Regulatory Alerts1999-05-25
Pennsylvania Department of Banking Approval for Bank Subsidiary to Offer Employee Benefit Advisory Services
The Pennsylvania Department of Banking authorized a bank subsidiary to provide employee benefit and compensation advisory services to small business customers under Section 315(i) of the Banking Code. This permission is conditional upon human resource consulting services comprising no more than 10% of the total service package and requires separate prior approval to establish the subsidiary. The decision aligns with OCC guidelines to maintain competitiveness with national banks while ensuring the activities remain incidental to banking business.
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