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Interpretations and Actions: March 1997

Vol. 10, No. 3

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: Public Reference Room, Mailstop 1-5, 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
768 The OCC would appoint the FDIC as receiver for an insolvent, insured federal branch, and the FDIC would administer the receivership in accordance with the provisions of 12 U.S. C. 1821. Foreign exchange contracts would be treated as "qualified financial contracts" under that section. Receivership of an insolvent, uninsured federal branch would be governed by the National Bank Act, and 12 U.S.C. 194 would permit the netting of foreign exchange contracts. (10/04/95)
769 Letter clarifies which types of investment advisers are covered by the newly-revised 12 CFR Part 9. (01/28/97)
770 Permits a national bank to enter into leveraged lease of personal property which includes an incidental interest in real property under the newly revised 12 CFR Part 23. (02/10/97)
771 Approves with conditions national bank's acquisition of 20% minority interest in a payroll processor. (02/24/97)
772 Automated loan machines are not branches under 12 U.S.C. 36(J). The recently amended definition in 36(J) excludes ATMs and remote service units, which are unstaffed electronic devices that accept deposits, dispense withdrawals or make loans. Deposit boxes are (still) branches, and are not remote service units. (03/06/97)
773 The applicability of the CRA to financial institutions' assistance to the Family Loan Program, a program that provides loans and financial management training to low-income parents to pay for unexpected expenses that could interfere with their ability to keep a job or stay in school. (03/14/97)

Corporate Decisions

Letter No. Topic
97-11 Application for American National Bank, Union Springs, Alabama, to merge with First National Bank of Union Springs, Union Springs, Alabama; (Control Number 96SEO20053), (02/13/97).
97-12 Application for The Commercial National Bank of Beeville, Beeville, Texas to purchase certain assets and assume certain liabilities of two branches of Pacific Southwest Bank, FSB, Corpus Christi, Texas, under the title and charter of The Commercial National Bank of Beeville; (Control Number 96SWO20078), (02/13/97).
97-13 Applications by TCF Financial Corp., Minneapolis, Minnesota, to convert federal savings banks located in Minnesota, Michigan, Illinois, and Wisconsin and to establish de novo banks in Ohio and Colorado and to engage in certain related transactions; (Control Numbers 96MW010033 -0038; 96MW050107 - 0120; 96MW020049 & 0050; 97MW120005 & 006; and 97MW120016 & 0017), (02/24/97).
97-14 Application of Key Bank of Washington, Tacoma, Washington, to convert to a national banking association; (Control Number 97CE010011), (03/04/97).
97-15 Notification by PNC Bank, N.A., Pittsburgh, Pennsylvania, of its intent to establish an operating subsidiary to reinsure mortgage insurance; (Control Number 97NE080008), (03/17/97).

Approvals with Conditions Enforceable under 12 U.S.C. 1818

Letter No. Topic
232 Application by The State Bank and Trust Company, Defiance, Ohio, for a new national trust bank, with the title of "Reliance Financial Services, National Association". (Control Number 97CE010007), 02/07/97
233 Union Planters National Bank, Memphis, Tennessee, proposed acquisition of PFIC Corporation as an operating subsidiary. (Control Number 97SE080005), 02/26/97
234 Application by Eaglemark, Inc., to charter a national CEBA credit card bank with the title "Eaglemark Bank, National Association," Carson City, Nevada. (Control Number 96WE010005), 03/07/97

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 97-26, 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 February 15 through March 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.