Federal Register, including rules, regulations, and notices required by law and carrying out the Board's responsibilities under the Privacy Act., (8) The Office of Human Resources. The Office of Human Resources provides a comprehensive program for the management of NCUA's human resources. This is done in support of NCUA's goal to recruit, develop, and retain a quality and representative workforce. The Director is responsible for managing NCUA's compensation program, for facilitating good organization design, for staffing positions through recruitment and merit promotion programs, and for maintaining an automated personnel records system. The Director is also responsible for the Board's performance management, incentive awards, employee assistance, and benefit programs. These programs are geared to foster healthy employee/management relations and to provide employees with good working conditions. The Director is also responsible for providing a comprehensive program for the training and development of NCUA's staff, including developing policy consistent with the Government Employees Training Act; providing training opportunities equitably so that all employees have the skills necessary to help meet the agency's mission; evaluating the agency's training and development efforts; and ensuring that the agencies training monies are spent in a cost efficient manner and in accordance with the law., (9) Office of the Chief Information Officer. The Chief Information Officer has responsibility for the management and administration of NCUA's information resources. This includes the development, maintenance, operation, and support of information systems which directly support the Agency's mission, maintaining and operating the Agency's information processing infrastructure, responding to requests for releasable Agency information, and insuring all related material security and integrity risks are recognized and controlled as much as possible. The Chief Information Officer is also responsible for carrying out the Board's responsibilities under the Paperwork Reduction Act and in directing NCUA responses to reporting requirements. , (10) Office of the Inspector General. The Inspector General reports directly to the Board and provides semi-annual reports regarding audit and investigation activities to the Board and the Congress. The Inspector General is responsible for: (a) Conducting independent audits and investigations of all NCUA programs and functions to promote efficiency; (b) reviewing policies and procedures to evaluate controls to prevent fraud, waste, and abuse; and (c) reviewing existing and proposed legislation and regulations to evaluate their impact on the economic and efficient administration of the Agency., (11) Office of External Affairs and Communications. The Director of the Office of External Affairs and Communications is responsible for maintaining NCUA's relationship with the public and the media; for liaison with the U.S. Congress, and with other Executive Branch agencies concerning legislative matters; and for the analysis and development of legislative proposals and public affairs programs., (12) Credit Union Resources and Expansion. This Office is responsible for coordinating NCUA policy and actions related to credit union chartering and field of membership, low income designation, and preserving credit unions run by minorities and/or serving minorities. The Office administers the Community Development Revolving Loan Program for Credit Unions (Program). This Program is funded from congressional appropriations and serves as a source of financial support, in the form of technical assistance grants and loans to low-income credit unions serving predominantly low-income members. The Program is governed by part 705 of subchapter A of this chapter., (13) Office of Minority and Women Inclusion. The Office of Minority and Women Inclusion (OMWI) was established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Director of OMWI reports to the NCUA Chairman. OMWI has the responsibility for all NCUA matters relating to diversity in management, employment, and business activities. Specific duties of the Office include developing and implementing standards for: Equal employment opportunity and the racial, ethnic, and gender diversity of the workforce and senior management of the NCUA; increased participation of minority-owned and women-owned businesses in the programs and contracts of the NCUA, including standards for coordinating technical assistance to such businesses; and assessing the diversity policies and practices of credit unions regulated by the NCUA. The Director of OMWI also serves as NCUA's Director of Equal Employment Opportunity., (14) NCUA Central Liquidity Facility (CLF). The CLF was created to improve general financial stability by providing funds to meet the liquidity needs of credit unions. It is a mixed-ownership government corporation under the Government Corporation Control Act (31 U.S.C. 9101 et seq.). The CLF is managed by the President, under the general supervision of the NCUA Board which serves as the CLF Board of Directors. The Chairman of the NCUA Board serves as the Chairman of the CLF Board of Directors. The Secretary of the NCUA Board serves as the Secretary of the CLF Board of Directors. The NCUA Board shall appoint the CLF President and Vice President. , (15) Office of Consumer Financial Protection. (i) The Office of Consumer Financial Protection contains two divisions:, (A) The Division of Consumer Compliance Policy and Outreach; and, (B) The Division of Consumer Affairs;, (ii) The Office provides consumer financial services, including consumer education and complaint resolution; establishes, consolidates, and coordinates consumer financial protections within the agency; oversees the agency's fair lending examination program; and acts as the central liaison on consumer financial protection with other federal agencies., (16) The Office of Chief Economist. The Office of Chief Economist is within the Office of the Executive Director and reports to the Deputy Executive Director. The office analyzes developments in key components of the economy and monitors trends and conditions in the domestic and international markets for money, credit, foreign exchange and commodities, and relates these trends to overall macroeconomic conditions and government monetary and fiscal policies for the purpose of evaluating effects on credit unions. The office provides advice and guidance to the NCUA Board, the Office of the Executive Director, and the Office of Capital Markets., (17) The Office of Continuity and Security Management. The Director of the Office of Continuity and Security Management is responsible for NCUA's emergency preparedness and for coordinating the response to natural disasters or national security events; for timely