Corporate Applications and Other Requests:
July 1996
Vol. 9, No. 7
IN THIS ISSUE:
PLEASE NOTE: Interpretive Letters and No Objection Letters reflect the views of the Comptroller's legal staff.
Corporate Decisions and Decisions (CRA) are from the office of Bank Organization and Structure. The list of CRA
Ratings is from the Communications Division. Copies of documents not available electronically should be requested by
e-mail or by postal mail from the Office of the Comptroller of the
Currency, Attn: Communications, Washington, D.C. 20219.
Please cite the letter number when reporting or summarizing documents from this package. This helps to process single requests in a more
timely manner.
Interpretive Letters
| Letter No. | Topic |
|---|
| 709(Rev)
| Letter opines that, in its CRA evaluation, an institution that invests in a community
development bank may have its investment considered under the regulation's
investment test, or it may choose to have a portion of its investment evaluated under
the lending test and the remainder evaluated under the investment test (Replaces
Interpretive Letter #709 in its entirety). (06/14/96).
| | 726
| Letter concerns the application of the Community Reinvestment Act (CRA)
regulations to financial institutions' support of microenterprise lending programs.
(06/21/96).
| | 727
| Letter concerns treatment under the revised CRA regulations of the proposed
purchase of "equity equivalent" instruments to be offered by a non-profit
community development lender. (06/26/96).
| | 728
| Letter concerns the treatment under the revised CRA regulations of the "Direct
Deposit Too (DD Too)" program the Financial Management Service (FMS) hopes
to develop to expand direct deposit, especially to recipients of federal payments who
do not presently have deposit accounts. (06/18/96).
| | 729
| Letter discusses how an institution should collect and, if appropriate, report the
location of small business and consumer loans, for CRA purposes, when the loans
are made to borrowers with addresses consisting of post office box numbers or rural
route and box numbers. (06/14/96).
| | 730
| Letter concludes that loans proposed by the bank to an unaffiliated distributor of
mutual funds would not be subject to interaffiliate lending restrictions contained in
12 U.S.C. 371C. (05/29/96).
| | 731
| Letter concludes that it is legally permissible part of the business of banking under
24(Seventh) for a national bank and its operating subsidiary to bid to design,
implement and operate a processing center and facilities for electronic toll
collection. (07/01/96).
| | 732
| National bank may make a 5.5% investment in software company which is engaged
in the design, development, marketing and maintenance of a network for electronic
funds transfers and electronic data interchange, including transacting electronic
commerce and marketing software products for use on its world-wide electronic
commerce network. (05/10/96).
| | 733
| National bank receiver is subject to the rights of secured creditors and creditors
entitled to setoff. U.S. legal principles regarding enforcement of security interests
are applicable to a receivership of a federal branch or agency conducted under
National Bank Act. Therefore, receiver of an uninsured federal branch or agency
does not have the right to interfere with the rights of secured creditors, including
application of collateral held in U.S. to obligations of a non-U.S. office of the bank.
(06/19/96). |
Corporate Decisions
| Letter No. | Topic |
|---|
| 96-33
| Application for Star Bank, National Association, Indiana, Richmond, Indiana, to
purchase the assets and assume the liabilities of five Connersville, Indiana branch
offices of National City Bank of Indiana, Indianapolis, Indiana, under the charter
and title of Star Bank, National Association, Indiana. (Control Number 96CE020020),
(06/20/96).
| | 96-34
| Application of NationsBank of Texas, National Association, Dallas, Texas, to
purchase certain of the assets and assume certain of the liabilities of BlueBonnet
Savings Bank FSB, Dallas, Texas. (Control Number 96ML020031), (06/24/96).
| | 96-35
| Application to merge Bank of America Oregon, Portland, Oregon, with and into
Bank of America National Trust and Savings Association, San Francisco,
California, under the charter and title of Bank of America National Trust and
Savings Association. (Control Number 96ML020027), (06/26/96).
| | 96-36
| Application to merge BankAmerica National Trust Company, New York, New
York, with and into Bank of America National Trust and Savings Association, San
Francisco, California. (Control Number 96ML020026), (07/09/96).
| | 96-37
| Applications to charter TCF Bank Minnesota, N.A., Minneapolis, Minnesota, TCF
Bank Illinois, N.A., Oak Brook, Illinois, TCF Bank Wisconsin, N.A., Milwaukee,
Wisconsin, and Great lakes Bank Michigan, N.A., Ann Arbor, Michigan. (Control
Numbers 96MW01005 thru 0008), (07/18/96). |
Approvals with conditions enforceable under 12 U.S.C. 1818
| Letter No. | Topic |
|---|
| 205
| First Financial Bank, F.S.B. to charter a national CEBA credit card bank with the
title "First Financial Card Services Bank, National Association," Stevens Point,
Wisconsin. (Control Number 96CE010022), 07/02/96.
| | 206
| First Citizens Bank, National Association, Michigan City, Indiana, to charter a trust
bank subsidiary with the title of Horizon Investment Management, National
Association, Michigan City, Indiana. (Control Number 96CE01023), 06/18/96.
|
| 207 |
Notice of intent of Wood County Trust Company, Wisconsin Rapids, Wisconsin to
convert to a national trust bank and exercise fiduciary powers with the title of
"Wood County Trust Company, National Association." (Control Number 96CE01020),
06/18/96. |
Final Enforcement Actions
Enclosed is a copy of the OCC's news release number 96-81, announcing the availability of
enforcement actions. Copies of the final actions are available by writing to the
Communications Division, OCC, Washington, D.C. 20219. When ordering, specify the
appropriate Enforcement Action Number.
COMMUNITY REINVESTMENT ACT (CRA) Performance Evaluations
Enclosed is a list of CRA performance evaluations that became public during the period of
June 15 through July 14.
INTERPRETATIONS AND ACTIONS is published monthly by the Office of the Comptroller of the Currency. Subscriptions are available at a rate of $175 per year by writing to the Comptroller of the Currency, P.O. Box 73150, Chicago, IL 60673-7150. Prepayment is requested.
Suggestions, comments or questions may be sent to Jacqueline J. England, Communications Division, Comptroller of the Currency,
Washington, DC 20219.
|
