ReliaStar Gets OK to Open Bank.ReliaStar Financial Corp., Minneapolis, has received approval from the federal Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. to establish a U.S. bank. ReliaStar said it is the first financial-services company to receive permission to organize and operate a national bank under the Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Modernization Act of 1999. Although ReliaStar's federal savings bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks subsidiary, ReliaStar Bank, was granted trust powers by the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. in 1998, ReliaStar said it believes that a national trust bank charter will allow the company to compete more effectively in delivering trust services on a nationwide basis. ReliaStar said the repeal of the Glass-Steagall Act The Glass-Steagall Act, also known as the Banking Act of 1933 (48 Stat. 162), was passed by Congress in 1933 and prohibits commercial banks from engaging in the investment business. allows it to own a national bank limited to trust powers without being regulated as a bank holding company. Minneapolis-based ReliaStar National Trust Co. initially will offer trust services to customers of ReliaStar distributors in Minnesota. "We will also market personal trust services to customers of small and midsize banking organizations through our affiliate, Primevest Financial Services," said Patrick Mazorol, president and chief executive officer of the bank. |
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