Application of Zions First National Bank to Underwrite and Deal in Municipal Revenue Bonds

The Securities Industry Association (SIA)* provides comments to the Office of the Comptroller of the Currency on the OCC’s operating subsidiary notice relating to Zions First National Bank to underwrite and deal in municipal revenue bonds through an operating subsidiary of that bank, Docket No. 97-10, Application Control Number 97-WO-08-0003.  SIA believes the fundamental issue raised by the application in question is whether the OCC can or should permit a national bank to own a securities underwriting and whether the OCC can or should permit a national bank to own a securities underwriting and dealing firm as a subsidiary.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.