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Interpretations and Actions: May 2003

Vol. 16, No. 5

Interpretive Letters

Letter No. Topic
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

Letter No. Topic
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 e-mail to 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 more timely manner.

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, Mailstop 4-8, 250 E Street, S.W., Washington, DC 20219. Prepayment is requested. Suggestions, comments or questions may be sent to Jacqueline J. England, Communications Division, Comptroller of the Currency, Mail Stop 3-2, Washington, DC 20219.