Playing cards Lender may situation playing cards personally or as a consequence of an excellent subsidiary
OCC Interpretive Letter 540 [1990-1991 Import Binder] Given. Banking L. Representative. (CCH) 83,252, 1990 WL 364928, 1990 LEXIS 58 (December a dozen, 1990).
Pick OCC Interpretive Page 720 (January twenty-six, 1996), OCC Interpretive Page 659 (March 31, 1995), OBRE Interpretive Letter 91-thirteen (Summer 24, 1991).
Borrowing from the bank Coverage — Purchases away from Bank could possibly get act as representative on purchases away from coming down life insurance policies because of its financing consumers while the a type from borrowing insurance. Some restrictions into fee agreements use. OCC Interpretive Page old February 29, 1987, 1987 WL 149769; OCC Interpretive Letter 330 [1985-1987 Import Binder] Provided. Banking L. Agent. (CCH) 85,five hundred, 1985 WL 73123, 1985 LEXIS eleven (February 21, 1985); OCC Interpretive Page 152 [1981-1982 Transfer Binder] Given. Financial L. Rep. (CCH) 85,233, 1980 WL 42024, 1980 LEXIS 24 (June 17, 1980); OCC Interpretive Page nine [1978-1979 Import Binder] Fed. Financial L. Representative. (CCH) 85,084, 1977 WL 23304, 1977 LEXIS 1 (December twenty eight, 1977); OCC Interpretive Page dated November 21, 1977, [1978-1979 Transfer Binder] Provided. Banking L. Rep. (CCH) 85,069; OCC Interpretive Letter 8 [1978-1979 Import Binder] Provided. Financial L. Agent. (CCH) 85,083, 1977 WL 23303, 1977 LEXIS 6 (December 23, 1977); OCC Interpretive Letter 18 [1978-1979 Import Binder] Provided. Banking L. Agent. (CCH) 85,093, 1978 WL 21867, 1978 LEXIS 47 ( so you’re able to prompt mortgage officers to market borrowing from the bank life insurance permissible in the event that it abides by OCC direction. OCC Interpretive Letter forty-five [19781979 Import Binder] Provided. Financial L. Rep. (CCH) 85,120, 1978 WL 21841, 1978 LEXIS 29 (May 15, 1978); OCC Interpretive Page twenty six [1978-1979 Import Binder] Fed. Financial L. Representative. (CCH) 85,101, 1978 WL 21825, 1978 LEXIS 38 (March twenty seven, 1978). Financial will get try to be broker to the purchases off credit lifetime insurance rates and you can found money in the form of profits also once the compensation to possess attributes made. twelve C.F.Roentgen. 2.cuatro, 2.six.
it may and get a group credit life insurance coverage and you can promote exposure so you can loan people
Borrowing Insurance — Underwriting of Lender will get and obtain, since the an operating subsidiary, an insurance coverage company that is engaged in the firm away from underwriting, because the good reinsurer, borrowing lifetime and you will credit crash and you can medical insurance concerning the funds made by the financial institution and its own subsidiaries. OCC Interpretive Page 277 [1983-1984 this article Transfer Binder] Provided. Banking L. Agent. (CCH) 85,441, 1983 WL 54162, 1983 LEXIS 22 (December 21, 1983).
Borrowing from the bank Life insurance and you can Disability Insurance policies Through Subsidiary Bank’s subsidiary may act as representative for borrowing from the bank existence and disability insurance for as long once the insurance policy is available in combination toward finance produced by the bank. OCC Interpretive Page 495 [1989-1990 Transfer Binder] Fed. Banking L. Agent. (CCH) 83,084, 1989 WL 303705, 1989 LEXIS 100 (December 22, 1989); OCC Interpretive Page 283 [1983-1984 Transfer Binder] Provided. Financial L. Associate. (CCH) 85,447, 1984 WL 63791, 1984 LEXIS 37 (March sixteen, 1984).
Crop Insurance rates Bank can offer, as the representative, crop insurance rates (we.age. several peril harvest insurance policies and you can hail/fire insurance coverage) regarding the funds to their farmer customers. OCC Interpretive Page 812 (December 29, 1997).
Money Alternatives Bank’s performing part may play the role of a broker-specialist and you will market originator away from change-exchanged choices into foreign currencies as a result it can play trades for its very own account, the fresh account of the bank, and account out-of users. OCC Interpretive Page 372 [1985-1987 Import Binder] Fed. Financial L. Representative. (CCH) 85,542, 1986 WL 85085, 1986 LEXIS sixteen (November eight, 1986); OCC Interpretive Letter 390 [1988-1989 Import Binder] Fed. Financial L. Rep. (CCH) 85,614, 1987 WL 154120, 1987 LEXIS twenty five (July twenty-eight, 1987); OCC Interpretive Letter 384 [1988-1989 Transfer Binder] Given. Financial L. Agent. (CCH) 85,608, 1987 WL 154129, 1987 LEXIS fifteen (May 19, 1987).
