Federal Reserve Act
2006 Letters
- October 24, 2006 (700 KB PDF)
- Letter to John Buchman, General Counsel, E*TRADE Bank, Arlington, Virginia, granting exemptions from section 23A of the Federal Reserve Act and Regulation W (12 U.S.C. 371c and 12 CFR part 223) in order that (i) the bank's parent company, E*TRADE Financial Corporation, New York, New York, may contribute all its equity interest in E*TRADE Clearing LLC ("Clearing"), also in New York, to the bank; and (ii) Clearing, after it becomes a wholly owned subsidiary of the bank, may continue to make margin loans to customers, the proceeds of which would be transferred to affiliates of the bank.
- September 29, 2006 (316 KB PDF)
- Letter to Courtney Allison, Wachovia Corporation, Charlotte, North Carolina, granting an exemption from section 23A of the Federal Reserve Act and Regulation W (12 U.S.C. 371c and 12 CFR Part 223) for certain indemnities made by Wachovia Bank, National Association, on behalf of, and certain extensions of credit made by the bank to, Wachovia Capital Markets, LLC and Wachovia Securities, LLC (affiliates of the bank), in connection with the bank�s securities lending program.
- September 29, 2006 (127 KB PDF)
- Letter to Robert L. Tortoriello, Esq., clarifying that an investment advisory company (i) would be a principal shareholder of a banking organization for purposes of Regulation O (12 CFR part 215) if it has dispositive or voting power over more than 10 percent of any class of voting securities of the banking organization; and (ii) would control a banking organization for purposes of Regulation O if it had dispositive or voting power over 25 percent or more of any class of voting securities of the banking organization.
- August 23, 2006 (27 KB PDF)
- Letter to Justin McClinton, Tennessee Department of Financial Institutions, clarifying whether a single member limited liability company (SMLLCs) may maintain a NOW account under Regulation D (12 CFR Part 204).
- July 28, 2006 (358 KB PDF)
- To John "Buz" Gorman, Esq., reviewing the impact of certain state legislation intended to restrict interstate de novo branching by industrial loan companies on the ability of the Federal banking agencies to approve, under the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, applications by out-of-state banks to establish de novo branches in those states.
- June 30, 2006 (292 KB PDF)
- Letter to Carl Howard, General Counsel, Citigroup Inc., New York, New York, granting an exemption from section 23A of the Federal Reserve Act and Regulation W (12 U.S.C. 371c and 12 C.F.R. Part 223) in order that its wholly owned subsidiary, Citibank (West) FSB, San Francisco, California, may acquire all the shares of an affiliate, CitiFinancial Mortgage Company, Inc., Irving, Texas.
- May 22, 2006 (136 KB PDF)
- Letter to Douglas Jones, Acting General Counsel, Federal Deposit Insurance Corporation, clarifying the application of whether and under what circumstances an insider's use of a bank-owned credit card would be deemed an extension of credit by the bank to the insider for purposes of Regulation O (12 CFR part 215).
- May 15, 2006 (200 KB PDF)
- Letter to David Teitelbaum, Merrill Lynch Bank USA, Salt Lake City, Utah, granting an exemption from section 23A of the Federal Reserve Act and Regulation W (12 U.S.C. 371c and 12 CFR 223) in order that the bank may acquire certain credit facilities from an affiliate.
- May 1, 2006 (170 KB PDF)
- Letter to Christina Gattuso, Legg Mason Trust Company, National Association, Baltimore, Maryland, granting an exemption from section 23A of the Federal Reserve Act and Regulation W (12 U.S.C. 371c and 12 CFR 223) in order that the bank may acquire Legg Mason Investment Counsel from Legg Mason, Inc., Baltimore, Maryland.