The Office of the Comptroller of the Currency (OCC) said on Wednesday it had submitted a rule to the Federal Register to prohibit U.S. national banks and federal savings associations from dealing or investing in industrial or commercial metals.
The ruling, effective April 1, replaces a prior OCC determination that allowed national banks to trade in copper. It covers metal products such as copper cathodes and aluminum T-bars. (bit.ly/2ierjFC)
Banks with existing holdings of such metals, acquired through dealing or investing activities, would have to divest at the earliest, but in no lesser than five years.
New federal rules come into force only once they have been published in the Federal Register.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Martina D'Couto)