Statutes and regulations

Letter concludes that trust company may use cash-settled derivatives linked to S&P 500 Index to hedge the market risk associated with the fees it charges customers as part of its investment advisory activities, provided the trust company establishes to the satisfaction of its supervisory office, an appropriate risk management and compliance process.

OCC Interpretive Letter No. 1037 · Federal · Agency guidance

OCC Interpretive Letters › Letter concludes that trust company may use cash-settled derivatives linked to S&P 500 Index to hedge the market risk associated with the fees it charges customers as part of its investment advisory activities, provided the trust company establishes to the satisfaction of its supervisory office, an appropriate risk management and compliance process.

investment advice for a fee as part of the business of banking under 12 U.S.C. § 24(Seventh) and pursuant to its fiduciary powers under 12 U.S.C. § 92a.6 Hedging risk arising from investment advisory … As such, the condition is enforceable under 12 U.S.C. § 1818.

FDIC Statement of Policy on Bank Merger Transactions

FDIC FIL-4-2025 · Federal · Agency guidance

FDIC Financial Institution Letters › FDIC Statement of Policy on Bank Merger Transactions

SPECIAL CONSIDERATIONS FOR MERGERS WITH CERTAIN CHARACTERISTICS Interstate Bank Mergers Pursuant to Section 44 of the FDI Act (12 U.S.C.1831u), the FDIC may approve a merger transaction between … . 1842(a)), section 18(c) of the FDI Act (12 U.S.C. 1828(c)), or section 10 of the Home Owners' Loan Act (12 U.S.C. 1467a). 9 A PBO is created when at least one U.S. depository institution and one

Staff No-Action Relief: Temporary Relief from the De Minimis Threshold for Certain Swaps with Special Entities.

CFTC Letter No. 12-18 · Federal · Agency guidance

CFTC Staff Letters (2008-present) › Staff No-Action Relief: Temporary Relief from the De Minimis Threshold for Certain Swaps with Special Entities.

Centre 1155 21st Street, NW, Washington, DC 20581 Telephone: (202) 418-5977 Facsimile: (202) 418-5407 www.cftc.gov Division of Swap Dealer and Intermediary Oversight CFTC Letter No. 12-18 … 12 See joint comment letter from the National Rural Electric Cooperative Association, the American Public Power Association and the Large Public Power Council dated Feb. 22, 2011, at 18

Letter provides an exemption from calculating capital requirements in accordance with the Internal Ratings-Based and Advanced Measurement Approaches, 12 CFR Part 3, Subpart E, for U.S. Bank Trust Company, National Association, Portland, Oregon.

OCC Interpretive Letter No. 1150 · Federal · Agency guidance

OCC Interpretive Letters › Letter provides an exemption from calculating capital requirements in accordance with the Internal Ratings-Based and Advanced Measurement Approaches, 12 CFR Part 3, Subpart E, for U.S. Bank Trust Company, National Association, Portland, Oregon.

. § 1818 and, as such, are enforceable under 12 U.S.C. § 1818. … This exemption determination is based on the Banks' information available to the OCC as of December 18, 2013.

National bank had authority to acquire and hold the preferred stock of an unaffiliated company. Letter states that the bank had the authority to acquire and may continue to hold the preferred stock under its authority in 12 USC 24(7) to discount and negotiate evidences of debt.

OCC Interpretive Letter No. 941 · Federal · Agency guidance

OCC Interpretive Letters › National bank had authority to acquire and hold the preferred stock of an unaffiliated company. Letter states that the bank had the authority to acquire and may continue to hold the preferred stock under its authority in 12 USC 24(7) to discount and negotiate evidences of debt.

Most debt obligations are subject to limits of 10 to 15% of the bank’s capital and surplus. 18 Some debt obligations, such as subordinated, unsecured long-term debt may be subject to stricter limits … . § 24(Seventh). 15 Id. 16 Id. 17 Id. 18 For example, debt obligations that qualify as Type III investment securities under 12 C.F.R.

