UBS Bank USA, Salt Lake City, UT to convert to a national bank
The Office of the Comptroller of the Currency (OCC) grants conditional approval for UBS Bank USA to convert to a national bank operating as UBS Bank USA, National Association, subject to a condition requiring 60 days' prior written notice and a determination of no objection for any significant deviation from its business plan during the first three years of operation. The OCC also approves a waiver of the director residency requirement for 100% of the board of directors under 12 USC 72. Authorization to commence business is withheld until the institution satisfies pre-conversion requirements, including purchasing adequate fidelity bond coverage, adopting safe and sound operation policies, applying for Federal Reserve Bank stock, ensuring director stock ownership, and obtaining all other required regulatory approvals. The approval automatically terminates if the conversion is not consummated within six months unless the OCC grants an extension under extenuating circumstances.