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Interpretations and Actions: September 2004

Vol. 17, No. 9

Interpretive Letters

Letter No. Topic
1005 Letter concerns the impact of the OCC's preemption regulations on provisions of the Uniform Commercial Code. 06/10/2004
1006 Letter clarifies that the OCC's preemption and visitorial powers regulations do not change existing standards, established by U.S. Supreme Court precedent and federal statute, that govern the applicability and enforcement of state unclaimed property and escheat laws. 08/19/2004
1007 Letter concludes that a national bank may accept, as part of a court-administered bankruptcy proceeding, equity or below-investment grade debt in exchange for corporate debt originally acquired and held as a type III investment security, under the authority of national banks to accept such securities in satisfaction of debts previously contracted. 09/07/2004

Community Development Investment Letters

Letter No. Topic
1999-1 Letter approves an investment in a real estate investment trust (REIT) created to foster affordable housing and community development. The REIT will provide capital investments to projects that are designed to support community development including affordable housing for low-or moderate-income individuals; community services targeted to low- or moderate-income individuals; activities that promote economic development by financing small businesses, and activities that revitalize or stabilize low- or moderate-income geographies. This REIT was formed in conjunction with a national nonprofit, community development intermediary that will be responsible for managing and maintaining the properties in the trust's portfolio. 02/25/1999
1999-2 Letter approves a bank's investment in a community development corporation (CDC) financing a regional medical office facility that will meet essential health needs for the community. After the loan from the CDC is repaid, the medical office building and its equipment will be given to the regional authority developing and operating this facility. 05/11/1999
1999-3 This letter approves a national bank's direct equity investment under 12 CFR Part 24 to engage in an affordable housing lease-purchase transaction with a local school district. This transaction involves a bank purchasing real property that would be leased to the local school district for a term of up to 10 years, with the school district taking ownership of the property at the end of the lease. During the 10-year lease period, the school district would sublet the properties to teachers earning less than 80 percent of the area median income. 09/01/1999

CRA Decisions

Letter No. Topic
123 Application to merge Cuyamaca Bank, National Association, Santee, California into Community National Bank, Fallbrook, California. (Control Number 2004 WE 02 0032), 08/31/2004

Corporate Decisions

Letter No. Topic
2004-14 Application by The First National Bank of Emory, Emory, Texas to purchase certain assets and assume certain liabilities of the Emory branch of The City National Bank of Sulphur Springs, Sulphur Springs, Texas. (Control Number 2004 SO 02 0051), 08/25/2004

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

Letter No. Topic
648 Application to charter Valliance Bank, N.A., Oklahoma City, Oklahoma. (Control Number 2004 SO 01 0012), 08/31/2004

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 2004-83, 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 August 15 through September 14, 2004.

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 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, 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.