Letter sets forth the OCC's opinion that Bank is authorized under federal law to conduct fiduciary activities in the states of Georgia and South Carolina notwithstanding state laws that purport to limit the bank's ability to do so by requiring, among other things, that the bank be federally-insured and have a physical presence in the state. Letter also concludes that the bank may deposit the amount of securities required pursuant to federal law and the OCC's regulations rather than a conflicting amount required under Florida law.

OCC Interpretive Letter No. 1106 · Federal · Agency guidance

OCC Interpretive Letters › Letter sets forth the OCC's opinion that Bank is authorized under federal law to conduct fiduciary activities in the states of Georgia and South Carolina notwithstanding state laws that purport to limit the bank's ability to do so by requiring, among other things, that the bank be federally-insured and have a physical presence in the state. Letter also concludes that the bank may deposit the amount of securities required pursuant to federal law and the OCC's regulations rather than a conflicting amount required under Florida law.

those laws specifically referenced in Section 92a, any state laws limiting or establishing preconditions on the exercise of fiduciary powers by a national bank are not applicable to national banks.18 … Accordingly, the publication requirements of 12 U.S.C. §§ 43(a) and (b) are not applicable. See 12 U.S.C. § 43(c)(1)(A).

The Division of Market Oversight (“Division” or “DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is providing a no-action position regarding the requirements in section 2(h)(8) of the Commod...

CFTC Letter No. 23-05 · Federal · Agency guidance

CFTC Staff Letters (2008-present) › The Division of Market Oversight (“Division” or “DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is providing a no-action position regarding the requirements in section 2(h)(8) of the Commod...

See also 7 U.S.C. § 2(h)(8) and 17 C.F.R. 37.9. 16 Id. 17 Id. at 4. 18 Id. 19 Id. … See also 7 U.S.C. § 2(h)(8) and 17 C.F.R. 37.9. 16 Id. 17 Id. at 4. 18 Id. 19 Id.

No-action letter stating that the Division will not recommend that the Commission commence an enforcement action against a swap execution facility (“SEF”) that does not satisfy the minimum trading functionality requir...

CFTC Letter No. 25-24 · Federal · Agency guidance

CFTC Staff Letters (2008-present) › No-action letter stating that the Division will not recommend that the Commission commence an enforcement action against a swap execution facility (“SEF”) that does not satisfy the minimum trading functionality requir...

neither increased trading on SEFs nor improved pre-trade price transparency, yet the requirement to offer and maintain an Order Book for all products listed on a SEF imposes significant costs on SEFs.”18 … Rule, 86 FR 9224 (Feb. 11, 2021). 16 See Swap Execution Facilities and Trade Execution Requirement; Proposed Rule; Partial Withdrawal, 86 FR 9304 (Feb. 12, 2021). 17 LSEG SEF Request Letter at 2. 18

Eurex Deutschlands Request for No-Action Relief in Connection with the Offer and Sale in the United States of its Futures Contract Based on the RDXxt USD-RDX Extended Index.

CFTC Letter No. 08-05 · Federal · Agency guidance

CFTC Staff Letters (2008-present) › Eurex Deutschlands Request for No-Action Relief in Connection with the Offer and Sale in the United States of its Futures Contract Based on the RDXxt USD-RDX Extended Index.

With regard to the third criterion, an index is a “narrow-based security index” under both the CEA and the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78a et seq., if it has any one … Reg. 10891 (March 18, 1996).

Spouses, Children, and Surviving Family Benefits

USCIS Policy Manual, Vol. 12, Pt. I, Ch. 9 · Federal · Agency guidance

Agency Guidance › USCIS Policy Manual › Volume 12 - Citizenship and Naturalization › Part I - Military Members and their Families › USCIS Policy Manual, Vol. 12, Pt. I, Ch. 9

See 8 U.S.C. 1443a . [16] See INA 319(e) . See 8 CFR 316.5(b)(6) . See 8 CFR 316.6 . [17] See INA 316(a) . [18] See INA 319(a) . … [47] See 8 U.S.C. 1443a . [48] See INA 319(d) . [49] See 8 CFR 319.3 .

National bank may extend credit to wind energy project and hold an indirect interest in real estate held by the project by acquiring an interest in the LLC that owns the project. The proposed structure facilitates the provision of financing by permitting the bank to receive federal tax credits and reducing the cost of financing.