dissemination of information on cyber threats, terrorism, foreign criminal activity, and other national security threats to the agency or to the credit union sector; and for conducting risk assessments and managing executive branch programs to protect NCUA personnel and facilities, and to safeguard classified national security information., (18) The Office of Business Innovation. The Office of Business Innovation (OBI) serves as a central platform and facilitator for critical agency stakeholders to shape achievable solutions and capabilities to manage evolving business demands. This office manages the agency's Information Technology modernization and business process optimization efforts, from the internal and external business stakeholder perspective, of mission related systems that enable the NCUA's core mission of regulating and supervising credit unions. Additionally, OBI provides enterprise information security support in partnership with the Office of the Chief Information Officer (OCIO) and serves as a center point for enterprise data strategy and governance., (c) Field Offices. NCUA's programs are conducted through Regional Offices and the Office of National Examinations and Supervision., (1) Regional Offices. (i) The NCUA has three Regional Offices:, (ii) A Regional Director is in charge of each Regional Office. The Regional Director manages NCUA's programs in the Region assigned in accordance with established policies. A Regional Director's duties include: Directing examination and supervision programs to promote and assure safety and soundness; assisting other offices in chartering and insurance issues; managing regional resources to meet program objectives in the most economical and practical manner; and maintaining good public relations with public, private, and governmental organizations, federal credit union officials, credit union organizations, and other groups which have an interest in credit union matters in the assigned region. The Regional Director maintains liaison and cooperation with other regional offices of federal departments and agencies, state agencies, city and county officials, and other governmental units that affect credit unions. The Regional Director is aided by Associate Regional Directors. Each region is divided into examiner districts, each assigned to a Supervisory Credit Union Examiner; groups of examiners are directed by a Supervisory Credit Union Examiner, each of whom in turn reports directly to one of the Associate Regional Directors., (2) Office of National Examinations and Supervision. Similar to a Regional Director, the Director of the Office of National Examinations and Supervision manages NCUA's supervisory program over credit unions; however, it oversees the activities for corporate credit unions and of natural person credit unions defined as covered credit unions under part 702 of this chapter, in accordance with established policies. The Director's duties include directing insurance, examination, and supervision programs to promote and assure safety and soundness; managing office resources to meet program objectives in the most economical and practical manner; and maintaining good public relations with public, private and governmental organizations, credit union officials, credit union organizations, and other groups which have an interest in credit union matters in the assigned office. The Director maintains liaison and cooperation with other regional offices of federal departments and agencies, state agencies, and other governmental units that affect credit unions. The Director is aided by a Deputy Director. Staff working in the office report to the Director of Supervision, who in turn reports to the Deputy Director. Field staff is divided into examiner districts, each assigned to a National Field Supervisor, each of whom in turn reports directly to the Deputy Director.", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AFFECTING THE OPERATIONS OF THE NATIONAL CREDIT UNION ADMINISTRATION"], "part": ["790"], "part_title": ["PART 790 - DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION"], "section": ["790.2"], "section_title": ["\u00a7 790.2 Central and field office organization."]}}
{"text": "(a) Conflicts. No official, employee, or their immediate family member may receive any compensation or benefit, directly or indirectly, in connection with your engagement in an activity authorized under this part, except as otherwise provided in paragraph (b) of this section. This section does not apply if a conflicts of interest provision within another section of this chapter applies to a particular activity; in such case, the more specific conflicts of interest provision controls. For example: An official or employee that refers loan-related products offered by a third-party to a member, in connection with a loan made by you, is subject to the conflicts of interest provision in \u00a7 701.21(c)(8) of this chapter., (b) Permissible payments. This section does not prohibit:, (1) Payment, by you, of salary to your employees;, (2) Payment, by you, of an incentive or bonus to an employee based on your overall financial performance;, (3) Payment, by you, of an incentive or bonus to an employee, other than a senior management employee or paid official, in connection with an activity authorized by this part, provided that your board of directors establishes written policies and internal controls for the incentive program and monitors compliance with such policies and controls at least annually; and, (4) Payment, by a person other than you, of any compensation or benefit to an employee, other than a senior management employee or paid official, in connection with an activity authorized by this part, provided that your board of directors establishes written policies and internal controls regarding third-party compensation and determines that the employee's involvement does not present a conflict of interest., (c) Business associates and family members. All transactions with business associates or family members not specifically prohibited by paragraph (a) of this section must be conducted at arm's length and in the interest of the credit union., (d) Definitions. For purposes of this part, the following definitions apply., (1) Senior management employee means your chief executive officer (typically, this individual holds the title of President or Treasurer/Manager), any assistant chief executive officers (e.g. Assistant President, Vice President, or Assistant Treasurer/Manager), and the chief financial officer (Comptroller)., (2) Official means any member of your board of directors, credit committee or supervisory committee., (3) Immediate family member means a spouse or other family member living in the same household. ", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - REGULATIONS AFFECTING CREDIT UNIONS"], "part": ["721"], "part_title": ["PART 721 - INCIDENTAL POWERS"], "section": ["721.7"], "section_title": ["\u00a7 721.7 What are the potential conflicts of interest for officials and employees when credit unions engage in activities approved under this part?"]}}
