Bank Holding Company/Change in Control - 2004 Letters

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.

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Last Update: March 06, 2017