OCC Interpretive Letter No. 1048 · Federal · Agency guidance

OCC Interpretive Letters › National bank may extend credit to wind energy project and hold an indirect interest in real estate held by the project by acquiring an interest in the LLC that owns the project. The proposed structure facilitates the provision of financing by permitting the bank to receive federal tax credits and reducing the cost of financing.

For example, the OCC has developed and continues to apply federal definitions of “interest” for purposes of 12 U.S.C. § 85 and “branch” for purposes of 12 U.S.C. § 36. … For example, the OCC has developed and continues to apply federal definitions of “interest” for purposes of 12 U.S.C. § 85 and “branch” for purposes of 12 U.S.C. § 36.

Request for Time-Limited No-Action Relief for Certain Swap Dealers from Compliance with Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers.

CFTC Letter No. 13-32 · Federal · Agency guidance

CFTC Staff Letters (2008-present) › Request for Time-Limited No-Action Relief for Certain Swap Dealers from Compliance with Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers.

L. 111-203, 124 Stat. 1376 (2010). 3 7 U.S.C. § 1 et seq. … o A description of any material noncompliance issues identified and the corresponding action taken in relation to the Commission regulations set forth in Schedule 1 of your June 24, 2013 letter.18 o

Filing FinCEN’s new Currency Transaction Report and Suspicious Activity Report

FinCEN Guidance FIN-2012-G002 · Federal · Agency guidance

FinCEN Guidance (alerts, advisories, notices, bulletins, fact sheets) › Filing FinCEN’s new Currency Transaction Report and Suspicious Activity Report

Abstract: The statute generally referred to as the ‘‘Bank Secrecy Act,’’ Titles I and II of Public Law 91–508, as amended, codified at 12 U.S.C. 1829b, 12 U.S.C. 1951–1959, and 31 U.S.C. 5311–5332 … Participation Act of 1945, 22 U.S.C. 287c.

Letter concludes a national bank may participate as a member in several regional Independent System Operators (ISOs) and Regional Transmission Operators (RTOs) in order to execute electricity derivatives transactions that the OCC previously has found to be permissible for the bank, subject to the limitations set forth in 12 U.S.C. § 84 and 12 C.F.R. Part 32 and any additional limitations imposed by the bank's examiner-in-charge (EIC). The bank also is required notify its EIC and receive written notification of the EIC's supervisory non-objection before becoming a member of an ISO or RTO.

OCC Interpretive Letter No. 1071 · Federal · Agency guidance

OCC Interpretive Letters › Letter concludes a national bank may participate as a member in several regional Independent System Operators (ISOs) and Regional Transmission Operators (RTOs) in order to execute electricity derivatives transactions that the OCC previously has found to be permissible for the bank, subject to the limitations set forth in 12 U.S.C. § 84 and 12 C.F.R. Part 32 and any additional limitations imposed by the bank's examiner-in-charge (EIC). The bank also is required notify its EIC and receive written notification of the EIC's supervisory non-objection before becoming a member of an ISO or RTO.

The Bank’s exposures are subject to the limitations set forth in 12 U.S.C. § 84 and 12 C.F.R. … See “Overview of PJM Credit Policy and Credit Requirements” (March 18, 2005), http://www.pjm.com/documents/downloads/agreements/pjm-credit- overview.pdf.

No-action relief for non-U.S. persons that are neither guaranteed affiliates nor conduit affiliates of a U.S. person from the requirement to count swaps with international financial institutions towards the de minimis...

CFTC Letter No. 18-13 · Federal · Agency guidance

CFTC Staff Letters (2008-present) › No-action relief for non-U.S. persons that are neither guaranteed affiliates nor conduit affiliates of a U.S. person from the requirement to count swaps with international financial institutions towards the de minimis...

