Interpretations and Actions: May 1997

Vol. 10, No. 5

PLEASE NOTE: Interpretive Letters and No Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions and Decisions (CRA) are from the office of Bank Organization and Structure. The list of CRA Ratings is from the Communications Division. Copies of documents not available electronically should be requested by email or by postal mail from the Office of the Comptroller of the Currency, Attn: Public Reference Room, Mailstop 1-5, Washington, D.C. 20219.

Please cite the letter number when reporting or summarizing documents from this package. This helps to process single requests in a more timely manner.

Interpretive Letters

Letter No.	Topic
778	Proposal by a national bank to make a non-controlling investment in a limited liability company that will offer the placement of foreign currency time deposits with foreign banks. (03/20/97)
779	Letter permits national banks to purchase for their own account interests in a privately offered investment fund that would invest in high-yield loans. (04/03/97)
780	The Agencies concluded that investments in a trust that purchases state and local bonds to fund affordable housing, senior and congregate care-facilities, and educational facilities within their assessment areas: (1) may be considered to have invested within its assessment area; (2) may receive favorable treatment under the investment test if: (a) the projects in which the proceeds of the Bonds are invested either are eligible for low-income housing tax credits or are qualified residential rental projects for purposes of 26 U.S.C. 145 and 145; or (b) the primary purpose of the Bonds is to provide affordable housing, senior congregate care, or educational services to low- and moderate-income individuals; but (3) would not receive favorable consideration under the lending test. (05/06/97)

CRA Decisions

Letter No.	Topic
78	Application by City National Bank, Kilgore, Texas, to establish a branch. (04/30/97)

Corporate Decisions

Letter No.	Topic
97-24	Notice of First National Bank Northwest Ohio, Bryan, Ohio, of its intent to acquire an operating subsidiary to engage in insurance activities; (Control Number 97CEO080005), (04/15/97).
97-25	Application of Texas National Bank, Sweetwater, Texas, to purchase the assets and assume the liabilities of the Sweetwater, Texas branch of State National Bank of West Texas, Lubbock, Texas; (Control Number 97SWO20024), (04/21/97).
97-26	Application by Wells Fargo Bank, N.A., San Francisco, California, to establish branches; (Control Numbers 97ML050106 thru 0108), (05/06/97).
97-27	Notification by Bank One, Columbus, N.A., Columbus, Ohio, of its intent to establish an operating subsidiary to reinsure mortgage insurance; (Control Number 97ML08008), (05/02/97).

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

Letter No.	Topic
237	Notice from First Federal Savings and Loan Association of Wooster, Wooster, Ohio, to convert to a national banking association, with the title of "First Federal Bank, National Association". (Control Number 97CE010010), 04/14/97
238	Application by Grand National Bank, Wauconda, Illinois to convert an Illinois chartered trust bank subsidiary to be acquired by merger and establish it as a national trust bank operating subsidiary with the title of "Grand Premier Trust and Investment, Inc., National Association," Freeport, Illinois. (Control Number 97CE01015), 04/15/97
239	Application to establish a national trust bank, FNC Trust Group, National Association, Boulder, Colorado. (Control Number 97MW01005), 04/17/97
240	Application by City National Bank, Kilgore, Texas, to establish a domestic branch. (Control Number 97SW050016), 04/30/97
241	Application by First Union National Bank of North Carolina to establish an operating subsidiary organized as a limited liability company which will invest in a general partnership that will engage in mortgage banking activities. (Control Number 97ML080005), 05/01/97

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 97-47, announcing the availability of enforcement actions. Copies of the final actions are available by writing to the OCC, Public Reference Room, Mailstop 1-5, Washington, D.C. 20219. 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 April 15, 1997 through May 14, 1997.

INTERPRETATIONS AND ACTIONS is published monthly by the Office of the Comptroller of the Currency. Subscriptions are available at a rate of $175 per year by writing to the Comptroller of the Currency, P.O. Box 73150, Chicago, IL 60673-7150. Prepayment is requested. Suggestions, comments or questions may be sent to Jacqueline J. England, Communications Division, Comptroller of the Currency, Washington, DC 20219.