Interpretations and Actions: August 2005
Vol. 18, No. 8
|1035||Letter concludes that in the Bank's securitization of its own home equity lines of credit (HELOCs) the Bank may hold the securitized HELOC notes as Type V securities, the usual 25% prudential limit is not intended to apply under the specific facts and circumstances represented, and retention of the subordinated interest is permissible under 12 U.S.C. § 24(Seventh). The conclusions are subject to various safety and soundness requirements. The appropriate risk-based capital treatment is the risk-based capital charge for the underlying HELOCs. 07/21/2005|
|1036||Letter states that a remote check scanning terminal at a customer's location, which permits the customer to deposit checks electronically, is not a branch. 08/10/2005|
Community Development Investment Letters
|2005-1||Investment in nonprofit making small loans to low-income parents transitioning from welfare to work - A national bank can investment in a private multi-service agency serving low-income parents transitioning from welfare to work. The agency provides small loans, for those workers who cannot get loans elsewhere, for the purposes of helping family members pay for unexpected expenses that can interfere with their ability to keep a job or stay in school. 04/07/2005|
|2005-2||Investment in financing source for charter school facilities - A national bank may investment in a financing source for charter school facilities when the funds will be made available to charter schools in the mid-Atlantic region that enroll students from predominantly low-income households or are located in predominantly low-income neighborhoods. 04/13/2005|
|2005-3||Investment in the purchase, construction, and operation of an ethanol plant - A national bank may make an investment in a community and economic development entity that will purchase, construct, and operate an ethanol plant because it is located in an LMI geography and will provide jobs to unskilled individuals. 07/20/2005|
|2005-11||Application to merge First Bank of San Luis Obispo, San Luis Obispo, California, into Pacific Capital Bank, National Association, Santa Barbara, California. (Control Number 2005 WE 02 0012), 07/12/2005|
Approvals with Conditions Enforceable under 12 U.S.C. 1818
|697||Application to charter a de novo bank with the title of UMB Bank Arizona, National Association," Phoenix, Arizona. (Control Number 2005 WE 01 0007), 07/20/2005|
|698||Application to merge American Investment Bank, N.A., Salt Lake City, Utah, with and into American Investment Holdings, LLC, Salt Lake City, Utah. (Control Number 2005 WE 11 0191), 07/28/2005|
|699||Proposal by Treasury Bank, National Association, Alexandria, Virginia, to make a material non-cash contribution to capital surplus. (Control Number 2005 WE 12 0175), 07/28/2005|
Final Enforcement Actions
Enclosed is a copy of the OCC's news release number 2005-79, announcing the availability of enforcement actions. Copies of the final actions are available by writing to the OCC, Public Information Room, Mail Stop 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 July 15, 2005 through August 14, 2005.
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 office of Licensing. The Community Development Investment Letters are from the office of Community Affairs. 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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The Office of the Comptroller of the Currency publishes INTERPRETATIONS AND ACTIONS monthly. Subscriptions are available at a rate of $175 per year by writing to the Comptroller of the Currency, ATTN: Accounts Receivable, Mail Stop 4-8, 250 E Street, S.W., Washington, DC 20219. Prepayment is requested. Suggestions, comments or questions may be sent to Jacqueline J. England, Comptroller of the Currency, Communications Division, Mail Stop 3-2, Washington, DC 20219.