17 CFR § 1.3 (identifying swaps that are not considered in determining whether a person is a swap dealer). 7 See subparagraph (4)(i)(A) of the definition of “swap dealer” in 17 CFR § 1.3. 8 See 7 U.S.C … 17 CFR § 1.3 (identifying swaps that are not considered in determining whether a person is a swap dealer). 7 See subparagraph (4)(i)(A) of the definition of “swap dealer” in 17 CFR § 1.3. 8 See 7 U.S.C

Interagency Guidance on Overdraft Protection Programs

SR 05-3 · Federal · Agency guidance

Federal Reserve SR/CA Letters › Interagency Guidance on Overdraft Protection Programs

[See Footnote 14] Even where the Footnote 9 -- 15 U.S.C. § 45. … [End of Footnote 17] Footnote 18 -- See 12 CFR §§ 202.2(c) and 9.[End of Footnote 18] Footnote 19 -- See 12 CFR § 202.3(c).[End of Footnote 19] 7 20 under which the fee may be imposed.

The Division of Clearing and Intermediary Oversight granted exemptive relief from certain of the Part 4 regulations to the registered CPO of two commodity pools, whose shares the CPO intended to publicly offer and lis...

CFTC Letter No. 10-22 · Federal · Agency guidance

CFTC Staff Letters (2008-present) › The Division of Clearing and Intermediary Oversight granted exemptive relief from certain of the Part 4 regulations to the registered CPO of two commodity pools, whose shares the CPO intended to publicly offer and lis...

securities exchange Dear : This is in response to your letters dated March 31, 2010 and May 18 … The Act is found at 7 U.S.C. §1, et seq. (2006), and also may be accessed through the Commission’s website, at: http://www.cftc.gov. 3 Upon a participant’s request, copies of original books and records

Letter concludes that it is permissible for the Bank and its London branch to engage in customer-driven, metal derivative transactions that settle in cash or by transitory title transfer and that are hedged on a portfolio basis with derivatives that settle in cash or by transitory title transfer. Before the Bank may engage in these transactions, the bank must notify its examiner-in-charge ("EIC"), in writing, of the proposed activities and must receive written notification of the EIC's supervisory non-objection.

OCC Interpretive Letter No. 1073 · Federal · Agency guidance

OCC Interpretive Letters › Letter concludes that it is permissible for the Bank and its London branch to engage in customer-driven, metal derivative transactions that settle in cash or by transitory title transfer and that are hedged on a portfolio basis with derivatives that settle in cash or by transitory title transfer. Before the Bank may engage in these transactions, the bank must notify its examiner-in-charge ("EIC"), in writing, of the proposed activities and must receive written notification of the EIC's supervisory non-objection.

The Board’s Regulation K at 12 C.F.R. § 211.10(a)(18), requires a member bank to give the Board prior notice before any subsidiary joins a mutual exchange or clearinghouse, unless the potential for … 1039, supra. 16 Another difference is that the Bank will enter into derivative transactions with customers on a broader range of metals. 17 See, e.g., IL Nos. 1060, 1025, and 962, all supra. 18

Letter concludes it is legally permissible for a national bank's London branch to join the London Clearinghouse to clear interest derivative contracts under national banking law, subject to the concurrence of supervisory staff that the activity can be conducted in a safe and sound manner, or under Regulation K.

OCC Interpretive Letter No. 929 · Federal · Agency guidance

OCC Interpretive Letters › Letter concludes it is legally permissible for a national bank's London branch to join the London Clearinghouse to clear interest derivative contracts under national banking law, subject to the concurrence of supervisory staff that the activity can be conducted in a safe and sound manner, or under Regulation K.

. § 24(Seventh) and 12 C.F.R. §§ 7.7010 and 28.3. 2 See 12 U.S.C. § 604a; 12 C.F.R. … . § 24(Seventh) and 12 C.F.R. §§ 7.7010 and 28.3. 2 See 12 U.S.C. § 604a; 12 C.F.R.

Insurance Crop Adjuster Licensing

MI DIFS Bulletin 2008-01-INS · Michigan · Agency guidance

Michigan DIFS Insurance Bulletins › Insurance Crop Adjuster Licensing

The crop insurance program is authorized by the Federal Crop Insurance Act (FCIA, 7 U.S.C. 1501, et. … an AIP that underwrites MPCI may permit persons to adjust or sign any claim for any eligible crop insurance contract, the AIP must verify that an experienced adjuster has annually completed at least 18