In 1987 the OCC ruled that Security Pacific Bank could “ sell ” assets through “ securitizations ” that transferred “ cash flows ” from those assets to investors and also distribute in a registered public offering the residential mortgage-backed securities issued in the securitization.

In 1963, the Saxon-led Office of the Comptroller of the Currency ( OCC ) issued a regulation permitting national banks to offer “ commingled accounts ” to retail customers.

In 1974 the OCC authorized national banks to provide “ automatic investment services ,” which permitted bank customers to authorize regular withdrawals from a deposit account to purchase identified securities.

As described below, in 1978, the OCC authorized a national bank to privately place securities issued to sell residential mortgages in a securitization

Also in 1978, the OCC approved a national bank, such as Bank of America, issuing pass-through certificates representing interests in residential mortgages and distributing such mortgage-backed securities to investors in a private placement.

Jan Kregel argues that the OCC ’ s interpretation of the “ incidental powers ” of national banks “ ultimately eviscerated Glass-Steagall .”

In 1996 the OCC issued “ guidelines ” for national bank use of “ credit default swaps ” and other “ credit derivatives .” Banks entered into “ credit default swaps ” to protect against defaults on loans.

The Clinton Administration issued a veto threat, in part because the bill would eliminate “ the longstanding right of unitary thrift holding companies to engage in any lawful business ,” but primarily because the bill required national banks to conduct expanded activities through holding company subsidiaries rather than the bank “ operating subsidiaries ” authorized by the OCC in 1996.

Overall, however, commentators viewed the GLBA “ as ratifying and extending changes that had already been made, rather than as revolutionary .” At least one commentator found the entire GLBA “ unnecessary ” for banks and suggested the OCC had the authority to grant national banks all the insurance underwriting powers permitted to affiliates through the GLBA.

Lawrence White and Jerry Markham rejected these claims and argued that products linked to the financial crisis were not regulated by Glass-Steagall or were available from commercial banks or their affiliates before the GLBA repealed Glass-Steagall sections 20 and 32. Alan Blinder wrote in 2009 that he had “ yet to hear a good answer ” to the question “ what bad practices would have been prevented if Glass-Steagall was still on the books ?” Blinder argued that “ disgraceful ” mortgage underwriting standards “ did not rely on any new GLB powers ,” that “ free-standing investment banks ” not the “ banking-securities conglomerates ” permitted by the GLBA were the major producers of “ dodgy MBS ,” and that he could not “ see how this crisis would have been any milder if GLB had never passed .” Similarly, Melanie Fein has written that the financial crisis “ was not a result of the GLBA ” and that the “ GLBA did not authorize any securities activities that were the cause of the financial crisis .” Fein noted “ ecuritization was not an activity authorized by the GLBA but instead had been held by the courts in 1990 to be part of the business of banking rather than an activity proscribed by the Glass-Steagall Act .” As described above, in 1978 the OCC approved a national bank securitizing residential mortgages.

In the modern U. S. the term " national bank " has a precise meaning: a banking institution chartered and supervised by the Office of the Comptroller of the Currency (" OCC "), an agency in the U. S. Treasury Department, pursuant to the National Bank Act.

The Office of the Comptroller of the Currency ( OCC ) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and thrift institutions and the federal branches and agencies of foreign banks in the United States.

The OCC participates in interagency activities in order to maintain the sanctity of the national banking system.

The OCC was created by Abraham Lincoln to fund the American Civil War but was later transformed into a regulatory agency to instill confidence in the national banking system and protect consumers from misleading business practices.

The OCC regulates and supervises about 2, 000 national banks and 50 federal branches of foreign banks in the U. S., accounting for over thee-quarters of the total assets of all U. S. commercial banks ( as of 2011 ).

In 2003, the OCC proposed regulations to preempt virtually all state banking and financial services laws for national banks and their diverse range of non-bank, corporate operating subsidiaries.

in 2007 the United States Supreme Court validated the preemption of state regulations by the OCC, ruling that the OCC, not the states, has the authority to subject national banks to " general supervision " and " oversight ":

In July 2007, the OCC launched HelpWithMyBank. gov to assist customers of national banks and provide answers to national banking questions.

The Office of the Comptroller of the Currency ( OCC ) charters, regulates, and supervises all national banks with regard to the data they furnish credit bureaus.

Abedi had been approached about buying it as early as 1977, but by this time BCCI's reputation in the United States was so poor that it could not hope to buy an American bank on its own ( as mentioned above, the OCC was adamantly opposed to BCCI being allowed to buy its way into the American banking industry ).

