all such incidental powers as shall be necessary to carry on the business of banking.”3 The OCC has approved some national banks to engage in customer-driven, perfectly matched, cash-settled derivative transactions referencing commodities; certain types of commodity derivatives transactions settled by transitory title transfer; the purchase and sale of coin and bullion, precious metals, and copper; and the holding of physical commodities to hedge customer-driven, bank-permissible derivative transactions.
Under the GLB Act, Congress created the financial holding company framework, which allowed bank holding companies with bank subsidiaries that are well capitalized and well managed4 to engage in expanded financial activities.5 Three provisions in the GLB Act have  1  Section 4(c)(8) of the Bank Holding Company Act, 12 USC 1843(c)(8). 2  12 CFR 225.28 (b)(8).