Recent corporate decisions

US Office of the Comptroller of the Currency: Quarterly Journal, Sep 2000

On June 24, 2000, the OCC granted approval for Fleet National Bank, Providence, Rhode Island, to acquire a second-tier operating subsidiary that provides government program counseling and benefits services. In addition, as finder, the subsidiary brings together program participants with potential employers. [Corporate Decision No. 2000-11 ]

Noncontrolling Investment

On May 19, 2000, the OCC granted conditional approval for Chase Manhattan Bank USA, National Association, Wilmington, Delaware, Wells Fargo Bank, National Association, San Francisco, California, and First Union National Bank, Charlotte, North Carolina, to retain their minority, noncontrolling investment in Spectrum EBP, LLC following its expansion of activities to include bill payment services. The approval was granted subject to the OCC's standard conditions for noncontrolling investments by national banks. [Conditional Approval No. 389]

Community Reinvestment Act Decisions

On April 19, 2000, the OCC granted conditional approval for Northern National Bank, Nisswa, Minnesota, to establish a branch in Baxter, Minnesota. In March 1999, the OCC assigned Northern National Bank a CRA rating of "needs to improve." After reviewing the bank's progress in addressing its CRA weaknesses, the OCC determined that the imposition of an enforceable condition requiring continuing progress was appropriate and consistent with the Community Reinvestment Act and OCC policies thereunder. [CRA Decision No. 105]

On June 23, 2000, the OCC granted approval for Norwest Bank Wisconsin, NA, Milwaukee, Wisconsin, to merge with Norwest Bank LaCrosse, LaCrosse, Wisconsin, and Norwest Bank Hudson, NA, Hudson, Wisconsin. A community organization expressed concerns with Norwest's level of lending to low- and moderate-income (LMI) and minority borrowers, and within LMI census tracts. In addition, the organization expressed "steering" concerns with a subprime unit of Wells Fargo Home Mortgage, Inc. The OCC's investigation of those concerns disclosed no information that was inconsistent with approval under Community Reinvestment Act. [CRA Decision No. 106]