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Interpretations and Actions: March 2009

Vol. 22, No. 3

Interpretive Letters

Letter No. Topic
1111 Letter grants Bank a waiver of certain securities confirmation requirements of 12 C.F.R. 12, in connection with its administration of various dividend reinvestments and other Plan transactions of companies for which it serves as transfer agent. The waiver permits the Bank to send confirmations for occasional transactions executed on an individual basis, promptly after transactions, rather than "at or before completion of transaction" as specified in 12 C.F.R. 12.4. The letter also confirms a specific method proposed by the Bank for disclosing the time of execution for individually execute Plan transactions upon written request under 12 C.F.R. 12.4(a)(4). 09/09/2008
1112 Letter confirms that a national bank may issue shares of its common stock at an issue price less than its par value and that the assessment provisions of 12 USC 55 for a deficiency in capital do not apply to the transaction, provided that: (i) applicable corporate governance procedures permit such issuance; and (ii) the bank takes appropriate measures to ensure that any below par sale will not cause its capital stock to become impaired. 02/17/2009
1113 Letter concludes that the National Bank Act permits a national bank to become a clearing member of ICE Trust, a clearinghouse for over-the-counter credit default swaps. The Bank's exposure to the ICE Trust for the defaults of other members is subject to the lending limit in 12 U.S.C. ยง 84 or any lower limit set by the examiner-in-charge ("EIC"). Before the Bank may become an ICE Trust clearing member, the Bank must establish a comprehensive risk management framework to govern the risks associated with its membership, and receive a written supervisory no-objection from its EIC. Other national banks may rely on the letter to become clearing members of ICE Trust, but must obtain prior written EIC approval. 03/04/2009

Corporate Decisions

Letter No. Topic
2009-01 Application by The Carlinville National Bank, Carlinville, Illinois to purchase certain assets and assume certain liabilities of Corn Belt Bank and Trust, Pittsfield, Illinois (Control Number 2009 CE 02 0002), 02/13/2009

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

Letter No. Topic
892 EIC No-Objection to the transfer of EMC Servicing Asset mortgage servicing business to JPMorgan Chase Bank, National Association, Columbus, Ohio (Control Number 2009 ML 12 0081), 02/27/2009

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 2009-27, 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 February 15, 2009 through March 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.