{"text": "(a) A bank is exempt from the definition of the term \u201cbroker\u201d under section 3(a)(4) of the Act (15 U.S.C. 78c(a)(4)), to the extent that, as agent, the bank:, (1) Effects a sale in compliance with the requirements of 17 CFR 230.903 of an eligible security to a purchaser who is not in the United States;, (2) Effects, by or on behalf of a person who is not a U.S. person under 17 CFR 230.902(k), a resale of an eligible security after its initial sale with a reasonable belief that the eligible security was initially sold outside of the United States within the meaning of and in compliance with the requirements of 17 CFR 230.903 to a purchaser who is not in the United States or a registered broker or dealer, provided that if the resale is made prior to the expiration of any applicable distribution compliance period specified in 17 CFR 230.903(b)(2) or (b)(3), the resale is made in compliance with the requirements of 17 CFR 230.904; or, (3) Effects, by or on behalf of a registered broker or dealer, a resale of an eligible security after its initial sale with a reasonable belief that the eligible security was initially sold outside of the United States within the meaning of and in compliance with the requirements of 17 CFR 230.903 to a purchaser who is not in the United States, provided that if the resale is made prior to the expiration of any applicable distribution compliance period specified in 17 CFR 230.903(b)(2) or (b)(3), the resale is made in compliance with the requirements of 17 CFR 230.904., (b) Definitions. For purposes of this section:, (1) Distributor has the same meaning as in 17 CFR 230.902(d)., (2) Eligible security means a security that:, (i) Is not being sold from the inventory of the bank or an affiliate of the bank; and, (ii) Is not being underwritten by the bank or an affiliate of the bank on a firm-commitment basis, unless the bank acquired the security from an unaffiliated distributor that did not purchase the security from the bank or an affiliate of the bank., (3) Purchaser means a person who purchases an eligible security and who is not a U.S. person under 17 CFR 230.902(k).", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"], "part": ["218"], "part_title": ["PART 218 - EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER IN THE SECURITIES EXCHANGE ACT OF 1934 (REGULATION R)"], "section": ["218.771"], "section_title": ["\u00a7 218.771 Exemption from the definition of \u201cbroker\u201d for banks effecting transactions in securities issued pursuant to Regulation S."]}}
{"text": "The Deputy Director for Federal Home Loan Bank Regulation may approve requests from a Bank seeking approval of any NBA notice submitted in accordance with this part. The Director reserves the right to modify, rescind, or supersede any such approval granted by the Deputy Director, with such action being effective only on a prospective basis.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["D"], "subchapter_title": ["SUBCHAPTER D - FEDERAL HOME LOAN BANKS"], "part": ["1272"], "part_title": ["PART 1272 - NEW BUSINESS ACTIVITIES"], "section": ["1272.7"], "section_title": ["\u00a7 1272.7 Approval of notices."]}}
{"text": "(a) Short- and intermediate-term loans. Production credit associations are authorized to make or guarantee short- and intermediate-term loans and provide other financial assistance for a term of:, (1) Not more than 7 years;, (2) More than 7 years, but not more than 10 years, as set forth in policies approved by the funding bank; or, (3) Not more than 15 years to producers and harvesters of aquatic products for major capital expenditures, including but not limited to the purchase of vessels, construction or purchase of shore facilities, and similar purposes directly related to the operations of producers or harvesters of aquatic products., (b) Loan participations. Subject to the requirements of subpart H of this part, a production credit association may enter into participation agreements with:, (1) Farm Credit banks and associations that are direct lenders and lenders that are not Farm Credit institutions on loans of the type it is authorized to make under title II of the Act;, (2) Farm Credit banks and associations that are direct lenders on loans it is not authorized to make, provided the borrower eligibility, membership, term, amount, loan security, and stock or participation certificate requirements of the originating institution are met; and, (3) The Federal Agricultural Mortgage Corporation to the extent provided in \u00a7 614.4055., (c) Other interests in loans. (1) Subject to the requirements of subpart H of this part and the supervision of their respective funding banks, production credit associations may sell interests in loans that are made under paragraph (a) of this section to:, (i) Banks of the Farm Credit System, as authorized by their respective funding banks; and, (ii) Any certified agricultural mortgage marketing facility, as defined by section 8.0(3) of the Act, for the purpose of pooling and securitizing such loans under title VIII of the Act., (2) Subject to the requirements of subpart H of this part, production credit associations, as authorized by their respective funding banks, may purchase interests in loans that comply with the requirements of paragraph (a) of this section and nonvoting stock from banks of the Farm Credit System., (3) Production credit associations, in their capacity as certified mortgage marketing facilities under title VIII of the Act, may purchase from Farm Credit System institutions and institutions that are not Farm Credit System institutions interests in loans (other than participation interests authorized by paragraph (c) of this section) for the purpose of pooling and securitizing such loans under title VIII of the Act.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["614"], "part_title": ["PART 614 - LOAN POLICIES AND OPERATIONS"], "section": ["614.4040"], "section_title": ["\u00a7 614.4040 Production credit associations."]}}
