Legal Interpretations
Bank Holding Companies/Savings and Loan Holding Companies/Change in Control - 2021 Letters
December 24, 2021 (PDF)
Letter to Luigi L. De Ghenghi, advising that staff would not recommend that the Board find Bank Leumi Le-Israel B.M., Tel Aviv, Israel, to control Valley National Bancorp, New York, New York, under the Bank Holding Company Act of 1956, if the transactions described in the letter are conducted according to the terms and conditions described in the letter and related correspondence.
December 13, 2021 (PDF)
Letter to Alcides I. Avila, Esq., granting a request by certain shareholders of Ocean Bankshares, Inc., for limited relief from commitments made to the Board in connection with their interests in Ocean Bankshares, Inc.
November 24, 2021 (PDF)
Letter to Joseph Hwang granting The Goldman Sachs Group, Inc., New York, New York, approval to use an alternative method for calculating the risk-weighted asset amount for its default fund contributions to qualifying central counterparties in Japan under certain conditions.
November 12, 2021 (PDF)
Letter to Timothy Lyons granting Citigroup, Inc., New York, New York, approval to use an alternative method for calculating the risk-weighted asset amount for its default fund contributions to qualifying central counterparties in Japan under certain conditions.
October 29, 2021 (PDF)
Letter to Michael J. Callaghan, opining that no regulatory purpose would be served by requiring a filing under section 10 of the Home Owners’ Loan Act, as amended, for Freehold MHC and its subsidiary Freehold Bancorp, both of Freehold, New Jersey, to exist as mutual and stock savings and loan holding companies, respectively, for a moment in time in connection with their merger with and into Columbia MHC and Columbia Financial, Inc., both of Fair Lawn, New Jersey.
August 17, 2021 (PDF)
Letter to Andrew Nash granting Morgan Stanley, New York, New York, approval to use an alternative method for calculating the risk-weighted asset amount for its default fund contributions to qualifying central counterparties in Japan under certain conditions.
June 29, 2021 (PDF)
Letter to Paul W. Scott, Esq., not objecting to the Change in Bank Control Act notice filed by The Vanguard Group, Inc. ("VGI"), Malvern, Pennsylvania, on behalf of itself, its subsidiaries and affiliates, and the investment companies registered under the Investment Company Act of 1940, other pooled investment vehicles, and institutional accounts that are sponsored, managed, or advised by VGI, to acquire aggregate control of 15 percent or more of Prosperity Bancshares, Inc., Houston, Texas, parent of Prosperity Bank, El Campo, Texas.
June 16, 2021 (PDF)
Letter granting the request by Barclays Bank plc, London, England, for an extension of time until January 1, 2022, to comply with the Board’s single-counterparty credit limit rule’s requirements applicable to its combined U.S. operations.
May 13, 2021 (PDF)
Letter to David C. Phelan granting State Street Corporation, Boston, Massachusetts -- due to the firm's participation in the Board's emergency lending programs -- an extension of time to January 1, 2024, to implement the GSIB surcharge applicable to it based on its systemic footprint as of December 31, 2020.
May 6, 2021 (PDF)
Letter to Robert J. Rhatigan advising that Virtus Investment Partners, Inc. and affiliated entities collectively may acquire up to 25 percent (for purposes of the Bank Holding Company Act or the Home Owners' Loan Act), and up to 15 percent (for purposes of the Change in Bank Control Act) of any class of voting securities of a bank holding company, bank, savings and loan holding company, or savings association without being deemed to have acquired control of that institution, when the acquisition complies with certain conditions.
April 1, 2021 (PDF)
Letter to John Bruno responding to a request by Auto Club Trust, F.S.B., for a determination relating to the application of section 5A of the Home Owners' Loan Act, 12 U.S.C. § 1464a.
April 1, 2021 (PDF)
Letter to Trisha L. Kalscheur responding to a request by John Deere Financial, F.S.B., for determinations relating to the application of section 5A of the Home Owners' Loan Act, 12 U.S.C. § 1464a.
March 31, 2021 (PDF)
Letter granting the request by State Street Corporation, Boston, Massachusetts, for an extension of time until October 1, 2021, to conform certain custody services contracts to certain requirements of the Board's QFC stay rule.
March 31, 2021 (PDF)
Letter to Amanda K. Allexon, Esq., granting a request by MSD BLUSA Investments, LLC, and its affiliates (collectively, "MSD") for relief from certain commitments MSD provided to the Board in connection with its investment in Bank Leumi Le-Israel Corporation, New York, New York.
February 18, 2021 (PDF)
Letter to Ross Oklewicz, Esq., not objecting to the Change in Bank Control Act notice filed by The Vanguard Group, Inc., ("VGI"), Malvern, Pennsylvania, on behalf of itself, its subsidiaries and affiliates, and the investment companies registered under the Investment Company Act of 1940, other pooled investment vehicles, and institutional accounts that are sponsored, managed, or advised by VGI, to acquire aggregate control of 15 percent or more of Northern Trust Corporation, parent of The Northern Trust Company, both of Chicago, Illinois.
February 18, 2021 (PDF)
Letter to Ross Oklewicz, Esq., not objecting to the Change in Bank Control Act notice filed by The Vanguard Group, Inc. ("VGI") , Malvern, Pennsylvania, on behalf of itself, its subsidiaries and affiliates, and the investment companies registered under the Investment Company Act of 1940, other pooled investment vehicles, and institutional accounts that are sponsored, managed, or advised by VGI, to acquire aggregate control of 15 percent or more of SVB Financial Group, parent of Silicon Valley Bank, both of Santa Clara, California.