Interpretations and Actions: July 2024

Vol. 37, No. 7

Interpretive Letters

Letter No.	Topic
1182	Supervisory letter that addresses the appropriate capital treatment for a “whole business securitization.” (05/30/2024)

Conditional Approval Letters

Letter No.	Topic
1323	Applications submitted by Stearns Bank Holdingford, National Association, Holdingford, Minnesota, to effect a substantial asset change resulting from the addition of a business line, (2) to change its name to VersaBank USA, National Association, and (3) requesting a waiver of the residency and citizenship requirements (Control Nos.: 2022-CE-5.53-32986735091, 2022-CE-Waiver-330597, 2022-CE-Waiver-330598, 06/13/2024)
1324	Applications submitted by West Valley National Bank, Goodyear, Arizona, to (1) change the composition of its assets, (2) reduce permanent capital, and (3) then merge into a nonbank affiliate, West Valley Bancorp, Inc. (Control Nos.: 2023-5.53-335091, 2024-Capital&Div-335564, 2024-215a3-335311, 05/14/2024)

Letter No.

Topic

Applications submitted by Stearns Bank Holdingford, National Association, Holdingford, Minnesota, to effect a substantial asset change resulting from the addition of a business line, (2) to change its name to VersaBank USA, National Association, and (3) requesting a waiver of the residency and citizenship requirements (Control Nos.: 2022-CE-5.53-32986735091, 2022-CE-Waiver-330597, 2022-CE-Waiver-330598, 06/13/2024)

1324

Applications submitted by West Valley National Bank, Goodyear, Arizona, to (1) change the composition of its assets, (2) reduce permanent capital, and (3) then merge into a nonbank affiliate, West Valley Bancorp, Inc. (Control Nos.: 2023-5.53-335091, 2024-Capital&Div-335564, 2024-215a3-335311, 05/14/2024)

Community Reinvestment Act (CRA) Performance Evaluations

See OCC News Release 2024-72 announcing the CRA performance evaluations that became public from June 1, 2024, through June 30, 2024. A search of all public CRA evaluations can be done at http://apps.occ.gov/crasearch/default.aspx.

Final Enforcement Actions

See OCC News Release 2024-80 announcing the availability of enforcement actions. All final enforcement actions are searchable at http://apps.occ.gov/EnforcementActions/.

PLEASE NOTE: Interpretive Letters and No-Objection Letters reflect the views of the Office of the Comptroller of the Currency’s (OCC) legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the office of Licensing Activities. The Community Development Investment Letters are from the office of Community Affairs. The Supervisory Conditions Letters are from the Special Supervision Division. The list of CRA Ratings is from the Communications Division.

If you are unable retrieve the CRA evaluations or enforcement actions online, you can submit a request to obtain copies at the OCC’s online FOIA site, https://foia-pal.occ.gov/palMain.aspx. Please provide all identifying information when requesting documents. You may also contact the bank directly for copies of the CRA evaluations.

The OCC publishes INTERPRETATIONS AND ACTIONS MONTHLY. Send suggestions, comments or questions to Jacqueline England, Disclosure Services, Communications Division, OCC, 400 7^th Street, SW, Suite 3E-218, Washington, DC 20219.