12 CFR 5.34 - Operating subsidiaries of a national bank

Cite as12 CFR 5.34
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82 practice notes
  • Loans in Areas Having Special Flood Hazards
    • United States
    • Federal Register July 21, 2015
    • July 21, 2015
    ...operating subsidiaries because such subsidiaries are subject to the rules applicable to the operations of their parent bank pursuant to 12 CFR 5.34. Because Federal savings association operating subsidiaries also are subject to the same rules applicable to the parent savings association, as......
  • Meetings: Petition for Rulemaking to Preempt Certain State Laws; public hearing,
    • United States
    • Federal Register March 21, 2005
    • March 21, 2005
    ...modifications, the OCC has adopted comprehensive rules concerning the establishment and operation of operating subsidiaries. See 12 CFR 5.34; 69 FR 64478 (Nov. 5, 2004). The OCC rules as amended in 2001 further specify that state law applies to a national bank operating subsidiary to the sa......
  • National banks: Authority provided by American Homeownership and Economic Opportunity Act, and other miscellaneous amendments,
    • United States
    • Federal Register January 13, 2004
    • January 13, 2004
    ...insurance subsidiary); Budnik v. Bank of America Mortgage, 2003 U.S. Dist. LEXIS 22542 (N.D. IL 2003) (mortgage subsidiary). \46\ See 12 CFR 5.34(e)(4) (requring application of, e.g., statutory lending limit and limit on investment in bank premises to a national bank and its operating subsi......
  • National banks: Authority provided by American Homeownership and Economic Opportunity Act, and other miscellaneous amendments,
    • United States
    • Federal Register December 17, 2003
    • December 17, 2003
    ...regarding the new subsidiary's activities that would be required if the applicant were establishing a new subsidiary under either 12 CFR 5.34 (which addresses operating subsidiaries) or 12 CFR 5.39 (which addresses financial subsidiaries). The current rule contains an exception if the subsi......
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31 cases
  • Wachovia Bank, N.A. v. Burke, Docket No. 04-3770-CV.
    • United States
    • U.S. Court of Appeals — Second Circuit
    • July 11, 2005
    ...§ 484. The OCC, meanwhile, has issued regulations allowing national banks to conduct business through an operating subsidiary, see 12 C.F.R. § 5.34(e), and providing that "State laws apply to national bank operating subsidiaries to the same extent that those laws apply to the parent nationa......
  • Wells Fargo Bank N.A. v. Boutris, No. 03-16194.
    • United States
    • United States Courts of Appeals. United States Court of Appeals (9th Circuit)
    • August 12, 2005
    ...so long as the operating subsidiary form of organization cannot be used to evade the rules that apply to national banks. Under 12 C.F.R. § 5.34, the rule governing operating subsidiaries, such evasion is not permitted. See 12 C.F.R. § 5.34(e)(1) (providing that "[a] national bank may conduc......
  • Association of Banks in Ins., Inc. v. Duryee, No. C-2-98-1120.
    • United States
    • United States District Courts. 6th Circuit. United States District Courts. 6th Circuit. Southern District of Ohio
    • June 18, 1999
    ...of the Huntington Mortgage Company. Plaintiffs note that although federal law permits national banks to act through a subsidiary, see 12 C.F.R. § 5.34(d), § 92 does not require national banks to act through subsidiaries. Even assuming that the defendants' suggestion is accurate, it would se......
  • Watters v. Wachovia Bank, N.A., No. 05-1342.
    • United States
    • United States Supreme Court
    • April 17, 2007
    ...solely in activities the bank itself could undertake, and subject to the same terms and conditions as the bank. See § 24a(g)(3)(A); 12 CFR § 5.34(e). Respondent Wachovia Bank is an OCC-chartered national banking association that conducts its real estate lending business through respondent [......
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3 firm's commentaries
  • Debt Previously Contracted ('DPC') Investments: Equity By Accident Or Safe And Sound M&A For Lenders?
    • United States
    • Mondaq United States
    • August 3, 2018
    ...(bank permitted to establish operating subsidiary through which it would become minority member of limited liability company). 15 12 C.F.R. § 5.34(e)(2)(B). 16 See generally, OCC, Comptroller's Licensing Manual, "Subsidiaries and Equity Investments," p.2 (Oct. 2017). See also 12 C.F.R. § Th......
  • Commissioner Of Corporation’s Authority To Audit Is Preempted By Federal Law
    • United States
    • LexBlog United States
    • August 16, 2005
    ...estate lending licensing requirements as applied to operating subsidiaries of national banks were “field-preempted” by OCC regulation 12 C.F.R. § 5.34: “A state’s attempt to require advanced licensing before an operating subsidiary may engage in the activities covered by the Bank Act, inclu......
  • Financial Services Alert
    • United States
    • Mondaq United States
    • October 19, 2001
    ...subsidiary or commencing the activity (if the activity or activities are included in the broad list of permissible activities contained in 12 CFR 5.34 (e)(5)(v)). Accordingly, a Federal branch or agency can take a comparable action if it is well capitalized and well managed (using ROCA Stan......

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