Service corporations of Federal savings associations.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) Acquire or establish a service corporation; or (2) Commence a new activity in an existing service corporation subsidiary. (c) (d) (2) (3) (4) (5) (e) (2) (3) (4) (5) (6) (7) (ii) The OCC may, at any time, limit a Federal savings association's investment in a service corporation, or limit or refuse to permit any activity of a service corporation, for supervisory, legal, or safety or soundness reasons. (8) (i) Their respective business transactions, accounts, and records are not intermingled; (ii) Each observes the formalities of their separate corporate procedures; (iii) Each is held out to the public as a separate enterprise; and (iv) Unless the parent Federal savings association has guaranteed a loan to the service corporation, all borrowings by the service corporation indicate that the savings association is not liable. (9) (10) (f) (1) (2) (i) Accounting or internal audit; (ii) Advertising, market research and other marketing; (iii) Clerical; (iv) Consulting; (v) Courier; (vi) Data processing; (vii) Data storage facilities operation and related services; (viii) Office supplies, furniture, and equipment purchasing and distribution; (ix) Personnel benefit program development or administration; (x) Printing and selling forms that require Magnetic Ink Character Recognition (MICR) encoding; (xi) Relocation of personnel; (xii) Research studies and surveys; (xiii) Software development and systems integration; and (xiv) Remote service unit operation, leasing, ownership

official document · source cfr-2024 · id 12:§ 5.59