Interpretations and Actions: January 1998

Vol. 11, No. 1

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. For copies of the evaluation, you should contact the bank directly or the Office of the Comptroller of the Currency, Attn: Public Reference Room, Mailstop 1-5, Washington, D.C. 20219.

Members of the news media are encouraged to 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
809	Letter provides guidance about data collection requirements and performance standards for small wholesale institutions under the Community Reinvestment Act (CRA) regulations. (11/20/97)
810	Financial institutions may receive favorable CRA credit for investing in a middle income housing down-payment assistance program if the investment is a "qualified investment" under the CRA regulation. (12/12/97)
811	A national bank can acquire and retain a printing company to sell printing services to other financial institutions as a correspondent service. (12/18/97)
812	Letter opines that a national bank may offer, as agent, crop insurance in connection with loans to its farmer customers. (12/29/97)
813	National bank may acquire and hold a non-controlling minority interest in a LLC which will engage in the business of merchant credit and debit card processing. (10/14/97)
814	Operating subsidiary which closed loans and disbursed loan proceeds on behalf of parent was not a branch where it would provide similar services for any unrelated financial institution or other lender. (11/03/97)
815	Letter permits a nationally-chartered trust company to retain a 15% interest in an Indiana state-chartered trust company. (12/02/97)
816	12 U.S.C. 60(b) does not require a national bank to carry forward negative amounts that result from dividend in excess of a current earnings. (12/22/97)

Corporate Decisions

Letter No.	Topic
98-01	Final authorization for Mission Community Bank, N.A., San Luis Obispo, California, to open for business and establish two community development corporations; (Control Number 96WE01007), (12/17/97).
98-02	Authorization for the first national community development bank to open for business, Neighborhood National Bank, San Diego, California; (Control Number 94WE01004), (09/18/97).
98-03	Application from First National Bank of West Point, West Point, Georgia, to purchase certain of the assets and assume certain of the liabilities of First State Bank of Uniontown, Uniontown, Alabama; (Control Number 97SE020047), (10/24/97).
98-04	Application by Mr. Stewart J. Armstrong to charter a national bank with the title "CrediCard National Bank," San Antonio, Texas; (Control Number 97SW010007), (11/21/97).

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

Letter No.	Topic
266	Application by United Credit Card, Inc. to charter a national CEBA credit card bank with the title "United Credit Card Bank, National Association," Baton Rouge, Louisiana. (Control Number 96SW010014), 11/03/97
267	Application by Zions First National Bank, Salt Lake City, Utah, to establish an operating subsidiary that will act as a certification authority and repository for certificates used to verify digital signatures. (Control Number 97WO080006), 01/12/98

Final Enforcement Actions

No enforcement actions were available at press time. Due to the lateness of December's issue, enforcement actions that would have been published in January were published in the December issue along with those that were available in December.

Community Reinvestment Act (CRA) Performance Evaluations

Enclosed is a list of CRA performance evaluations that became public during the period of December 15, 1998 through January 14, 1998.

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 70004, Chicago, IL 60673-0004. Prepayment is requested. Suggestions, comments or questions may be sent to Jacqueline J. England, Communications Division, Comptroller of the Currency, Washington, DC 20219.