Household HSBC Watch

What is the relationship between HSBC and their regulator, The Office of the Comptroller of the Currency? Keep in mind that HSBC spends millions on lobbying and has hired former OCC executives in the past. Here is an example of that relationship.

This is part of a public records document written September 29, 2006 by the OCC to HSBC North America Inc:

“The Office of the Comptroller of the Currency (OCC) has reviewed your application to expand the scope of activities of HSBC Trust Company (Delaware), National Association, Wilmington, DE (HTCD or Bank), from a limited purpose trust bank to include loans and deposits related to tax refunds. Preliminary conditional approval of the application is hereby granted.

“The OCC supervises HSBC Mortgage Corporation as a subsidiary of HSBC Bank USA, N.A. However, the OCC does not supervise HSBC Mortgage Services, Beneficial Mortgage, and Decision One Mortgage because they are neither national banks nor subsidiaries of national banks. In conducting its most recent CRA examination of HSBCNV, the OCC considered the community development activities of Household Finance Corporation (HFC), an affiliate, at that bank’s request.

“…claims related to the activities of non-bank and foreign affiliates of HTCD and entities outside the United States, but not HTCD itself: The OCC does not have jurisdiction over the activities of these entities. Therefore, the OCC is not in a position to comment on such arguments and claims.”