National banks may need to identify op subs

Northwestern Financial Review, Apr 15-Apr 30, 2004

National banks would have to provide information about their operating subsidiaries in an annual report to the Office of the Comptroller of the Currency, if a proposed rule takes effect. "Many national bank operating subsidiaries that deal with consumers use a trade name or brand closely identified with their parent bank.

Some do not, however, and thus some consumers may be unsure of the character of the entity and the agency responsible for regulating it," the OCC said. According to the announcement, the OCC would make the operating subsidiary list available to the public on its web site.