Bank Holding Company/Change in Control
November 24, 2004
- To Commerzbank AG, clarifying that the fiduciary exemptions in the Board’s Regulations K and Y (12 C.F.R. 211.23(f)(4) and 225.22(d)(3)) would permit subsidiaries of the bank to take title to U.S. real estate in connection with the bank’s service as trustee of foreign-based investment trusts that invest in U.S. real estate.
- October 12, 2004
- Letter to Leucadia National Corporation ("Leucadia") opining that the conversion of its subsidiary, American Investment Bank, N.A., Salt Lake City, Utah, from a national bank to a Utah-chartered commercial bank would not cause Leucadia to lose certain grandfather rights that it maintains under section 4(f) of the Bank Holding Company Act.
- February 2, 2004
- To Merrill Lynch Bank USA, clarifying that section 106 of the Bank
Holding Company Act Amendments of 1970 (12 U.S.C. § 1972) does
not prohibit a bank from requiring borrowers that obtain securities-based
credit from the bank to keep the securities collateral in an account
at a broker-dealer affiliate of the bank, so long as the collateral
requirement is limited in scope.