A property – Acquisition of so you can Secure In the past Developed Loans Financial may pick genuine property so you’re able to manage a limited attention otherwise title one to was gotten so you’re able to secure prior to now contracted financial obligation, but financial will most likely not enter a m&a to perform such assets. OCC Interpretive Letter 12 [1978-1979 Transfer Binder] Provided. Banking L. Rep. (CCH) 85,087, 1977 WL 23307, 1977 LEXIS ninety five (December 7, 1977). Come across and OBRE Interpretive Page ninety-20 (October twelve, 1990).

Home – Quarters to have Bank Officer Bank get own real property that’s for use since a property no checking account payday loans Billingsley AL getting a financial manager whenever exercising of area, provided I.R.S. lets the expense because a business deduction to the lender. OCC Interpretive Letter No. 263 [1983-1984 Import Binder] Given. Financial L. Rep. (CCH) 85,427, 1983 WL 54150 (October 13, 1983). Get a hold of and additionally OBRE Interpretive Page 91-33 (December 11, 1991); OBRE Interpretive Letter 95-01 (February 2, 1995).

OCC Interpretive Page 349 [1985-1987 Transfer Binder] Fed. Banking L. Representative. (CCH) 85,519, 1985 WL 73143, 1985 LEXIS twenty-five (September 12, 1985). Come across in addition to OBRE Interpretive Letter 93-07.step 1 (July dos, 1993) (County lender could possibly get and obtain home so you’re able to swap for real house for use while the financial properties).

A property Tax Lien Permits Lender can get purchase a home income tax lien permits if you don’t experienced an interest in property not as much as state rules. OCC Interpretive Letter 717 (February twenty-two, 1996).

A residential property Swaps Lender can get replace or “trade” OREO some other assets given your order was performed so you’re able to dramatically dump otherwise prevent potential loss on the OREO assets

Remittance Operating Financial can get pick-up dumps out of post office packets by way of a functional part. OCC Interpretive Page 635 (July 23, 1993).

Residences out-of Bank Personnel Bank can get buy and you can keep domestic real home for benefit of bank professionals, at the mercy of specific constraints. OBRE Interpretive Letter 91-33 (December 11, 1991); OBRE Interpretive Letter 95-01 (March 2, 1995)

Reverse Mortgages Bank can get practice and also make “opposite mortgage” fund, which happen to be extended based on current collateral from inside the a good homestead property

Section 5a of your Illinois Financial Work [205 ILCS 5/5a]. Come across in addition to Point 6.one of the Illinois Banking Operate [205 ILCS 5/six.1] for provisions particularly appropriate to opposite mortgage loans designed to senior citizens.

Safe-Deposit Enterprises Bank could possibly get spend money on the capital inventory from an effective business structured around county legislation so you can carry out a safe-deposit company, provided that the latest capital does not exceed 15% of the unimpaired, paid-in money stock of bank, and you can 15% of the unimpaired excessive. several U.S.C. 24(Seventh).

University Savings Program Lender will get take part in school thrift or discounts bundle and may also deal with deposits at the such as for instance university from bank’s individual staff otherwise employees of the college becoming event broker toward bank. Area 49 of Illinois Banking Act [205 ILCS 5/44]. Find and OCC No Objection Letter 89-03a [1989-1990 Transfer Binder] Fed. Banking L. Representative. (CCH) 83,015, 1989 WL 303769, 1989 LEXIS thirty-two (April 21, 1989).

Securities Brokerage Facts County lender can offer full service ties brokerage characteristics due to an entirely-had part. OBRE Declaratory Ruling 320-90-1; OBRE Declaratory Governing 320-9step one-step one. Lender may engage in ties broker facts using dual personnel. OCC Interpretive Letter 630 (Will get eleven, 1993); OCC Interpretive Letter 760 (November 14, 1996); OCC Interpretive Letter 680 (July twenty-six, 1995); OCC Interpretive Letter 656 (February 13, 1995); OCC Interpretive Letter 648 (May 4, 1994); OCC Interpretive Letter 647 (April fifteen, 1994); OCC Interpretive Page 629 (July 2, 1993); OCC Interpretive Letter 625 (July step one, 1993); OCC Interpretive Page 622 (April nine, 1993).