{"text": "(a) Definitions. For purposes of this section, the following definitions shall apply:, Currently performing means the borrower in the mortgage transaction is not currently thirty (30) days or more past due, in whole or in part, on the mortgage transaction., Qualified residential mortgage means a \u201cqualified mortgage\u201d as defined in section 129C of the Truth in Lending Act (15 U.S.C.1639c) and regulations issued thereunder, as amended from time to time., (b) Exemption. A sponsor shall be exempt from the risk retention requirements in subpart B of this part with respect to any securitization transaction, if:, (1) All of the assets that collateralize the asset-backed securities are qualified residential mortgages or servicing assets;, (2) None of the assets that collateralize the asset-backed securities are asset-backed securities;, (3) As of the cut-off date or similar date for establishing the composition of the securitized assets collateralizing the asset-backed securities issued pursuant to the securitization transaction, each qualified residential mortgage collateralizing the asset-backed securities is currently performing; and, (4)(i) The depositor with respect to the securitization transaction certifies that it has evaluated the effectiveness of its internal supervisory controls with respect to the process for ensuring that all assets that collateralize the asset-backed security are qualified residential mortgages or servicing assets and has concluded that its internal supervisory controls are effective; and, (ii) The evaluation of the effectiveness of the depositor's internal supervisory controls must be performed, for each issuance of an asset-backed security in reliance on this section, as of a date within 60 days of the cut-off date or similar date for establishing the composition of the asset pool collateralizing such asset-backed security; and, (iii) The sponsor provides, or causes to be provided, a copy of the certification described in paragraph (b)(4)(i) of this section to potential investors a reasonable period of time prior to the sale of asset-backed securities in the issuing entity, and, upon request, to the Commission and its appropriate Federal banking agency, if any., (c) Repurchase of loans subsequently determined to be non-qualified after closing. A sponsor that has relied on the exemption provided in paragraph (b) of this section with respect to a securitization transaction shall not lose such exemption with respect to such transaction if, after closing of the securitization transaction, it is determined that one or more of the residential mortgage loans collateralizing the asset-backed securities does not meet all of the criteria to be a qualified residential mortgage provided that:, (1) The depositor complied with the certification requirement set forth in paragraph (b)(4) of this section;, (2) The sponsor repurchases the loan(s) from the issuing entity at a price at least equal to the remaining aggregate unpaid principal balance and accrued interest on the loan(s) no later than 90 days after the determination that the loans do not satisfy the requirements to be a qualified residential mortgage; and, (3) The sponsor promptly notifies, or causes to be notified, the holders of the asset-backed securities issued in the securitization transaction of any loan(s) included in such securitization transaction that is (or are) required to be repurchased by the sponsor pursuant to paragraph (c)(2) of this section, including the amount of such repurchased loan(s) and the cause for such repurchase.", "meta": {"chapter": ["II", "III", "XII"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)", "CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION (CONTINUED)", "CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["A", "B", "B"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)", "SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY (CONTINUED)", "SUBCHAPTER B - ENTITY REGULATIONS"], "part": ["244", "373", "1234"], "part_title": ["PART 244 - CREDIT RISK RETENTION (REGULATION RR)", "PART 373 - CREDIT RISK RETENTION", "PART 1234 - CREDIT RISK RETENTION"], "section": ["244.13", "373.13", "1234.13"], "section_title": ["\u00a7 244.13 Exemption for qualified residential mortgages.", "\u00a7 373.13 Exemption for qualified residential mortgages.", "\u00a7 1234.13 Exemption for qualified residential mortgages."]}}
{"text": "(a) Service. A subpoena may be served upon the person named therein by personal service or certified mail with a return receipt to the last known address of the person. Witnesses who are subpoenaed shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States. The fees and mileage need not be tendered at the time a subpoena is served., (b) Motions to quash. Any person to whom a subpoena is directed may, prior to the time specified therein for compliance, but in no event more than 5 days after the date of service of such subpoena, apply to the FCA representative authorized in the order, or if unavailable to the Board, to quash or modify such subpoena, accompanying such application with a brief statement of the reasons therefor. The FCA representative, or the Board, may:, (1) Deny the application;, (2) Quash or revoke the subpoena;, (3) Modify the subpoena; or, (4) Condition the granting of the application on such terms as the FCA representative or the Board, determines in his, her, or its discretion, to be just, reasonable, and proper. ", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["622"], "part_title": ["PART 622 - RULES OF PRACTICE AND PROCEDURE"], "section": ["622.106"], "section_title": ["\u00a7 622.106 Service of subpoena and payment of witness fees."]}}
{"text": "(a) General. A Bank may certify as a housing associate any applicant that meets the following requirements, as determined using the criteria set forth in \u00a7 1264.4: , (1) The applicant is approved under title II of the National Housing Act (12 U.S.C. 1707, et seq.); , (2) The applicant is a chartered institution having succession; , (3) The applicant is subject to the inspection and supervision of some governmental agency; , (4) The principal activity of the applicant in the mortgage field consists of lending its own funds; and , (5) The financial condition of the applicant is such that advances may be safely made to it. , (b) State housing finance agencies. In addition to meeting the requirements in paragraph (a) of this section, any applicant seeking access to advances as a SHFA pursuant to \u00a7 1266.17(b)(2) of this chapter shall provide evidence satisfactory to the Bank, such as a copy of, or a citation to, the statutes and/or regulations describing the applicant's structure and responsibilities, that the applicant is a state housing finance agency as defined in \u00a7 1264.1. ", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["D"], "subchapter_title": ["SUBCHAPTER D - FEDERAL HOME LOAN BANKS"], "part": ["1264"], "part_title": ["PART 1264 - FEDERAL HOME LOAN BANK HOUSING ASSOCIATES"], "section": ["1264.3"], "section_title": ["\u00a7 1264.3 Housing associate eligibility requirements."]}}
