CASH: The Fed revised a policy statement to allow banks to designate up to 10 locations anywhere in the country where they may receive free access to the cash processing system. Previously, the Fed required banks to access the cash processing system from sites within their home Federal Reserve Bank district. Published March 10. Effective May 4.

MUTUAL THRIFTS: The OTS issued a rule permitting federal mutual holding companies to set up stock holding companies to avoid paying high taxes in stock buybacks. Under a three-tiered structure, a stock holding company would be sandwiched between a thrift and its mutual parent company. Published March 9. Effective April 1.

CHARTER CHANGES: The National Credit Union Administration added a hurdle for credit unions seeking to convert to federal mutual thrifts. They will have to include in disclosure documents a warning that switching charters would result in loss of tax-exempt status and could reduce members' voting rights. Published March 4. Effective April 1.

INSURANCE SALES: The Office of the Comptroller of the Currency said Feb. 27 that national banks may locate insurance offices in urban areas, not just small towns, by placing them in "census designated places" with fewer than 5,000 residents.

INTEREST ON DEPOSITS: The Federal Deposit Insurance Corp. decided to automatically amend its rules on corporate demand deposits anytime the Fed changes its definition of interest on them. Published Feb. 19. Effective April 1.

INTEREST RATE CAPS: In a Feb. 17 interpretive letter, the OCC said a national bank must adhere to only those interest rate restrictions imposed by the state where it is headquartered and does not have to abide by caps imposed in other states where they have branches.

REPURCHASE AGREEMENTS: The Exam Council made several additions to terms that should be spelled out in repurchase agreement contracts. These include the types of acceptable collateral and the rights and obligations of each party in case of default. Published Feb. 11. Effective Feb. 11.

INVESTMENT ADVISORY: The OCC clarified which activities are exempt from its investment advisory rules. They include bridge loans, financial advice and counseling, municipal finance consulting, tax planning, and real estate asset management. Published Feb. 9. Effective March 11.

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