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Subject: Annual Report on Operating Subsidiaries
Date: December 1, 2004
To: Chief Executive Officers of All National Banks, Federal Branches and Agencies, Department and Division Heads, and All Examining Personnel
Description: Final Rule
The attached final rule, which amends 12 CFR 5.34, the OCC's rule governing activities, application, or notice requirements for national banks engaging in activities through an operating subsidiary, was published in the Federal Register on November 5, 2004 (69 FR 64478).
The final rule requires a national bank to file an annual report with the OCC that identifies its operating subsidiaries that do business directly with consumers and are not functionally regulated as defined in section 5(c)(5) of the Bank Holding Company Act of 1956, as amended (12 USC 1844(c)(5)). The final rule requires a national bank to provide certain information for each of these operating subsidiaries, including the name of the operating subsidiary, location and contact information, and the operating subsidiary's lines of business. The OCC will make this information available to the public on its Internet Web site, which will assist consumers in identifying national bank operating subsidiaries that are subject to OCC supervisory authority.
In addition, attached is guidance for national banks to use that contains suggested formats and methods for filing the annual report.
For questions concerning this final rule, contact Michael Opiela, program analyst, Licensing Activities at (202) 874-5060; Cheryl Martin, senior licensing analyst, Licensing Activities at (202) 874-5060; Stuart E. Feldstein, assistant director, Legislative and Regulatory Activities at (202) 874-5090; or Patrick T. Tierney, attorney, Legislative and Regulatory Activities at (202) 874-5090.
Daniel P. Stipano