Regulatory Alerts2005-07-25
Confirmation of an Interpretation Under Section 106 of 1965
The Pennsylvania Department of Banking confirms that national banks with fiduciary authority under 12 U.S.C. § 92a are exempt from Pennsylvania's physical presence and other preconditions under 7 P.S. § 106(b). This determination relies on the interpretation that the Pennsylvania General Assembly intended to align state law with the National Bank Act, thereby rendering specific state limitations inapplicable to these out-of-state entities. The letter explicitly limits its scope to this specific statutory exemption and warns that factual changes could alter the Department's position.
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