Source: https://www.law.cornell.edu/cfr/text/12/1269.4
Timestamp: 2017-07-23 19:05:20
Document Index: 199299671

Matched Legal Cases: ['art 1269', '§ 1269', '§ 1266', 'art 1266', '§ 1429', '§ 1430', '§ 1430', '§ 1431', '§ 4511', '§ 4513', '§ 4526', 'art 1269', 'arts 1267', 'arts 1267']

12 CFR 1269.4 - Obligation to Bank under all standby letters of credit. | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter XII › Subchapter D › Part 1269 › Section 1269.4 12 CFR 1269.4 - Obligation to Bank under all standby letters of credit.
§ 1269.4 Obligation to Bank under all standby letters of credit.
(a)Obligation to reimburse. A Bank may issue or confirm a standby letter of credit only on behalf of a member or housing associate that has:
(1) Established with the Bank a cash account pursuant to §§ 1266.17(b)(2)(i)(B), 1266.17(d), or 1270.3 of this chapter; and
(2) Assumed an unconditional obligation to reimburse the Bank for value given by the Bank to the beneficiary under the terms of the standby letter of credit by depositing immediately available funds into the account described in paragraph (a)(1) of this section not later than the date of the Bank's payment of funds to the beneficiary.
(b)Prompt action to recover funds. If a member or housing associate fails to fulfill the obligation described in paragraph (a)(2) of this section, the Bank shall take action promptly to recover the funds that such member or housing associate is obligated to repay.
(c)Obligation financed by advance. Notwithstanding the obligations and duties of the Bank and its member or housing associate under paragraphs (a) and (b) of this section, the Bank may, at its discretion, permit such member or housing associate to finance repayment of the obligation described in paragraph (a)(2) of this section by receiving an advance that complies with sections 10 or 10b of the Bank Act ( 12 U.S.C. 1430, 1430(b)) and part 1266 of this title.
[ 63 FR 65699, Nov. 30, 1998, as amended at 65 FR 8265, Feb. 18, 2000; 65 FR 44431, July 18, 2000. Redesignated and amended at 67 FR 12853, Mar. 20, 2002; 75 FR 8240, Feb. 24, 2010; 75 FR 76623, Dec. 9, 2010; 78 FR 2324, Jan. 11, 2013; 81 FR 76298, Nov. 2, 2016]
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING§ 1429 - Eligibility to secure advances§ 1430 - Advances to members§ 1430b - Advances to nonmember mortgagee; terms and conditions§ 1431 - Powers and duties of banks§ 4511 - Establishment of the Federal Housing Finance Agency§ 4513 - Duties and authorities of Director§ 4526 - Regulations and orders
Title 12 published on 17-Jun-2017 04:33The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 1269 after this date.2016-11-02; vol. 81 # 212 - Wednesday, November 2, 201681 FR 76291 - Technical and Conforming Changes and Corrections to FHFA Regulations
2013-11-08; vol. 78 # 217 - Friday, November 8, 201378 FR 67004 - Removal of References to Credit Ratings in Certain Regulations Governing the Federal Home Loan Banks
typeregulations.gov FR Doc.2013-26775 RIN2590-AA40 FEDERAL HOUSING FINANCE AGENCY Final rule. The rule is effective May 7, 2014. 12 CFR Parts 1267, 1269, and 1270 SummarySection 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires Federal agencies to review regulations that require the use of an assessment of the credit-worthiness of a security or money market instrument and any references to, or requirements in, such regulations regarding credit ratings issued by credit rating organizations registered with the Securities and Exchange Commission (SEC) as nationally recognized statistical rating organizations (NRSROs), and to remove such references or requirements. To implement this provision, the Federal Housing Finance Agency (FHFA) proposed on May 23, 2013, to amend certain of its rules and remove a number of references and requirements in certain safety and soundness regulations affecting the Federal Home Loan Banks (Banks). To replace the provisions that referenced NRSRO ratings, FHFA proposed to add requirements that the Banks apply internal analytic standards and criteria to determine the credit quality of a security or obligation, subject to FHFA oversight and review through the examination and supervisory process. FHFA also proposed to delete certain provisions from its regulations that contained references to NRSRO credit ratings because they appeared duplicative of other requirements or because they applied only to Banks that had not converted to the capital structure required by the Gramm-Leach-Bliley Act (GLB Act) and no longer applied to any Bank. After considering the comments received on its notice of proposed rulemaking (Proposed Rule), FHFA has determined to adopt as final these proposed rule amendments without change.
2013-05-23; vol. 78 # 100 - Thursday, May 23, 201378 FR 30784 - Removal of References to Credit Ratings in Certain Regulations Governing the Federal Home Loan Banks
typeregulations.gov FR Doc.2013-12333 RIN2590-AA40 FEDERAL HOUSING FINANCE AGENCY Notice of proposed rulemaking; request for comment. Comments on the proposed rule must be received on or before July 22, 2013. 12 CFR Parts 1267, 1269, and 1270 SummarySection 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires Federal agencies to review regulations that require the use of an assessment of the credit-worthiness of a security or money market instrument and any references to, or requirements in, such regulations regarding credit ratings issued by credit rating organizations registered with the Securities and Exchange Commission (SEC) as nationally recognized statistical rating organizations (NRSROs), and to remove such references or requirements. To implement this provision, the Federal Housing Finance Agency (FHFA) is proposing to remove a number of references and requirements in certain safety and soundness regulations affecting the Federal Home Loan Banks (Banks) and to adopt new provisions that would require the Banks to apply internal analytic standards and criteria to determine the credit quality of a security or obligation, subject to FHFA oversight and review through the examination and supervisory process. FHFA will undertake separate rulemakings to remove NRSRO references and requirements contained in the capital regulations applicable to the Banks and in the regulations governing the Banks&apos; acquired member asset (AMA) programs.
2013-01-11; vol. 78 # 8 - Friday, January 11, 201378 FR 2319 - Relocation of Regulations
12 CFR 1269.2 — Standby Letters of Credit on Behalf of Members.
12 CFR 1270.2 — Authorized Liabilities.