In rejecting bank sales of accounts that functioned like mutual funds, the Supreme Court explained in Investment Company Institute v. Camp that it would have given “ deference ” to the OCC ’ s judgment if the OCC had explained how such sales could avoid the conflicts of interest and other “ subtle hazards ” Glass-Steagall sought to prevent and that could arise when a bank offered a securities product to its customers.

Also in 1982 the OCC, under Comptroller C. Todd Conover, approved the mutual fund company Dreyfus Corporation and the retailer Sears establishing “ nonbank bank ” subsidiaries that were not covered by the Bank Holding Company Act.

The OCC ’ s action relied on a “ loophole ” in the Bank Holding Company Act ( BHCA ) that meant a company only became a “ bank holding company ” supervised by the Federal Reserve Board if it owned a “ bank ” that made “ commercial loans ”( i. e., loans to businesses ) and provided “ demand deposits ” ( i. e., checking accounts ).

The OCC ’ s permission for Dreyfus to own a nationally chartered “ nonbank bank ” was based on the OCC ’ s conclusion that Dreyfus, as a mutual fund company, earned only a small amount of its revenue through underwriting and distributing shares in mutual funds.

Although Paul Volcker and the Federal Reserve Board sought legislation overruling the FDIC and OCC actions, they agreed bank affiliates should have broader securities powers.

Jan Kregel argues the OCC ’ s approval of bank derivatives activities under bank “ incidental powers ” constituted a “ complete reversal of the original intention of preventing banks from dealing in securities on their own account .”

Glass-Steagall Section 16 permits a bank to purchase and sell ( i. e., permits “ trading ”) for a bank ’ s own account non-government securities that the OCC approves as “ investment securities .” The Volcker Rule will prohibit such “ proprietary trading ” of non-government securities.

The Federal Reserve Board, led by Chairman Paul Volcker, asked Congress to overrule both the FDIC ’ s and the OCC ’ s actions.

The federal courts upheld the OCC ’ s approval of Security Pacific ’ s securitization activities, with the Supreme Court refusing in 1990 to review a 1989 Second Circuit decision sustaining the OCC ’ s action.

The Second Circuit stated banks had been securitizing their assets for “ ten years ” before the OCC ’ s 1987 approval of Security Pacific ’ s securitization.

In 2001, K ’ Nex broke from this trend and introduced a line of toys using the BattleTech / MechWarrior label, and later launched the OCC ( Orange County Chopper ) line of toys in 2006 and a line of Sesame Street building sets in 2008.

Paul Sr. then exercised a contractual option to purchase Paul Jr .' s 20 % share in OCC and subsequently filed a lawsuit to force the buyout.

Additionally, OCC in October in conjunction with RED / Sony released a classic rock compilation CD featuring some of Paul Sr .' s favorite songs titled OCC Rocks.

On the August 29, 2011, episode, Teutul Jr. and Teutul Sr. settled the lawsuit with Teutul Sr .' s purchase of Paul Jr .' s 20 % share in OCC, thus ending the lawsuit.

According to Marx, the OCC expresses the specific form which the capitalist mode of production gives to the relationship between means of production and labor power, determining the productivity of labor and the creation of a surplus product.

However, the organisation later lost interest with chart reference books after their contract with the OCC expired, which saw that organisation sell the contract to Virgin.

They had found the motorcycle outside the OCC garage with its keys left in the ignition.

The magnitude of the OCC is important in Marxist crisis theory because of its impact on the average rate of profit.

On December 31, 2001, Banknorth Group, Inc., merged its seven subsidiary banks into one bank — Banknorth NA — under the Peoples Heritage Bank charter dating back to 1852, with one OCC charter.

As it combined a good accuracy with a penetration that was independent of range, it has been considered an " ideal round " for its day The AMX-30 was also designed to fire the OCC F1 Mle. 60 high explosive projectile, the SCC F1 training warhead and the OFUM PH-105 F1 smoke round.

On March 18, 2011, the Times Herald-Record reported that Orange County Choppers was considering abandoning the OCC world headquarters ( in foreclosure ), located in Newburgh, NY, and constructing a new building adjacent to the current facility on behalf of a company referred to as G & M Orange LLC, which lists Teutul as its owner.

On December 31, 2001, the holding company, Banknorth Group, Inc., merged its seven subsidiary banks into one bank, Banknorth NA under the Peoples Heritage Bank charter dating back to 1852, with one OCC charter.

The OCC produces its charts by gathering and combining sales data from retailers through market researchers Millward Brown.

Before the production of the " official " charts, various less comprehensive charts were produced, most notably by the NME, which began its chart in 1952 ; some of these older charts ( including NME's earliest singles charts ) are now part of the official OCC canon.