Magazine article American Banker

OCC Denies It's Undermining State Banks

Magazine article American Banker

OCC Denies It's Undermining State Banks

Article excerpt

The Office of the Comptroller of the Currency is helping-and not harming-the dual banking system by giving national banks new powers, agency Chief Counsel Julie R. Williams said Monday.

The operating subsidiary regulation and insurance rules open the door for banks to offer new products, she said. That keeps the banking franchise viable, Ms. Williams said at the Banking Expansion Institute conference here.

Federal Reserve Chairman Alan Greenspan told the Conference of State Bank Supervisors on Saturday that the operating subsidiary rule threatens the existence of the state charter by giving national banks greater powers.

"I'm puzzled," Ms. Williams said during a panel discussion on bank regulation.

"I thought the reason why state banks can't do what national banks can do is because of a Federal Reserve regulation. I don't think the problem is of our own making."

Kathleen M. O'Day, the Fed's associate general counsel, said the Fed's rule is based on federal law. …

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