Interpretations and Actions: May 2003
Vol. 16, No. 5
|962||Letter concludes that Bank of America, N.A. may expand its financial intermediation business to include customer-driven, electricity derivative transactions that involve transitory title transfers as an activity incidental to banking, provided the Bank has established, to the satisfaction of its EIC, an appropriate risk measurement and management process for transitory title transfers. 04/21/2003|
|963||Letter concludes that it is legally permissible for a national bank to reduce the par value of its shares of $0.01 per share with an offsetting increase to the bank's capital surplus. The reduction in par value may reduce the bank's State franchise taxes. 04/14/2003|
|964||Letter concludes that preferred stock issued by a U.S. Government-sponsored agency would quality for a 20 per cent risk weight. 03/17/2003|
Approvals with Conditions Enforceable under 12 U.S.C. 1818
|586||Application by Grand Bank, National Association, Hamilton, New Jersey, to purchase certain assets and assume certain liabilities of the Monmouth Junction branch of MetLife Bank, National Association, Bridgewater, New Jersey. (Control Number 2003 NE 02 0007), 04/16/2003|
|587||Application to charter an uninsured national trust bank with the title "Western National Trust Company," Los Angeles, California and to hold it as an operating subsidiary of Zions First National Bank, Salt Lake City, Utah. (Control Number 2002 WE 01 0009), 04/25/2003|
|588||Application to charter Falcon National Bank, Foley, Minnesota. (Control Number 2002 MW 01 007), 04/08/2003|
|589||Application to charter Commerce National Bank, Fullerton, California. (Control Number 2002 WE 01 0010), 04/22/2003|
Final Enforcement Actions
Enclosed is a copy of the OCC's news release number 2003-37, announcing the availability of enforcement actions. Copies of the final actions are available by writing to the OCC, Public Reference Room, Mailstop 1-5, 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 April 15, 2003 through May 14, 2003.
PLEASE NOTE: Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the Licensing department. The list of CRA Ratings is from the Communications Division. For copies of the CRA evaluations, you may either contact the bank directly, or you may write to the Office of the Comptroller of the Currency (OCC) in any of three ways: by mail to the OCC, Attn: Public Information Room, Mail Stop 1-5, Washington, D.C. 20219; by fax to (202) 874-4448; or by email to FOIA-PA@occ.treas.gov. You may also write to the OCC for copies of enforcement actions and charters with standard conditions.
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