OP-SUB DEVELOPMENT: The OCC is still working on applications filed by NationsBank Corp. to establish real estate development and lease financing operating subsidiaries. Comments were due over six months ago on the applications, which are the first filed under the agency's controversial op-sub rule. The OCC is not expected to act until early next year.

FOREIGN BANKS: Proposed changes in Regulation K have been on hold for a year and are not expected any time soon.

The proposal would relax limits on the amount of income foreign banks may earn outside the United States from insurance and securities activities. It also would eliminate scores of duplicative filing requirements and make it easier for foreign banks to expand their operations here.

Observers believe the Fed is delaying action until Congress completes work on financial modernization legislation.

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