The Office of the Comptroller of the Currency ("OCC") revised the "Subsidiaries and Equity Investments" booklet of the Comptroller's Licensing Manual. The updated version describes the activities of federal savings associations that "may be performed in operating subsidiaries and service corporations, or through pass-through investments."
The revised booklet:
- outlines the types of subsidiaries and other business entities that banks may "establish or acquire and the activities in which such entities may engage";
- specifies permissible equity investments;
- outlines "permissible and incidental activity";
- defines "statutory and regulatory factors" that the OCC takes into account when reviewing applications;
- provides guidance on requirements for "insurance, electronic and fiduciary activities."
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