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Interpretations and Actions: February 2009

Vol. 22, No. 2

Interpretive Letters

Letter No. Topic
1109 Letter concludes that the guarantee of a qualifying debt security by the FDIC under its Temporary Liquidity Guarantee Program ("TLGP") would transform a qualifying security into a Type I security for purposes of the OCC's investment securities regulations at 12 CFR Part 1. In cases where the security's tenor is coextensive with the term of the guarantee, the security will qualify as a Type I security. In cases where the security's tenor exceeds the term of the FDIC guarantee, the security will not qualify as a Type I security. 01/08/2009
1110 Letter concludes that the Bank may act as a financial intermediary in customer-driven, perfectly matched, cash-settled derivative transactions referencing longevity indices. The derivatives involve making financial payments based on the performance of indices that track mortality and longevity data of national populations. The Bank's role is to negotiate a financial contract with one customer and an offsetting contract with a second customer. By engaging in the described activities, the Bank will not be providing insurance in a state as principal, as generally prohibited by GLBA section 302. Before the Bank may engage in the transactions, the Bank must notify its EIC, in writing, of the proposed activities and must receive written notification of the EIC's supervisory no-objection. 01/08/2009

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

Letter No. Topic
888 Application to establish a new national bank with the title of Welter National Bank, Valparaiso, Indiana (Control Number 2008 CE 01 004), 01/12/2009
889 Application to establish a new national bank with the title of First Commons Bank, National Association, Newton, Massachusetts (Control Number 2008 NE 01 0013), 01/14/2009
890 Application by First Citizens National Bank to establish a branch at the block bounded by East Avenue and Walnut and Pearl Streets, Mansfield, Pennsylvania (Control Number 2008 NE 05 0146), 01/16/2009
891 Application by TD Bank, Wilmington, Delaware to establish a branch at the Northeast corner of Morris Avenue and North Avenue, Union, New Jersey (Control Number 2008 NE 05 0141), 01/30/2009

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 2009-10, 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 January 15, 2009 through February 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.