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Interpretations and Actions: August 2009

Vol. 22, No. 8

Interpretive Letters

Letter No. Topic
1119 Letter concludes that a national bank may continue to charge fees for admissions and withdrawals from its model-driven funds for a 90 day period following its affiliate's proposed acquisition of the benchmark indices used for the funds, provided that the bank continues to operate separately from the affiliate. The OCC agreed to review the matter after the acquisition to determine whether the bank could continue its activities after the 90 day period. 09/19/2008
1120 Letter concludes that a national bank may continue to charge fees for admissions and withdrawals from its model-driven funds, where the funds are benchmarked to an index recently acquired by an affiliated index provider, subject to certain limitations and conditions. 02/20/2009
1121 Letter permits a national bank to extend the time period allowable for satisfying redemption requests from participants in the bank's collective investment fund. The fund holds primarily commercial real estate assets and due to current economic and market conditions and the large volume of redemption requests the bank is unable to satisfy all the requests within the one year notice period required by the OCC. 06/18/2009
1122 Letter concludes that it is permissible for a national bank to become a credit default swap self-clearing member of ICE Europe, provided the bank has established a comprehensive risk management framework to govern the risks associated with membership, and obtains a written examiner-in-charge ("EIC") supervisory no-objection as addressed in Interpretive Letter No. 1113 (March 4, 2009) (ICE Trust US)). The bank's exposure to ICE Europe is subject to the lending limit in 12 U.S.C. ยง 84 or any lower limit set by the EIC. 07/30/2009

Corporate Decisions

Letter No. Topic
2009-07 Application by First Dakota National Bank, Yankton, South Dakota, to acquire certain assets and certain liabilities of a Sioux Falls, South Dakota branch of Alerus Financial, National Association, Grand Forks, North Dakota (Control Number 2009 WE 02 0017), 07/17/2009
2009-08 Application by Financial, National Association, Grand Forks, North Dakota, to acquire from the Federal Deposit Insurance Corporation (FDIC) as receiver, the deposits and certain assets BankFirst, Sioux Falls, South Dakota (Control Number 2009 CE 02 0021), 07/17/2009
2009-09 Application by Evans National Bank, Angola, New York, to purchase certain assets and assume certain liabilities of Waterford Village Bank, Williamsville, New York (Control Number 2009 NE 02 022), 07/24/2009
2009-10 Application by First Financial Bank, National Association, Hamilton, Ohio, to purchase certain assets and assume certain liabilities of People Community Bank, West Chester, Ohio (Control Number 2009 CE 02 022), 07/31/2009

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

Letter No. Topic
910 Application to merge First National Bank of Ekalaka, Ekalaka, Montana, with and into Summit National Bank, Hulett, Wyoming (Control Number 2009 WE 02 0010), 07/09/2009
911 Application to merge Discovery Bank, San Marcos, California, with and into Commerce West Bank, National Association, Newport beach, California (Control Number 2009 WE 02 0004), 07/09/2009
912 Applications to convert Chevy Chase Bank, F.S.B., Mclean, Virginia, to a national bank and to merge the converted bank into Capital One, National Association, Mclean, Virginia (Control Numbers 2009 NE 01 0006, 02-006, & 08-007), 07/14/2009
913 Application by Associated Bank, National Association, Green Bay, Wisconsin, to establish Associated Trust Company, National Association, Milwaukee, Wisconsin, as a wholly-owned subsidiary of the Bank (Control Number 2009 CE 08 027), 07/16/2009
914 Application for conversion to a national charter and other related applications by Fulton Bank, National Association, Lancaster, Pennsylvania (Control Numbers 2008 NE 01 0012, 12-0164, 05-0069, 05-0069, & 08-0013), 07/09/2009
915 Application to charter First Commons Bank, National Association, Newton, Massachusetts (Control Number 2008 NE 01 0013), 07/204/2009
916 Application to convert The Rockefeller Trust Company, New York, New York, to a national bank with the title of "Rockefeller Trust Company, National Association," limited to the activities of a trust company (Control Number 2009 NE 01 0001), 07/31/2009
917 Application to establish a new national bank with the title of "SJB National Bank" (Control Number 2009 NE 01 0009), 07/31/2009

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 2009-97, announcing the availability of enforcement actions. Copies of the final actions are available by writing to the OCC, Communications Division, Mail Stop 2-3, Washington, D.C. 20219. You may also submit your request electronically through the OCC's online FOIA site or fax your request to (202)-874-5274. 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 July 15, 2009 through August 14, 2009.

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 Activities. 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: Communications Division, Mail Stop 2-3, Washington, D.C. 20219; by fax to (202) 874-5274; or electronically at the OCC's online FOIA site. 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: Financial Management, Accounts Receivable, Mail Stop FM-2, 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 2-3, Washington, DC 20219.