Operations, Activities and Powers

Financial Institutions

Major Statutes Affecting Financial Institution Powers

Federal Reserve Act

Created the Federal Reserve System

National Bank Act

Created national banks

Home Owners' Loan Act

Allowed the chartering of federal savings institutions

National Credit Union Act

Allowed the chartering of federal credit unions

Specific Activities

Activities Arranged by Type of Financial Institution

Activities Arranged by Topic

Federal Reserve Board

FRB is neither a charterer or insurer

Major limitations on the activities of depository institutions are found in the generic prohibitions of Sections 23A and 23B of the Federal Reserve Act

OCC Regulations

12 CFR Part 7 - Bank Activities and Operations

Subpart A - Bank Powers

7.1000 National bank ownership of property
7.1001 National bank acting as general insurance agent
7.1002 National bank acting as finder
7.1003 Money lent at banking offices or other offices
7.1004 Loans originating at other than banking offices
7.1005 Credit decisions at other than banking offices
7.1006 Loan agreement
7.1007 Acceptances
7.1008 Preparing income tax returns
7.1009 National bank holding collateral stock
7.1010 Postal service by national bank
7.1011 National bank acting as payroll issuer
7.1012 Messenger service
7.1014 Sale of money orders at nonbanking outlets
7.1015 Receipt of stock from a small business
7.1016 Independent undertakings
7.1017 National bank as guarantor or surety
7.1018 Automatic payment plan account
7.1020 Purchase of open accounts
7.1021 National bank participation in financial literacy

Subpart B - Corporate Practices

Subpart C - Bank Operations

7.3000 Bank hours and closings
7.3001 Sharing space and employees

FDIC Regulations

12 CFR Part 362 - Activities of Insured State Banks and
Insured Savings Associations

Subpart A - Activities of Insured State Banks

362.1 Purpose and scope
362.2 Definitions
362.3 Activities of insured State banks
362.4 Subsidiaries of insured State banks
362.5 Approvals previously granted

Subpart B - Safety and Soundness Rules Governing
Insured State Nonmember Banks

362.6 Purpose and scope
362.7 Definitions
362.8 Restrictions on activities

Subpart C - Activities of Insured State Savings
Associations

362.9 Purpose and scope
362.10 Definitions
362.11 Activities of insured State savings associations
362.12 Service corporations
362.13 Approvals previously granted

Subpart D - Acquiring, Establishing, or Conducting
New Activities Through a Subsidiary by an
Insured Savings Association

362.14 Purpose and scope
362.15 Acquiring or establishing a subsidiary

OTS Regulations

12 CFR Part 545 - Federal Savings Associations -
Operations

545.1 General authority
545.2 Federal preemption
545.16 Public deposits, depositaries, and fiscal agents
545.17 Funds transfer services
545.91 Home office
545.92 Branch offices
545.93 Application and notice requirements for branch and
home offices
545.95 What processing procedures apply to my home or
branch office application and notices?
545.96 Agency office
545.101 Fiscal agency
545.121 Indemnification of directors, officers and
employees

12 CFR Part 550 - Fiduciary Powers of Savings Assns

550.10 What regulations govern the fiduciary powers of
savings associations?
550.10 What regulations govern the fiduciary operations of
savings associations
550.20 What are fiduciary powers?
550.30 What fiduciary capacities does this part cover?
550.40 When do I have investment discretion?
550.50 What is a fiduciary account?
550.60 What other definitions apply to this part?

Subpart A - Obtaining Fiduciary Powers

550.70 Must I obtain OTS approval or file a notice
before I exercise fiduciary powers?
550.80 How do I obtain OTS approval?
550.90 What information must I include in my application?
550.100 What factors may the OTS consider in its
review of my application?
550.110 Who will act on my application?
550.120 What action will the OTS take on my
application?
550.125 How do I file the notice under 55070(c)?

Subpart B - Exercising Fiduciary Powers

550.130 How may I conduct multi-state operations?
550.135 How do I determine which State's laws apply to
my operations?
550.136 To what extent do State laws apply?
550.140 Must I adopt and follow written policies and
procedures in exercising fiduciary powers?
550.150 Who is responsible for the exercise of fiduciary
powers?
550.160 What personnel and facilities may I use?
550.170 May my other departments or affiliates use
fiduciary personnel and facilities to perform
other services?
550.180 May I perform fiduciary services for, or
purchase fiduciary services from, another
association or entity?
550.190 Must fiduciary officers and employees be
bonded?
550.200 Must I review a prospective account before I
accept it?
550.210 Must I conduct another review of an account
after I accept it?
550.220 Are any other account reviews required?
550.230 Who must maintain custody or control of assets
in a fiduciary account?
550.240 May I hold investments of a fiduciary account
off-premises?
550.250 Must I keep fiduciary assets separate from
other assets?
550.260 How may I invest funds of a fiduciary account?
550.290 What must I do with fiduciary funds awaiting
investment or distribution?
550.300 Where may I deposit fiduciary funds awaiting
investment or distribution?
550.310 What if the FDIC does not insure the deposits?
550.320 What is acceptable collateral for uninsured
deposits?
550.330 Are there investments in which I may not invest
funds of a fiduciary account?
550.340 May I exercise rights to purchase additional
             stock or fractional shares of my stock or
             obligations or the stock or obligations of my
             affiliates?
550.350 May I lend, sell, or transfer assets of a fiduciary
account if I have an interest in the transaction?
550.360 May I make a loan to a fiduciary account that is
secured by an interest in the assets of the
account?
550.370 May I sell assets or lend money between
fiduciary accounts?
550.380 May I earn compensation for acting in a
fiduciary capacity?
550.390 May my officer or employee retain compensation
for acting as a cofiduciary?
550.400 May my fiduciary officer or employee accept a
gift or bequest?
550.410 What records must I keep?
550.420 How long must I keep these records?
550.430 Must I keep fiduciary records separate and
distinct from other records?
550.440 When do I have to audit my fiduciary activities?
550.450 What standards govern the conduct of the
audit?
550.460 Who may conduct an audit?
550.470 Who directs the conduct of the audit?
550.480 How do I report the results of the audit?

Subpart C - Depositing Securities With State Authorities

550.490 When must I deposit securities with State
Authorities?
550.500 How much must I deposit if I administer
fiduciary assets in more than one state?
550.510 What must I do if State authorities refuse my
deposit?

Subpart D - Terminating Fiduciary Activities

550.520 What happens if I am placed in receivership or
voluntary liquidation?
550.530 How do I surrender fiduciary powers?
550.540 When will the OTS terminate my fiduciary
powers?
550.550 May I recover my deposit from State authorities?
550.560 When may the OTS revoke my fiduciary powers?
550.570 What procedures govern the revocation?

Subpart E - Activities Exempt From This Part

550.580 When may I conduct fiduciary activities without
obtaining OTS approval?
550.590 What standards must I observe when acting in
exempt fiduciary capacities?
550.600 How may funds be invested when I act in an
exempt fiduciary capacity?
550.610 What disclosures must I make when acting in
exempt fiduciary capacities?
550.620 May I receive compensation for acting in
exempt fiduciary capacities?

NCUA Regulations

12 CFR Part 721 - Incidental Powers

721.1 What does this part cover?
721.2 What is an incidental powers activity?
721.3 What categories of activities are preapproved?
721.4 How may a credit union apply?
721.5 What limitations apply to a credit union?
721.6 May a credit union derive income?
721.7 What are the potential conflicts of interest?

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