Legal Interpretations
Bank Holding Company/Change in Control - 2006 Letters
September 29, 2006 (PDF)
Letter to David R. Sahr approving the notice by Fortis S.A./N.V., Fortis N.V., Fortis Brussels S.A./N.V., and Fortis Bank S.A./N.V., all of Brussels, Belgium, to engage on a limited basis in physical commodity trading activities.
August 15, 2006 (PDF)
To Gregory J. Lyons, Goodwin Procter LLP, in response to a request on behalf of State Street, allowing State Street to assess regulatory capital against certain of its indemnified agency securities lending transactions using a loan equivalent methodology.
July 28, 2006 (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.
May 15, 2006 (PDF)
To Elizabeth T. Davy, in response to a request on behalf of UBS AG, confirming that certain volumetric production payment transactions in physical commodities are extensions of credit permissible for a bank holding company under section 225.28(b)(1) of the Board's Regulation Y.
May 15, 2006 (PDF)
To Isaac Lustgarten, in response to a request on behalf of a bank holding company ("BHC"), confirming that certain proposed "commodity purchase and forward sale" transactions are a form of lending activity permissible for BHCs under section 225.28(b)(1) of the Board's Regulation Y.
April 13, 2006 (PDF)
Letter to Elizabeth T. Davy approving the notice by Wachovia Corporation, Charlotte, North Carolina, to engage on a limited basis in physical commodity trading activities.
March 21, 2006 (PDF)
To Oliver Ireland, Esq., opining that proposal by a state-chartered bank, which became a "bank" for purposes of the Bank Holding Company Act ("BHC Act") as a result of the Competitive Equality Banking Act of 1987, to (i) convert to a national bank and (ii) merge with a newly formed limited-purpose trust company that would not be a "bank" for purposes of the BHC Act would not cause the bank's parent company to lose certain grandfather rights under section 4(f) of the BHC Act.
February 9, 2006 (PDF)
To Debra Barbin in response to a request for an advisory opinion on behalf of The Bank Holdings, Reno, Nevada. The letter states that certain proposed services for customers seeking to make exchanges of real property pursuant to section 1031 of the Internal Revenue Code are permissible nonbanking activities under section 225.28 of Regulation Y.
January 23, 2006 (PDF)
To Wachovia Corporation permitting the bank holding company to include in its tier 1 capital trust preferred securities that mandatorily convert into noncumulative perpetual preferred securities on the same terms and subject to the same quantitative limit as trust preferred securities that mandatorily convert into common stock.