Source: https://www.law.cornell.edu/cfr/text/12/24.2
Timestamp: 2016-02-09 06:10:13
Document Index: 377789972

Matched Legal Cases: ['art 24', 'art 3', '§ 24', '§ 24', 'art 6', '§ 24', 'art 3', '§ 24', '§ 24', 'art 6', 'art 24']

12 CFR 24.2 - Definitions. | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter I › Part 24 › Section 24.2 12 CFR 24.2 - Definitions.
has the same meaning as adequately capitalized in 12 CFR 6.4.
A bank's tier 1 and tier 2 capital calculated under the OCC's risk-based capital standards set forth in12 CFR part 3, as applicable, as reported in the bank's Consolidated Reports of Condition and Income (Call Report) as filed under 12 U.S.C. 161; plus
The balance of a bank's allowance for loan and lease losses not included in the bank's tier 2 capital, for purposes of the calculation of risk-based capital described in paragraph (b)(1) of this section, as reported in the bank's Call Report as filed under12 U.S.C. 161.
Community and economic development entity
(CEDE) means an entity that makes investments or conducts activities that primarily benefit low- and moderate-income individuals, low- and moderate-income areas, or other areas targeted by a governmental entity for redevelopment, or would receive consideration as “qualified investments” under 12 CFR 25.23. The following is a non-exclusive list of examples of the types of entities that may be CEDEs:
National bank community development corporation subsidiaries;
Private or nonbank community development corporations;
CDFI Fund-certified Community Development Financial Institutions or Community Development Entities;
Limited liability companies or limited partnerships;
Community development loan funds or lending consortia;
Community development real estate investment trusts;
Community development closed-end mutual funds;
Non-diversified closed-end investment companies; and
Community development venture or equity capital funds.
Community development Project (CD Project)
means a project to make an investment that meets the requirements of § 24.3.
means, for purposes of § 24.5, a national bank that:
Has a composite rating of 1 or 2 under the Uniform Financial Institutions Rating System;
Has a Community Reinvestment Act (CRA) rating of “Outstanding” or “Satisfactory”; and
Is not subject to a cease and desist order, consent order, formal written agreement, or Prompt Corrective Action directive (see12 CFR part 6, subpart B) or, if subject to any such order, agreement or directive, is informed in writing by the OCC that the bank may be treated as an “eligible bank” for purposes of this part.
Low-income and moderate-income
have the same meanings as “low-income” and “moderate-income” in 12 CFR 25.12(m).
means a substantial probability that any Federal deposit insurance fund could suffer a loss.
means a business, including a small farm or minority-owned small business, that meets the qualifications for Small Business Administration Development Company or Small Business Investment Company loan programs in 13 CFR 121.301.
has the same meaning as well capitalized in 12 CFR 6.4.
[61 FR 49660, Sept. 23, 1996, as amended at 68 FR 48775, Aug. 15, 2003; 73 FR 22244, Apr. 24, 2008; 73 FR 46534, Aug. 11, 2008; 79 FR 11312, Feb. 28, 2014]
§ 24.2 Definitions.
Adequately capitalized has the same meaning as adequately capitalized in 12 CFR 6.4. (b)
Capital and surplus means: (1) A bank's tier 1 and tier 2 capital calculated under the OCC's risk-based capital standards set forth in 12 CFR part 3, as applicable, as reported in the bank's Consolidated Reports of Condition and Income (Call Report) as filed under 12 U.S.C. 161; plus
(2) The balance of a bank's allowance for loan and lease losses not included in the bank's tier 2 capital, for purposes of the calculation of risk-based capital described in paragraph (b)(1) of this section, as reported in the bank's Call Report as filed under 12 U.S.C. 161.
Community and economic development entity (CEDE) means an entity that makes investments or conducts activities that primarily benefit low- and moderate-income individuals, low- and moderate-income areas, or other areas targeted by a governmental entity for redevelopment, or would receive consideration as “qualified investments” under 12 CFR 25.23. The following is a non-exclusive list of examples of the types of entities that may be CEDEs:
Community development Project (CD Project) means a project to make an investment that meets the requirements of § 24.3. (e)
Eligible bank means, for purposes of § 24.5, a national bank that: (1) Is well capitalized; (2) Has a composite rating of 1 or 2 under the Uniform Financial Institutions Rating System; (3) Has a Community Reinvestment Act (CRA) rating of “Outstanding” or “Satisfactory”; and (4) Is not subject to a cease and desist order, consent order, formal written agreement, or Prompt Corrective Action directive (see
12 CFR part 6, subpart B) or, if subject to any such order, agreement or directive, is informed in writing by the OCC that the bank may be treated as an “eligible bank” for purposes of this part. (f)
Low-income and moderate-income have the same meanings as “low-income” and “moderate-income” in 12 CFR 25.12(m). (g)
Significant risk to the deposit insurance fund means a substantial probability that any Federal deposit insurance fund could suffer a loss. (h)
Small business means a business, including a small farm or minority-owned small business, that meets the qualifications for Small Business Administration Development Company or Small Business Investment Company loan programs in 13 CFR 121.301.
Well capitalized has the same meaning as well capitalized in 12 CFR 6.4. [61 FR 49660, Sept. 23, 1996, as amended at 68 FR 48775, Aug. 15, 2003; 73 FR 22244, Apr. 24, 2008; 73 FR 46534, Aug. 11, 2008; 79 FR 11312, Feb. 28, 2014]
Title 12 published on 2015-01-01The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 24 after this date.2015-06-15; vol. 80 # 114 - Monday, June 15, 201580 FR 34040 - Integration of National Bank and Federal Savings Association Regulations: Licensing Rules