This final rule amends the FDIC’s regulations covering filing procedures and delegations of authority, to clarify the meaning of the phrase ‘‘engaged in the business of receiving deposits other than trust funds’’ in the Federal Deposit Insurance Act. Under the rule, an insured depository institution must maintain one or more non-trust deposit accounts in the aggregate amount of $500,000 in order to be ‘‘engaged in the business of receiving deposits other than trust funds’’.
Primary Sources
The Office of the Comptroller of the Currency (OCC) is publishing this final rule to amend its rules governing investment securities, bank activities and operations, and leasing. The revisions to the investment securities regulations incorporate the authority to underwrite, deal in, and purchase certain municipal bonds that is provided to well capitalized national banks by the Gramm-Leach-Bliley Act (GLBA).
The Office of the Comptroller of the Currency (OCC) is publishing this final rule to amend its rules governing investment securities, bank activities and operations, and leasing. The revisions to the investment securities regulations incorporate the authority to underwrite, deal in, and purchase certain municipal bonds that is provided to well capitalized national banks by the Gramm-Leach-Bliley Act (GLBA).
The Office of the Comptroller of the Currency (OCC) is publishing its response to a written request for the OCC’s opinion of whether Federal law would preempt a Michigan statute, as interpreted by the Michigan Financial Institutions Bureau, that limits the ability of national banks to make loans to finance motor vehicle sales. The OCC has determined that the state law, as interpreted, would be preempted under Federal law.
The Office of the Comptroller of the Currency (OCC) is publishing for comment a written request for the OCC’s opinion about whether Federal law preempts certain provisions of the Financial Institutions Insurance Sales Act (FIISA), enacted by the State of Rhode Island in 1996. The purpose of this notice and request for comment is to provide interested persons with an opportunity to submit comments prior to the OCC’s issuance of a written opinion in this matter.
The Office of the Comptroller of the Currency (OCC) is publishing for comment a written request for the OCC’s opinion about whether Federal law preempts certain provisions of the Massachusetts bank insurance sales statute and regulations promulgated pursuant to that statute by the Division of Banks and the Division of Insurance. This Notice refers to the statute and regulations collectively as the Massachusetts Law.
The Office of the Comptroller of the Currency (OCC) is publishing for comment a written request for the OCC’s determination of whether Federal law preempts certain provisions of the West Virginia Insurance Sales Consumer Protection Act (West Virginia Law). The purpose of this notice and request for comment is to provide interested persons with an opportunity to submit comments prior to the OCC’s issuance of any final opinion in this matter.
The Office of the Comptroller of the Currency (OCC) is updating and clarifying its rules regarding investment securities, corporate activities, and bank activities and operations. Most of the changes involve the OCC’s interpretations regarding national bank activities and operations. This final rule clarifies existing rules, adds new provisions based on recent statutory changes, judicial rulings, OCC decisions, and other developments, and makes technical changes.
The FDIC has received inquiries regarding the application of section 27 of the Federal Deposit Insurance Act to State banks operating interstate branches.
The FDIC’s Legal Division has received a request for guidance regarding the types of charges that constitute ‘‘interest’’ for purposes of section 27 of the Federal Deposit Insurance Act. This General Counsel’s Opinion is being provided for the benefit of the public, as well as institutions subject to section 27, because the statute speaks only in terms of ‘‘interest’’ but does not define the term.