Office of the Comptroller of the Currency's Recent Regulatory Actions: Hearing Before the Subcommittee on Financial Institutions and Regulatory Relief of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Fifth Congress, First Session ... May 1, 1997, Volumen4

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Página 67 - Except as hereinafter provided or otherwise permitted by law, nothing herein, contained shall authorize the purchase by the association for its own account of any shares of stock of any corporation.
Página 63 - To exercise by its board of directors or duly authorized officers or agents subject to law all such incidental powers as shall be necessary to carry on the business of banking by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal or real estate security, and by obtaining, issuing, and circulating notes according to the provisions of this act.
Página 67 - Provided, That in carrying on the business commonly known as the safe-deposit business the association shall not invest in the capital stock of a corporation organized under the law of any State to conduct a safe-deposit business in an amount in excess of 15 per centum of the capital stock of the association actually paid in and unimpaired and 15 per centum of its unimpaired surplus.
Página 88 - firewalls" previously imposed between banks and their Section 20 affiliates. 3 The Office of Comptroller of the Currency ("OCC") last fall adopted its Part 5 operating subsidiary rules, which will permit subsidiaries of national banks to engage in activities that are "part of or incidental to the business of banking," but not permissible for the parent bank to engage in directly.
Página 64 - No national banking association shall at any time be indebted, or in any way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on account of demands of the nature following: "First.
Página 67 - That in carrying on the business commonly known as the safe-deposit business no such association shall invest in the capital stock of a corporation organized under the law of any State to conduct a safe-deposit business in an amount in excess of 15 per centum of the capital stock of such association actually paid in and unimpaired and 15 per centum of its unimpaired surplus...
Página 67 - As used in this section the term "investment securities" shall mean marketable obligations, evidencing indebtedness of any person, copartnership, association, or corporation in the form of bonds, notes and/or debentures commonly known as investment securities under such further definition of the term "investment securities" as may by regulation be prescribed by the Comptroller of the Currency.
Página 71 - Operating subsidiaries. (a) General rule. With the prior approval of the Comptroller of the Currency, a national bank may engage in activities, which are a part of the business of banking or incidental thereto, by means of an operating subsidiary corporation. In order to qualify as an operating subsidiary hereunder, at least 80 percent of the voting stock of the subsidiary must be owned by the parent bank. (b) Activities permitted. An operating subsidiary may perform any business function which the...
Página 83 - Forcing a bank to offer new products and services only through a holding company affiliate will limit the bank's ability to respond to changes in the marketplace and impose unnecessary costs that will render the bank less competitive.
Página 53 - Because of the organizational flexibility that other countries give their financial services companies, forcing US banks into a holding company structure is particularly problematic as the financial services marketplace is increasingly globalized. A number of US banks have expressed concern that the holding company approach may disadvantage US banks as they compete with universal banks, which enjoy the cost advantages of being able to structure their activities in whatever manner they find most efficient.

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