Miscellaneous Bank Bills: Hearing Before the Committee on Banking and Currency, United States Senate, Eighty-seventh Congress, Second Session, on H.R. 7796 [and Others] August 30, 1962Considers legislation to revise limitations on real estate loans made by national banks; to authorize banks to form bank service corporations to perform automated clerical, accounting, statistical and other similar bank services; to transfer from Federal Reserve Board to Comptroller of the Currency authority over trust powers of national banks; and to permit the national bank resulting from a conversion from a state bank to retain its branches. |
Common terms and phrases
100 percent capital 60 percent accounting aggregate amended American Bankers Association amount approval assets August August 27 automation bank service corporation bank's Banking and Currency banks to invest Board of Governors bookkeeping branch banking capital and surplus CHAIRMAN Chase Manhattan Bank COCKE commercial banks Committee on Banking Common Trust Fund competitive Comptroller CONGRESS THE LIBRARY construction loans court trusts D.C. DEAR data processing enacted equipment examination exercise Federal Reserve Act Federal Reserve Board Federal Reserve System Federal supervisory agency fiduciary capacity Internal Revenue Code large banks larger banks legislation LIBRARY OF CONGRESS member banks ment MICR Mortgage Investment Fund MYERS paragraph participation performed permit president private or court question real estate loans records regulation savings deposits SAXON securities Senator PROXMIRE Senator SPARKMAN small banks smaller statement tion trust department trust investment committee trust powers U.S. Senate Washington whichever is greater WILLIS ROBERTSON
Popular passages
Page 30 - To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver committee of estates of lunatics, or in any other fiduciary capacity...
Page 31 - Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this Act.
Page 99 - As used in this section the term "investment securities" shall mean marketable obligations, evidencing indebtedness of any person, copartnership, association, or corporation in the form of bonds, notes and/or debentures commonly known as investment securities under such further definition of the term "investment securities" as may by regulation be prescribed by the Comptroller of the Currency.
Page 33 - In the event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank.
Page 31 - Whenever the laws of a State require corporations acting in a fiduciary capacity to deposit securities with the State authorities for the protection of private or court trusts...
Page 31 - ... take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that seem to it proper, and may grant or refuse the application accordingly: Provided, That no permit shall be issued to any national banking association having a capital and surplus less than the capital and surplus required by State law of State...
Page 31 - In passing upon applications for permission to exercise the powers enumerated in this subsection, the Federal Reserve Board may take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that seem to...
Page 59 - ... by both the bank and the party performing such services that the performance thereof will be subject to regulation and examination by such agency to the same extent as if such services were being performed by the bank itself on its own premises.
Page 34 - common trust fund" means a fund maintained by a bank (as defined in section 104) — (1) exclusively for 'the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity as a trustee, executor, administrator, or guardian...
Page 33 - It shall be unlawful for any national banking association to lend any officer, director, or employee any funds held in trust under the powers conferred by this section. Any officer, director, or employee making such loan, or to whom such loan is made, may be fined not more than $5,000, or imprisoned not more than five years, or may be both fined and imprisoned, in the discretion of the court.