Source: https://www.law.cornell.edu/cfr/text/12/215.9?quicktabs_7=2
Timestamp: 2015-08-31 23:05:23
Document Index: 221294434

Matched Legal Cases: ['art 215', '§ 215', 'art 215', '§ 248', '§ 375', '§ 375', '§ 1468', '§ 1817', '§ 5412']

12 CFR 215.9 - Disclosure of credit from member banks to executive officers and principal shareholders. | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter II › Subchapter A › Part 215 › Section 215.9 12 CFR 215.9 - Disclosure of credit from member banks to executive officers and principal shareholders.
§ 215.9
Disclosure of credit from member banks to executive officers and principal shareholders.
Principal shareholder of a member bank
means any person other than an insured bank, or a foreign bank as defined in 12 U.S.C. 3101(7), that, directly or indirectly, owns, controls, or has power to vote more than 10 percent of any class of voting securities of the member bank. The term includes a person that controls a principal shareholder (e.g., a person that controls a bank holding company). Shares of a bank (including a foreign bank), bank holding company, savings and loan holding company or other company owned or controlled by a member of an individual's immediate family are presumed to be owned or controlled by the individual for the purposes of determining principal shareholder status.
Any company controlled by a person; or
Any political or campaign committee the funds or services of which will benefit a person or that is controlled by a person. For the purpose of this section, a related interest does not include a bank or a foreign bank (as defined in12 U.S.C. 3101(7)).
Upon receipt of a written request from the public, a member bank shall make available the names of each of its executive officers and each of its principal shareholders to whom, or to whose related interests, the member bank had outstanding as of the end of the latest previous quarter of the year, an extension of credit that, when aggregated with all other outstanding extensions of credit at such time from the member bank to such person and to all related interests of such person, equaled or exceeded 5 percent of the member bank's capital and unimpaired surplus or $500,000, whichever amount is less. No disclosure under this paragraph is required if the aggregate amount of all extensions of credit outstanding at such time from the member bank to the executive officer or principal shareholder of the member bank and to all related interests of such a person does not exceed $25,000.
A member bank is not required to disclose the specific amounts of individual extensions of credit.
Each member bank shall maintain records of all requests for the information described in paragraph (b) of this section and the disposition of such requests. These records may be disposed of after two years from the date of the request.
[Reg. O, 59 FR 8837, Feb. 24, 1994; 59 FR 37930, July 26, 1994. Redesignated and amended at 71 FR 71474, Dec. 11, 2006, as amended at 76 FR 56530, Sept. 13, 2011]
Title 12 published on 2015-01-01.No entries appear in the Federal Register after this date, for 12 CFR Part 215.
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§ 248 - Enumerated powers§ 375a - Loans to executive officers of banks§ 375b - Extensions of credit to executive officers, directors, and principal shareholders of member banks§ 1468 - Transactions with affiliates; extensions of credit to executive officers, directors, and principal shareholders§ 1817 - Assessments§ 5412 - Powers and duties transferred
Statutes at Large105 Stat. 2236