{"text": "(a) Effective date of determination of capital category. An FDIC-supervised institution shall be deemed to be within a given capital category for purposes of section 38 of the FDI Act and this subpart H as of the date the FDIC-supervised institution is notified of, or is deemed to have notice of, its capital category, pursuant to paragraph (b) of this section., (b) Notice of capital category. An FDIC-supervised institution shall be deemed to have been notified of its capital levels and its capital category as of the most recent date:, (1) A Call Report is required to be filed with the FDIC;, (2) A final report of examination is delivered to the FDIC-supervised institution; or, (3) Written notice is provided by the FDIC to the FDIC-supervised institution of its capital category for purposes of section 38 of the FDI Act and this subpart or that the FDIC-supervised institution's capital category has changed as provided in \u00a7 324.403(d)., (c) Adjustments to reported capital levels and capital category - (1) Notice of adjustment by bank or state savings association. An FDIC-supervised institution shall provide the appropriate FDIC regional director with written notice that an adjustment to the FDIC-supervised institution's capital category may have occurred no later than 15 calendar days following the date that any material event has occurred that would cause the FDIC-supervised institution to be placed in a lower capital category from the category assigned to the FDIC-supervised institution for purposes of section 38 of the FDI Act and this subpart H on the basis of the FDIC-supervised institution's most recent Call Report or report of examination., (2) Determination by the FDIC to change capital category. After receiving notice pursuant to paragraph (c)(1) of this section, the FDIC shall determine whether to change the capital category of the FDIC-supervised institution and shall notify the bank or state savings association of the FDIC's determination.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["324"], "part_title": ["PART 324 - CAPITAL ADEQUACY OF FDIC-SUPERVISED INSTITUTIONS"], "section": ["324.402"], "section_title": ["\u00a7 324.402 Notice of capital category."]}}
{"text": "The Corporation as receiver shall distribute the value realized from the liquidation, transfer, sale or other disposition of the direct or indirect subsidiaries of an insurance company, that are not themselves insurance companies, solely in accordance with the order of priorities set forth in 12 U.S.C. 5390(b)(1) and the regulations promulgated thereunder.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION (CONTINUED)"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY (CONTINUED)"], "part": ["380"], "part_title": ["PART 380 - ORDERLY LIQUIDATION AUTHORITY"], "section": ["380.5"], "section_title": ["\u00a7 380.5 Treatment of covered financial companies that are subsidiaries of insurance companies."]}}
{"text": "(a) Conflict of interest in representation. No person shall appear as counsel for another person in an adjudicatory proceeding if it reasonably appears that such representation may be materially limited by that counsel's responsibilities to a third person or by the counsel's own interests. The administrative law judge may take corrective measures at any stage of a proceeding to cure a conflict of interest in representation, including the issuance of an order limiting the scope of representation or disqualifying an individual from appearing in a representative capacity for the duration of the proceeding. , (b) Certification and waiver. If any person appearing as counsel represents two or more parties to an adjudicatory proceeding or also represents a non-party on a matter relevant to an issue in the proceeding, counsel must certify in writing at the time of filing the notice of appearance required by \u00a7 308.6(a):, (1) That the counsel has personally and fully discussed the possibility of conflicts of interest with each such party and non-party; and, (2) That each such party and non-party waives any right it might otherwise have had to assert any known conflicts of interest or to assert any non-material conflicts of interest during the course of the proceeding.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["308"], "part_title": ["PART 308 - RULES OF PRACTICE AND PROCEDURE"], "section": ["308.8"], "section_title": ["\u00a7 308.8 Conflicts of interest."]}}
{"text": "(a) In general. A creditor does not obtain medical information in violation of the prohibition if it receives medical information pertaining to a consumer in connection with any determination of the consumer's eligibility, or continued eligibility, for credit without specifically requesting medical information., (b) Use of unsolicited medical information. A creditor that receives unsolicited medical information in the manner described in paragraph (a) of this section may use that information in connection with any determination of the consumer's eligibility, or continued eligibility, for credit to the extent the creditor can rely on at least one of the exceptions in \u00a7 232.3 or \u00a7 232.4., (c) Examples. A creditor does not obtain medical information in violation of the prohibition if, for example:, (1) In response to a general question regarding a consumer's debts or expenses, the creditor receives information that the consumer owes a debt to a hospital., (2) In a conversation with the creditor's loan officer, the consumer informs the creditor that the consumer has a particular medical condition., (3) In connection with a consumer's application for an extension of credit, the creditor requests a consumer report from a consumer reporting agency and receives medical information in the consumer report furnished by the agency even though the creditor did not specifically request medical information from the consumer reporting agency.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["232"], "part_title": ["PART 232 - OBTAINING AND USING MEDICAL INFORMATION IN CONNECTION WITH CREDIT (REGULATION FF)"], "section": ["232.2"], "section_title": ["\u00a7 232.2 Rule of construction for obtaining and using unsolicited medical information."]}}
{"text": "No state insured savings association may establish or acquire a subsidiary, or conduct any new activity through a subsidiary, unless it files a notice in compliance with \u00a7 303.142(c) of this chapter at least 30 days prior to establishment of the subsidiary or commencement of the activity and the FDIC does not object to the notice. This section does not apply to any state savings association that acquired its principal assets from a Federal savings bank that was chartered prior to October 15, 1982, as a savings bank under state law.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION (CONTINUED)"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY (CONTINUED)"], "part": ["362"], "part_title": ["PART 362 - ACTIVITIES OF INSURED STATE BANKS AND INSURED SAVINGS ASSOCIATIONS"], "section": ["362.15"], "section_title": ["\u00a7 362.15 Acquiring or establishing a subsidiary; conducting new activities through a subsidiary."]}}
