The Office of the Comptroller of the Currency has updated its handbook on what national banks may do.
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"The business of banking is an evolving concept, and the permissible activities of national banks similarly evolve over time," the agency said in its update on permissible activities.
The handbook, posted last week on www.occ.gov, contains a complete list of the OCC's precedent letters issued in 2004. It says banks may engage in a wide variety of businesses, including reinsurance and the development and production of software. The handbook also includes a discussion on preemption of state law and guidance on compliance with the Bank Secrecy Act and other anti-laundering statutes.
