12 CFR 5.20 - Organizing a national bank or Federal savings association

Cite as12 CFR 5.20
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72 practice notes
  • Integration of National Bank and Federal Savings Association Regulations: Licensing Rules
    • United States
    • Federal Register June 10, 2014
    • June 10, 2014
    ...meetings. See, e.g., 12 CFR 116.15(a)(1) (discussing prefiling meetings when organizing a Federal savings association). \17\ See, e.g., 12 CFR 5.20(i) (discussing prefiling meetings when organizing a national bank); 12 CFR 5.24(d)(2) (discussing prefiling meetings when converting to a natio......
  • Integration of National Bank and Federal Savings Association Regulations: Licensing Rules
    • United States
    • Federal Register May 18, 2015
    • May 18, 2015
    ...meetings. See, e.g., 12 CFR 116.15(a)(1) (discussing prefiling meetings when organizing a Federal savings association). \19\ See, e.g., 12 CFR 5.20(i) (discussing prefiling meetings when organizing a national bank); and 12 CFR 5.24(d)(2) (discussing prefiling meetings when converting to a n......
  • Part II
    • United States
    • Federal Register April 24, 2008
    • April 24, 2008
    ...by the OCC, whichever is later, unless the OCC notifies the bank otherwise. These are the same time frames that would apply under 12 CFR 5.20(f)(5) if a national bank were engaging in a similar Finally, we are eliminating the applicability to DC banks of subpart C of part 28, which implemen......
  • 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
    ...and makes several technical corrections. EFFECTIVE DATE: January 16, 2004. FOR FURTHER INFORMATION CONTACT: For questions concerning 12 CFR 5.20, contact Richard Cleva, Senior Counsel, Bank Activities and Structure Division, (202) 874-5300; or Andra Shuster, Counsel, Legislative and Regulat......
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7 cases
  • Vullo v. Office of the Comptroller of the Currency, 18 Civ. 8377 (VM)
    • United States
    • United States District Courts. 2nd Circuit. United States District Courts. 2nd Circuit. Southern District of New York
    • May 2, 2019
    ..."a special purpose bank that limits its activities to fiduciary activities or to any other activities within the business of banking." 12 C.F.R. § 5.20 (e) (1) (i) (" Section 5.20(e)(1)" or "the Regulation"). Under Section 5.20(e)(1), a so-called special purpose bank "that conducts activiti......
  • Lacewell v. Office of the Comptroller of the Currency, No. 19-4271
    • United States
    • U.S. Court of Appeals — Second Circuit
    • June 3, 2021
    ...must conduct at least one of the following three core banking functions: Receiving deposits; paying checks; or lending money. 12 C.F.R. § 5.20(e)(1)(i) (" Section 5.20(e)(1)(i)") (emphasis added). By that amendment, the OCC expressly pronounced that it had the authority to issue national ba......
  • Conference of State Bank Supervisors v. Office of the Comptroller of the Currency, Civil Action No. 17–0763 (DLF)
    • United States
    • United States District Courts. United States District Court (Columbia)
    • April 30, 2018
    ...bank conducts "at least one of the following three core banking functions: Receiving deposits; paying checks; or lending money." 12 C.F.R. § 5.20(e)(1) ; see Rules, Policies, and Procedures for Corporate Activities; Bank Activities and Operations; Real Estate Lending and Appraisals, 68 Fed.......
  • Posada v. Cultural Care, Inc., Civil No. 1:20-cv-11862-IT
    • United States
    • United States District Courts. 1st Circuit. United States District Courts. 1st Circuit. District of Massachusetts
    • August 13, 2021
    ...au pair programs in accordance with exhaustive and detailed regulations is much like the situation of a federally chartered bank. See 12 C.F.R. § 5.20. Cultural Care's arguments amount to saying that it operates in a heavily regulated area and therefore should have derivative sovereign immu......
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43 firm's commentaries
  • Fintech Banks - Comptroller Of Tthe Currency Proposes New Special Purpose Charter
    • United States
    • Mondaq United States
    • December 16, 2016
    ...OCC, approval. 3 Marquette Nat. Bank of Minneapolis v. First of Omaha Service Corp., 439 U.S. 299 (1978). 4 12 U.S.C. 24 (Seventh) and 12 C.F.R. § 5.20(d)(1). OCC Licensing Manual-Charters-Glossary (Sept. 2016) ("OCC Charter 5 See Board of Governors of Federal Reserve System v. Dimension Fi......
  • Conference of State Bank Commissioners Sues OCC to Bar Chartering of Fintech Banks
    • United States
    • JD Supra United States
    • May 2, 2017
    ...not engaged in the “business of banking” under existing law. Specifically, CSBS challenges the legality of an OCC interpretative rule, 12 C.F.R. § 5.20(e)(1), which states that the OCC may charter a special-purpose bank that is engaged in limited banking activities so long as those activiti......
  • Update on the OCC Fintech Charter: The Current Lay of the Land
    • United States
    • JD Supra United States
    • February 22, 2017
    ...Institutions Act of 1982, Pub. L. No. 97-320, § 404, 96 Stat. 1511 (1982) (codified at 12 U.S.C. § 27(b)(1)) (bankers’ banks). 7 12 C.F.R. § 5.20(e)(1). 8See OCC, Exploring Special Purpose National Bank Charters (Dec. 2016) at 9National State Bank of Elizabeth v. Smith, No. 76-1479 (D.N.J. ......
  • OCC to Move Forward with Considering Fintech Charter Applications
    • United States
    • JD Supra United States
    • May 12, 2017
    ...is “lawfully entitled to commence the business of banking” it may issue a charter to conduct such business. 12 U.S.C. § 27(a). • 12 C.F.R. § 5.20(e)(1)(i): “at least one of … three core banking functions: receiving deposits; paying checks; or lending money”…. • Chevron U.S.A. v. NRDC (1984)......
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