{"text": "In this subpart, unless the context otherwise requires or indicates: , (a) Adverse claim means a claim that a claimant has a property interest in a security and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the security. , (b) Book-entry security means a Farm Credit security issued or maintained in the Book-entry System. , (c) Book-entry System means the automated book-entry system operated by the Federal Reserve Banks, acting as the fiscal agent for the Farm Credit banks, through which book-entry securities are issued, recorded, transferred and maintained in book-entry form. , (d) Definitive Farm Credit security means a Farm Credit security in engraved or printed form, or that is otherwise represented by a certificate. , (e) Eligible book-entry security means a book-entry security issued or maintained in the Book-entry System, which by the terms of its securities documentation, is eligible to be converted from book-entry into definitive form. , (f) Entitlement Holder means a person to whose account an interest in a book-entry security is credited on the records of a securities intermediary. , (g) Farm Credit banks means one or more Farm Credit Banks, agricultural credit banks, and banks for cooperatives. , (h) Farm Credit securities means consolidated notes, bonds, debentures, or other similar obligations of the Farm Credit banks and Systemwide notes, bonds, debentures, or similar obligations of the Farm Credit banks issued under sections 4.2(c) and 4.2(d), respectively, of the Act, or laws repealed thereby. , (i) Federal Reserve Bank means a Federal Reserve Bank or Branch acting as agent for the Farm Credit banks and the Funding Corporation. , (j) Federal Reserve Bank Operating Circular means the publication issued by each Federal Reserve Bank that sets forth the terms and conditions under which the Federal Reserve Bank maintains book-entry securities accounts and transfers book-entry securities. , (k) Funding Corporation means the Federal Farm Credit Banks Funding Corporation established pursuant to section 4.9 of the Act, which issues Farm Credit securities on behalf of the Farm Credit banks. , (l) Funds Account means a reserve and/or clearing account at a Federal Reserve Bank to which debits or credits are posted for transfers against payment, book-entry securities transaction fees, or principal and interest payments. , (m) Participant means a person that maintains a participant's securities account with a Federal Reserve Bank. , (n) Participant's Securities Account means an account in the name of a participant at a Federal Reserve Bank to which book-entry securities held for a participant are or may be credited. , (o) Person means an individual, corporation, company, governmental entity, association, firm, partnership, trust, estate, representative and any other similar organization, but does not mean the United States, a Farm Credit bank, the Funding Corporation or a Federal Reserve Bank. , (p) Revised Article 8 means Uniform Commercial Code, Revised Article 8, Investment Securities (with Conforming and Miscellaneous Amendments to Articles 1, 3, 4, 5, 9, and 10) 1994 Official Text, and has the same meaning as in 31 CFR 357.2. , (q) Securities Documentation means the applicable statement of terms, trust indenture, securities agreement, offering circular or other documents establishing the terms of a book-entry security. , (r) Securities Intermediary means: , (1) A person that is registered as a \u201cclearing agency\u201d under the Federal securities laws; a Federal Reserve Bank; any other person that provides clearance or settlement services with respect to a book-entry security that would require it to register as a clearing agency under the Federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a Federal or State governmental authority; or , (2) A person (other than an individual, unless such individual is registered as a broker or dealer under the Federal securities laws) including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity. , (s) Security means a Farm Credit security as defined in paragraph (h) of this section. , (t) Security Entitlement means the rights and property interest of an entitlement holder with respect to a book-entry security. , (u) State means any State of the United States, the District of Columbia, Puerto Rico, the Virgin Islands, or any other territory or possession of the United States. , (v) Transfer Message means an instruction of a participant to a Federal Reserve Bank to effect a transfer of a book-entry security maintained in the Book-entry System, as set forth in Federal Reserve Bank Operating Circulars. ", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["615"], "part_title": ["PART 615 - FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS"], "section": ["615.5450"], "section_title": ["\u00a7 615.5450 Definitions."]}}
{"text": "(a) Circumstances giving rise to a claim. A consumer may make a claim under this section for a recredit with respect to a substitute check if the consumer asserts in good faith that - , (1) The bank holding the consumer's account charged that account for a substitute check that was provided to the consumer (although the consumer need not be in possession of that substitute check at the time he or she submits a claim);, (2) The substitute check was not properly charged to the consumer account or the consumer has a warranty claim with respect to the substitute check;, (3) The consumer suffered a resulting loss; and, (4) Production of the original check or a sufficient copy is necessary to determine whether or not the substitute check in fact was improperly charged or whether the consumer's warranty claim is valid., (b) Procedures for making claims. A consumer shall make his or her claim for a recredit under this section with the bank that holds the consumer's account in accordance with the timing, content, and form requirements of this section., (1) Timing of claim. (i) The consumer shall submit his or her claim such that the bank receives the claim by the end of the 40th calendar day after the later of the calendar day on which the bank mailed or delivered, by a means agreed to by the consumer - , (A) The periodic account statement that contains information concerning the transaction giving rise to the claim; or, (B) The substitute check giving rise to the claim., (ii) If the consumer cannot submit his or her claim by the time specified in paragraph (b)(1)(i) of this section because of extenuating circumstances, the bank shall extend the 40-calendar-day period by an additional reasonable amount of time., (iii) If a consumer makes a claim orally and the bank requires the claim to be in writing, the consumer's claim is timely if the oral claim was received within the time described in paragraphs (b)(1)(i)-(ii) of this section