Regulatory Alerts2026-09-02 | Corporate Decision 1389Added · Updated
Corporate Decision 1389: Application to Charter OpenReserve Bank, National Association, Salt Lake City, Utah
The Office of the Comptroller of the Currency (OCC) grants preliminary conditional approval for OpenReserve Bank, National Association, Salt Lake City, Utah, to establish a new national bank and waives director residency requirements for seven proposed directors. This approval is subject to conditions including maintaining a tier 1 leverage ratio of no less than 12.0 percent for the first three years of operation and submitting 60 days prior written notice to the Specialty Assets Supervisory Office for significant deviations from its business plan. The bank must also meet pre-opening requirements, including an initial paid-in capital of no less than $210 million, and obtain all other necessary regulatory approvals before final authorization to open.
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