12 CFR 5.20 - Organizing a national bank or Federal savings association
| Cite as | 12 CFR 5.20 |
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72 practice notes
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Integration of National Bank and Federal Savings Association Regulations: Licensing Rules
...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......
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Integration of National Bank and Federal Savings Association Regulations: Licensing Rules
...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......
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Part II
...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......
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National banks:
Authority provided by American Homeownership and Economic Opportunity Act, and other miscellaneous amendments,
...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
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Vullo v. Office of the Comptroller of the Currency, 18 Civ. 8377 (VM)
...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 &......
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Lacewell v. Office of the Comptroller of the Currency, No. 19-4271
...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 n......
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Conference of State Bank Supervisors v. Office of the Comptroller of the Currency, Civil Action No. 17–0763 (DLF)
...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......
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Posada v. Cultural Care, Inc., Civil No. 1:20-cv-11862-IT
...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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44 firm's commentaries
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Fintech Banks - Comptroller Of Tthe Currency Proposes New Special Purpose Charter
...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......
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Conference of State Bank Commissioners Sues OCC to Bar Chartering of Fintech Banks
...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......
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Update on the OCC Fintech Charter: The Current Lay of the Land
...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. ......
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OCC to Move Forward with Considering Fintech Charter Applications
...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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