and the written claim was received within the time described in paragraph (b)(3)(ii) of this section., (2) Content of claim. (i) The consumer's claim shall include the following information:, (A) A description of the consumer's claim, including the reason why the consumer believes his or her account was improperly charged for the substitute check or the nature of his or her warranty claim with respect to such check;, (B) A statement that the consumer suffered a loss and an estimate of the amount of that loss;, (C) The reason why production of the original check or a sufficient copy is necessary to determine whether or not the charge to the consumer's account was proper or the consumer's warranty claim is valid; and, (D) Sufficient information to allow the bank to identify the substitute check and investigate the claim., (ii) If a consumer attempts to make a claim but fails to provide all the information in paragraph (b)(2)(i) of this section that is required to constitute a claim, the bank shall inform the consumer that the claim is not complete and identify the information that is missing., (3) Form and submission of claim; computation of time for bank action. The bank holding the account that is the subject of the consumer's claim may, in its discretion, require the consumer to submit the information required by this section in writing. A bank that requires a written submission - , (i) May permit the consumer to submit the written claim electronically;, (ii) Shall inform a consumer who submits a claim orally of the written claim requirement at the time of the oral claim and may require such consumer to submit the written claim such that the bank receives the written claim by the 10th business day after the banking day on which the bank received the oral claim; and, (iii) Shall compute the time periods for acting on the consumer's claim described in paragraph (c) of this section from the date on which the bank received the written claim., (c) Action on claims. A bank that receives a claim that meets the requirements of paragraph (b) of this section shall act as follows:, (1) Valid consumer claim. If the bank determines that the consumer's claim is valid, the bank shall - , (i) Recredit the consumer's account for the amount of the consumer's loss, up to the amount of the substitute check, plus interest if the account is an interest-bearing account, no later than the end of the business day after the banking day on which the bank makes that determination; and, (ii) Send to the consumer the notice required by paragraph (e)(1) of this section., (2) Invalid consumer claim. If a bank determines that the consumer's claim is not valid, the bank shall send to the consumer the notice described in paragraph (e)(2) of this section., (3) Recredit pending investigation. If the bank has not taken an action described in paragraph (c)(1) or (c)(2) of this section before the end of the 10th business day after the banking day on which the bank received the claim, the bank shall - , (i) By the end of that business day - , (A) Recredit the consumer's account for the amount of the consumer's loss, up to the lesser of the amount of the substitute check or $2,500, plus interest on that amount if the account is an interest-bearing account; and, (B) Send to the consumer the notice required by paragraph (e)(1) of this section; and, (ii) Recredit the consumer's account for the remaining amount of the consumer's loss, if any, up to the amount of the substitute check, plus interest if the account is an interest-bearing account, no later than the end of the 45th calendar day after the banking day on which the bank received the claim and send to the consumer the notice required by paragraph (e)(1) of this section, unless the bank prior to that time has determined that the consumer's claim is or is not valid in accordance with paragraph (c)(1) or (c)(2) of this section., (4) Reversal of recredit. A bank may reverse a recredit that it has made to a consumer account under paragraph (c)(1) or (c)(3) of this section, plus interest that the bank has paid, if any, on that amount, if the bank - , (i) Determines that the consumer's claim was not valid; and, (ii) Notifies the consumer in accordance with paragraph (e)(3) of this section., (d) Availability of recredit - (1) Next-day availability. Except as provided in paragraph (d)(2) of this section, a bank shall make any amount that it recredits to a consumer account under this section available for withdrawal no later than the start of the business day after the banking day on which the bank provides the recredit., (2) Safeguard exceptions. A bank may delay availability to a consumer of a recredit provided under paragraph (c)(3)(i) of this section until the start of the earlier of the business day after the banking day on which the bank determines the consumer's claim is valid or the 45th calendar day after the banking day on which the bank received the oral or written claim, as required by paragraph (b) of this section, if - , (i) The consumer submits the claim during the 30-calendar-day period beginning on the banking day on which the consumer account was established;, (ii) Without regard to the charge that gave rise to the recredit claim - , (A) On six or more business days during the six-month period ending on the calendar day on which the consumer submitted the claim, the balance in the consumer account was negative or would have become negative if checks or other charges to the account had been paid; or, (B) On two or more business days during such six-month period, the balance in the consumer account was negative or would have become negative in the amount of $5,000 or more if checks or other charges to the account had been paid; or, (iii) The bank has reasonable cause to believe that the claim is fraudulent, based on facts that would cause a well-grounded belief in the mind of a reasonable person that the claim is fraudulent. The fact that the check in question or the consumer is of a particular class may not be the basis for invoking this exception., (3) Overdraft fees. A bank that delays availability as permitted in paragraph (d)(2) of this section may not impose an overdraft fee with respect to drafts drawn by the consumer on such recredited funds until the fifth calendar day after the calendar day on which the bank sent the notice required by paragraph (e)(1) of this section., (e) Notices relating to consumer expedited recredit claims - (1) Notice of recredit. A bank that recredits a consumer account under paragraph (c) of this section shall send notice to the consumer of the recredit no later than the business day after the banking day on which the bank recredits the consumer account. This notice shall describe - , (i) The amount of the recredit; and, (ii) The date on which the recredited funds will be available for