OCOB

AcronymDefinition
OCOBOrfalea College of Business (Cal Poly State University, San Luis Obispo, CA)
OCOBOffice of the Commissioner of Banks (consumer affairs; North Carolina)
OCOBOrdinary Course of Business
OCOBOxygen Cost of Breathing (pulmonary medicine)
References in periodicals archive ?
Under the Old Law, formal applications to the OCOB were not required for new activities generally, but were required whenever banks created various types of subsidiaries.
No application to the OCOB was required in order to engage in an activity directly, although these activities were subject to the Commissioner's supervision.
112) If the bank proposes to engage in the new activity through a subsidiary, it must apply to the OCOB before making the investment in a new subsidiary or investing further for that activity in an existing subsidiary.
A bank exempt from the prior approval requirements under the Powers Statute must give the OCOB notice of the new activity within 30 days of the earlier of starting the activity or investing in a subsidiary in which the activity will be conducted.
Prior Notice Requirements: As under the Powers Statute, if a bank meets certain criteria, including being "well-managed" and "well capitalized," it only needs to give the OCOB after-the-fact notice if it engages in a "new activity.
And the OCOB undoubtedly wishes to apply its own accounting and regulatory standards, not those of the federal regulators.
408) Notwithstanding these protections, the OCOB may share information with other state or federal agencies based on a written agreement to keep the information confidential, (409) and a court in a criminal or enforcement proceeding may order records protected from disclosure to be produced, after an in camera review and entry of a protective order, if the court finds "that the interests of justice require that the documents be discoverable or admissible in evidence.
424) The BLMA does not impose duties or bestow powers on the Commissioner and the OCOB powers that differ greatly in quality from the duties and powers provided under the Old Law, but organizes the duties and powers much more coherently.
Generally, "the Commissioner's duty [is] to enforce the banking laws through the employees and agents" of the OCOB.
The BLMA also sets out a number of specific but very broad powers of the Commissioner and the OCOB to acquire information.
Article 8 also gives the Commissioner and the OCOB extremely broad enforcement powers, all of which are subject to oversight by the Commission.
Article 8 of Chapter 53C makes it is a felony to misapply or embezzle funds, make false entries, or take other actions with respect to bank assets, records or reports "with intent to defraud or injure a bank or any other person or with intent to deceive an officer of the bank or an employee of the OCOB appointed to examine the affairs of the bank.