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, Volume 4
United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Regulatory Relief
U.S. Government Printing Office, 1997 - 93 pages
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Page 69 - 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.
Page 65 - 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.
Page 69 - 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.
Page 90 - 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.
Page 66 - 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.
Page 69 - 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...
Page 84 - ... banks or bank subsidiaries. Moreover, firms consolidate their operations for many reasons, including the desire for increased efficiency. Recent experience with intrastate and interstate branching demonstrates the efficiency gains of organizational flexibility. Research on intracompany mergers finds that choice of organizational form is an important determinant of the efficiency of a company's operations.
Page 46 - Management: federal banking regulatory agencies including the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the...
Page 69 - 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.
Page 86 - Diversification of the Banking Firm,” The Financiat Review. vol.24 (May 1989). pp. 251-280. ‘¿ See testimony of Ricki HeIfer, Chairman, FDIC, on financial modernization before the Subcommittee on Capital Markets, Securities, and Government Sponsored Enterprises. Committee on Banking and Financial Services, US House of Representatives, March 5, 1997. “ These mergers enable banking organizations to streamline their operations and better scr¿e their customers. Robert DeYoung and Gary Whalen,...