Corporate Applications:
October 2006
Vol. 19, No. 10
IN THIS ISSUE:
Interpretive Letters
Letter No. |
Topic |
1069 |
Letter concludes that a national bank
and its operating subsidiaries are authorized, pursuant to 12
USC 24(7), 12 USC 371, and 12 CFR 7.4002, to charge expedited
service fees for loan payoff information.
08/21/2006 |
1070 |
Letter concludes that a national bank
may acquire and hold two classes of certificates, one rated
investment grade and one unrated, issued by a trust under a
tender option bond structure as Type III investment
securities, provided the bank can demonstrate that the unrated
certificate is the credit equivalent of investment grade. The
letter also concludes that the bank also may acquire the
certificates under the authority in 12 U.S.C. § 24(Seventh) to
discount and negotiate evidences of debt, subject to the
limitations of 12 U.S.C. § 84 and the requirements of Banking
Circular 181 (Rev.). 09/06/2006 |
1071 |
Letter concludes a national bank may
participate as a member in several regional Independent System
Operators (ISOs) and Regional Transmission Operators (RTOs) in
order to execute electricity derivatives transactions that the
OCC previously has found to be permissible for the bank,
subject to the limitations set forth in 12 U.S.C. § 84 and 12
C.F.R. Part 32 and any additional limitations imposed by the
bank's examiner-in-charge (EIC). The bank also is required
notify its EIC and receive written notification of the EIC's
supervisory non-objection before becoming a member of an ISO
or RTO. 09/06/2006 |
1072 |
Letter concludes that it would be
permissible under 12 USC 29 for bank to enter into a long-term
ground lease with unrelated third party of property that it
has owned and used as bank premises for three decades.
09/15/2006 |
CRA Decisions
Letter No. |
Topic |
136 |
Application by JPMorgan Chase Bank,
National Association, Columbus, Ohio, to acquire certain
assets and assume certain deposits from The Bank of New York
(Control Number 2006 ML 02 0004), 09/15/2006 |
137 |
Application to expand the scope of
activities of HSBC Trust Company (Delaware), National
Association, Wilmington, Delaware (Control Number 2006 NE 12
111), 09/29/2006 |
Corporate Decisions
Letter No. |
Topic |
2006-10 |
Application by Hemisphere National Bank, Miami, Florida, to purchase substantially all of the assets and assume substantially all of the liabilities of PineBank, National Association, Miami, Florida (Control Number 2006 SO 02 0032), 09/12/2006
|
2006-11 |
Application by PNC Bank, National Association, Pittsburgh, Pennsylvania, for prior approval to have qualify as Tier 1 capital minority interests created as a result of the sale of perpetual preferred Series A securities to an outside investor (Control Number 2006 NE 12 0204), 09/14/2006
|
2006-12 |
Application to reorganize First National Bank of Baldwin County, Foley, Alabama, to become a subsidiary of a bank holding company (Control Number 2006 SO 12 0266), 09/19/2006
|
2006-13 |
Application by Citibank, National Association, New York, New York, to assume the uninsured deposit liabilities of Citibank International and to establish a branch in Houston, Texas (Control Numbers 2006 ML 02 0015 and 2006 ML 05 0384), 09/26/2006
|
Approvals with conditions enforceable under 12 U.S.C. 1818
Letter No. |
Topic |
757 |
Application to establish a new national bank with the title of "Embassy National Bank," Lawrenceville, Georgia (Control Number 2006 SO 01 0009), 09/05/2006 |
758 |
Application to establish a new national bank with the title of "First Avenue National Bank," Ocala, Florida (Control Number 2006 SO 01 0001), 09/11/2006 |
759 |
Application by PineBank, National Association, Miami, Florida, for a change in the composition of its assets and to merge PineBank, National Association into Omega USA, Inc., Miami, Florida (Control Numbers 2006 SO 12 0230 and 2006 SO 12 0231), 09/12/2006 |
760 |
Application to establish a new national bank with the title of "Icon Bank of Texas, National Association," Houston, Texas (Control Number 2006 SO 01 0001), 09/14/2006
|
761 |
Application to establish a new national bank with the title of "The PrivateBank, National Association," Milwaukee, Wisconsin (Control Number 2006 CE 01 009), 09/18/2006
|
762 |
Application to establish a new national bank with the title of "West Valley National Bank," Avondale, Arizona (Control Number 2006 WE 01 0013), 09/22/2006
|
Final Enforcement Actions
Enclosed is a copy of the OCC's news release
number 2006-114, 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 September 14 through
October 14, 2006.
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 e-mail to FOIA-PA@occ.treas.gov. You may also
write to the OCC for copies of enforcement actions and charters with
standard conditions.
Members of the news media are encouraged to
cite the letter number when reporting or summarizing documents from
this package. This helps us to process single requests based upon
your citation in a timelier manner.
The Office of the Comptroller of the Currency
publishes INTERPRETATIONS AND ACTIONS monthly. Subscriptions are
available at a rate of $200 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.
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