Section 403 - Actions Required, Permitted or Prohibited in Fiduciary Capacity
09/30/04
Fiduciary Activities (PDF)
This letter addresses Pennsylvania state-chartered trust companies, bank and trust companies, and savings banks and savings associations with trust powers may engage in fiduciary activities to the same extent as national banks without notice to the Department.
Section 404 - Collective Investment Funds
09/30/04
Collective Investment Funds (PDF)
This letter addresses Pennsylvania state-chartered trust companies, bank and trust companies, and savings banks and savings associations with trust powers may engage in fiduciary activities to the same extent as national banks without notice to the Department.
Section 406 - Title Insurance
03/29/00
Real Estate and Title Agent Services (PDF)
A Pennsylvania state-chartered bank may form and become sole shareholder of a subsidiary that holds a 75% non-controlling interest in a limited partnership which provides real estate and title agent services.
Chapter 5
Section 502 - Additional Powers Related to Conduct of Business of Savings Bank
01/26/05
Bank-owned Life Insurance-BOLI (PDF)
Letter addresses conditions for Pennsylvania state-chartered banking institutions to purchase and hold bank-owned life insurance ("BOLI").
Section 506 - Lending Powers; Direct Leasing of Personal Property
5/11/2023
This letter states that Pennsylvania law does not impose any restrictions on the interest rate that Pennsylvania state-chartered banks may charge to customers. This letter also states that the interest rate restrictions of the Loan Interest and Protection Law and the Consumer Discount Company Act do not apply to Pennsylvania state-chartered banks.
Letter states that it is the position of the Department that Chapter 63 of the Consumer Credit Code operates as an alternative lending authority available to Pennsylvania state-chartered banks and savings banks pursuant to the “most-favored-lender” provision of Section 303(b) of the Banking Code and does not in any way alter or restrict the specific lending authority granted to such banks and savings banks by Section 303 of the Banking Code. Letter also confirms that, consistent with Section 506 of the Department of Banking and Securities Code, federally-chartered banks and banks chartered in states other than Pennsylvania may originate closed-end and open-end direct loans, including by means of credit cards, for the purchase of goods and services under their respective lending authorities without regard to Chapter 63 of the Consumer Credit Code.
Section 516 - Limits on Indebtedness of One Customer (Including Purchase Paper)
02/1/2013
Credit Exposures to Derivatives and Securities Financing Activities (PDF)
Deputy Secretary’s letter addresses Department’s position regarding calculation of credit exposures to derivatives and securities financing activities for purposes of determining an institution’s lending limit. NOTE:
The April 1, 2013 date for compliance with 12 CFR 32.9 was extended to July 1, 2013.
Chapter 9
Section 904 - Authorization of New Branches
Chapter 11
Section 1102 - Minimum Capital
02/02/98
Reorganization of Mutual Holding Company (PDF)
This letter addresses reorganization of mutual holding company from mutual to stock form with the result that Bank will be wholly-owned by a stock holding company.
Chapter 16
Section 1602 - Authority to Merge or Consolidate
02/04/98
Authority to Merge or Consolidate (PDF)
This letter addresses Pennsylvania state-chartered stock savings bank to acquire/merge with a Pennsylvania state-chartered mutual savings bank.
Section 1609 - Mergers, Consolidations and Conversions of Savings Banks
02/04/98
Authority to Merge or Consolidate (PDF)
This letter addresses Pennsylvania state-chartered stock savings bank to acquire/merge with a Pennsylvania state-chartered mutual savings bank.
02/02/98
Reorganization of Mutual Holding Company (PDF)
This letter addresses reorganization of mutual holding company from mutual to stock form with the result that Bank will be wholly-owned by a stock holding company.