For the purposes of this chapter, the following activities
shall be considered to be financial in nature:
(1) Lending, exchanging, transferring,
investing for others, or safeguarding money or securities.
(2) Engaging as agent or broker in any state
for purposes of insuring, guaranteeing, or indemnifying against loss, harm,
damage, illness, disability, death, or defects in title, or providing annuities
as agent or broker.
(3) Issuing or
selling instruments representing interests in pools of assets permissible for a
bank to hold directly.
Underwriting, dealing in, or making a market in securities.
(5) Extending credit and servicing loans,
including making, acquiring, brokering, or servicing loans or other extensions
of credit (such as factoring, issuing letters of credit, and accepting drafts)
for the financial subsidiary's account or for the account of others.
Engaging in any of the following
activities related to extending credit:
Appraising real estate and personal property.
(b) Arranging commercial and real estate
check guaranty services.
Providing collection agency services.
(e) Providing credit bureau
(f) Engaging in asset
management, servicing, and collection activities.
(g) Acquiring a debt in default.
(h) Servicing real estate
Operating nonbank depository institutions, including owning, controlling, or
operating an industrial bank or a savings association.
(8) Engaging in trust company functions,
including activities of a fiduciary, agency, or custodial nature.
Providing financial and investment
advisory services, including any of the following:
Serving as investment adviser to a
company registered under
(b) Furnishing general economic information
(c) Providing advice in
connection with mergers, acquisitions, and other similar transactions, and
conducting financial feasibility studies.
(d) Providing information, statistical
forecasting, and advice concerning any transaction in foreign exchange or
educational courses to consumers on individual financial management
(f) Providing tax planning
and tax preparation services to any person.
Providing agency transactional services
for customer investment, including any of the following:
(a) Providing securities brokerage
(b) Acting as
riskless-principal in secondary market transactions.
(c) Acting as agent for private placement of
(d) Acting as a futures
Engaging in investment transactions as
principal, including any of the following:
(a) Underwriting and dealing in bank-eligible
(b) Engaging as
principal in foreign exchange and derivative instruments.
(c) Buying and selling bullion.
(12) Providing management
consulting and counseling on any matter to unaffiliated depository institutions
and on financial matters to any other company, and providing employee benefits
counseling and career counseling services for employees in the financial
services, including any of the following:
Providing courier services between financial institutions.
(b) Printing and selling magnetic ink
character recognition-encoded items.
(c) In connection with offering banking
services, providing notary public services, selling postage stamps and
postage-paid envelopes, providing vehicle registration services, and selling
public transportation tickets and tokens.
(14) Engaging in community development
(15) Issuing money
orders, savings bonds, and traveler's checks.
(16) Providing administrative and other
services to mutual funds.
Owning shares of a securities exchange.
(18) Acting as a certification authority for
employment histories to third parties for use in making credit decisions and to
depository institutions and their affiliates for use in the ordinary course of
(20) Providing check
cashing and wire transmission services.
(21) Engaging in real estate title
(22) Operating a
sponsoring, and managing a mutual fund.
(24) Providing insurance, providing and
issuing annuities, and acting as principal, agent, or broker for purposes of
providing insurance or annuities.
(25) Engaging in merchant banking
(26) Engaging through
an insurance company affiliate in insurance company investment
(27) Providing services
to or for the bank or its affiliates, including accounting, auditing
appraising, advertising and public relations, and financial advice and
(28) Providing data
processing, data warehousing and data transmission products, services, and
related activities and facilities, including associated equipment and
technology, for the bank or its affiliates.
(29) Acting as investment adviser (including
an adviser with investment discretion) or financial adviser or counselor to
governmental entities or instrumentalities, businesses, or individuals,
including advising registered investment companies and mortgage or real estate
investment trusts, furnishing economic forecasts or other economic information,
providing investment advice related to futures and options on futures, and
providing consumer financial counseling.
(30) Providing financial and transactional
advice and assistance, including advice and assistance for customers in
structuring, arranging, and executing mergers and acquisitions, divestitures,
joint ventures, leveraged buyouts, swaps, foreign exchange, derivative
transactions, coin and bullion, and capital restructurings.
Underwriting credit related insurance to
the extent permitted under
(32) Leasing of real or personal property,
and acting as an agent or adviser in leases for others.
(33) Providing securities brokerage or acting
as a futures commission merchant, and providing related credit and other
mortgage insurance on loans originated, purchased, or serviced by the bank, its
subsidiaries, or its affiliates, provided that if the subsidiary enters into a
quota share agreement, the subsidiary assumes less than 50% of the aggregate
insured risk covered by the quota share agreement. A "quota share agreement" is
an agreement under which the reinsurer is liable to the primary insurance
underwriter for an agreed upon percentage of every claim arising out of the
covered book of business ceded by the primary insurance underwriter to the
Acting as a finder
(36) Offering debt cancellation or debt
as a transfer or fiscal agent.
Providing or selling public transportation tickets, event and attraction
tickets, gift certificates, prepaid phone cards, promotional and advertising
material, postage stamps, and Electronic Benefits Transfer (EBT) script, and
similar media, to the extent permitted by published Office of the Comptroller
of the Currency precedent, subject to the terms and conditions contained in