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Interpretations and Actions: November 1998

Vol. 11, No. 11

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. For copies of the evaluation, you should contact the bank directly or the Office of the Comptroller of the Currency, Attn: Public Reference Room, Mailstop 1-5, Washington, D.C. 20219.

Members of the news media are encouraged to 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
838 Letter concludes that an "automated financial receiving station," i.e., an automated drop box, is an ATM or remote service unit and therefore not a branch. (04/15/98)
839 Letter concludes that, under described facts, a school banking program does not cause school to become a branch of the bank. (08/03/98)
840 National banks may buy and sell commemorative coins issued by an entity other than the United States Mint subject to the guidelines contained in Banking Circular 58 and its Supplement. (09/21/98)
841 Letter concludes that a national bank may require collective investment fund withdrawals in amounts below a specified amount to be in cash, while withdrawals in amounts at or above that specified amount will occur in kind. (09/21/98)
842 Letter approved a national bank to enter into a joint venture (09/28/98)
843 Letter concludes that under described facts, ATM sharing space with a LPO and courier service is not a branch. (09/29/98)
844 Letter concludes that the OCC will not object to national banks or their subsidiaries soliciting and selling insurance in the same manner permissible in Louisiana for insurance agencies generally and for bank-established insurance agencies in particular. This includes the ability of a national bank insurance agency to establish locations of the agency outside of the "place of 5,000," i.e. so-called "satellite offices," and to engage in insurance sales activities at those locations. (10/20/98)
845 Letter concludes that a national bank may establish an operating subsidiary to serve as a captive insurance company for the purpose of underwriting insurance coverages on the operating risks of the parent bank and its affiliates. (10/20/98)

Corporate Decisions

Letter No. Topic
98-45 Application by Community National Bank, Alva, Oklahoma, to elect the corporate governance provisions of Oklahoma law and complete a reverse stock split in accordance with those provisions. (Control Number 98MW12131), 10/02/98
98-46 Application to merge SecurityBank Texas, Arlington, Texas, with and into SouthTrust Bank, National Association, Birmingham, Alabama. (Control Number 98SE020061), 10/15/98
98-47 Acquisition of the operations of GiroCredit Bank Aktiengesellschaft de Sparkassen AG New York federal branch through merger with Erst Bank der osterreichischen Soarkassen. (Control Number 98IB120003), 10/15/98
98-48 Application by National Bank of Commerce, Memphis, Tennessee, to expand the activities of its subsidiary to include underwriting and dealing in, to a limited extent, securities of states and their political subdivision that do not qualify under the OCC's current definitions as general obligation securities. (Control Number 98WO080024), 10/20/98

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

Letter No. Topic
289 Request of operating subsidiaries of various national banking associations to acquire ownership interest in CheckFree Corporation through Integrion Financial Network, L.L.C. (Control Numbers 98WO080006 through -0018 and -0021), 10/02/98
290 Application to charter an uninsured national trust bank with the title "King Trust Company, National Association," Spring Arbor, Michigan. (Control Number 98CE010006), 10/22/98
291 Application to charter an uninsured national trust bank with the title "D.L. Moody Trust Company, National Association," Chicago, Illinois (Proposed). (Control Number 98CE010007), 10/22/98

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 98-117, 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 October 15 through November 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 70004, Chicago, IL 60673-0004. Prepayment is requested. Suggestions, comments or questions may be sent to Jacqueline J. England, Communications Division, Comptroller of the Currency, Washington, DC 20219.