withdrawal., (2) Notice that the consumer's claim is not valid. If a bank determines that a substitute check for which a consumer made a claim under this section was in fact properly charged to the consumer account or that the consumer's warranty claim for that substitute check was not valid, the bank shall send notice to the consumer no later than the business day after the banking day on which the bank makes that determination. This notice shall - , (i) Include the original check or a sufficient copy, except as provided in \u00a7 229.58;, (ii) Demonstrate to the consumer that the substitute check was properly charged or the consumer's warranty claim is not valid; and, (iii) Include the information or documents (in addition to the original check or sufficient copy), if any, on which the bank relied in making its determination or a statement that the consumer may request copies of such information or documents., (3) Notice of a reversal of recredit. A bank that reverses an amount it previously recredited to a consumer account shall send notice to the consumer no later than the business day after the banking day on which the bank made the reversal. This notice shall include the information listed in paragraph (e)(2) of this section and also describe - , (i) The amount of the reversal, including both the amount of the recredit (including the interest component, if any) and the amount of interest paid on the recredited amount, if any, being reversed; and, (ii) The date on which the bank made the reversal., (f) Other claims not affected. Providing a recredit in accordance with this section shall not absolve the bank from liability for a claim made under any other provision of law, such as a claim for wrongful dishonor of a check under the U.C.C., or from liability for additional damages, such as damages under \u00a7 229.53 or \u00a7 229.56 of this subpart or U.C.C. 4-402. ", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["229"], "part_title": ["PART 229 - AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC)"], "section": ["229.54"], "section_title": ["\u00a7 229.54 Expedited recredit for consumers."]}}
{"text": "A member bank may not engage in a covered transaction with any affiliate if the aggregate amount of the member bank's covered transactions with all affiliates would exceed 20 percent of the capital stock and surplus of the member bank.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["223"], "part_title": ["PART 223 - TRANSACTIONS BETWEEN MEMBER BANKS AND THEIR AFFILIATES (REGULATION W)"], "section": ["223.12"], "section_title": ["\u00a7 223.12 What is the maximum amount of covered transactions that a member bank may enter into with all affiliates?"]}}
{"text": "The FDIC may collect any civil penalty assessed pursuant to this subpart by agreement with the respondent, or the FDIC may bring an action against the respondent to recover the penalty amount in the appropriate United States district court. All penalties collected under this section shall be paid over to the Treasury of the United States. ", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["308"], "part_title": ["PART 308 - RULES OF PRACTICE AND PROCEDURE"], "section": ["308.118"], "section_title": ["\u00a7 308.118 Collection of penalties."]}}
{"text": "(a) Responsibilities of board of directors. The board of directors must adopt written policies for managing the institution's investment activities. The board must also ensure that management complies with these policies and that appropriate internal controls are in place to prevent loss. At least annually, the board, or a designated committee of the board, must review the sufficiency of these investment policies., (b) Investment policies - general requirements. Investment policies must address the purposes and objectives of investments; risk tolerance; delegations of authority; internal controls; due diligence; and reporting requirements. The investment policies must fully address the extent of pre-purchase analysis that management must perform for various classes of investments. The investment policies must also address the means for reporting, and approvals needed for, exceptions to established policies. A Farm Credit bank's investment policy must address portfolio diversification and obligor limits under paragraphs (f) and (g) of this section. Investment policies must be sufficiently detailed, consistent with, and appropriate for the amounts, types, and risk characteristics of its investments., (c) Investment policies - risk tolerance. Investment policies must establish risk limits for eligible investments and for the entire investment portfolio. The investment policies must include concentration limits to ensure prudent diversification of credit, market, and, as applicable, liquidity risks in the investment portfolio. Risk limits must be based on all relevant factors, including the institution's objectives, capital position, earnings, and quality and reliability of risk management systems and must take into consideration the interest rate risk management program required by \u00a7 615.5180 or \u00a7 615.5182, as applicable. Investment policies must identify the types and quantity of investments that the institution will hold to achieve its objectives and control credit risk, market risk, and liquidity risk as applicable. Each association or service corporation that holds significant investments and each Farm Credit bank must establish risk limits in its investment policies, as applicable, for the following types of risk:, (1) Credit risk. Investment policies must establish:, (i) Credit quality standards. Credit quality standards must be established for single or related obligors, sponsors, secured and unsecured exposures, and asset classes or obligations with similar characteristics., (ii) Concentration limits. Concentration limits must be established for single or related obligors, sponsors, geographical areas, industries, unsecured exposures, asset classes or obligations with similar characteristics., (iii) Criteria for selecting brokers and, dealers. Each institution must buy and sell eligible investments with more than one securities firm. The institution must define its criteria for selecting brokers and dealers used in buying and selling investments., (iv) Collateral margin requirements on repurchase agreements. To the extent the institution engages in repurchase agreements, it must regularly mark the collateral to fair market value and ensure appropriate controls are maintained over collateral held., (2) Market risk. Investment policies must set market risk limits for specific types of investments and for the investment portfolio., (3) Liquidity risk - (i) Liquidity at Farm Credit banks. Investment policies must describe the liquidity characteristics of eligible investments that the bank will hold to meet its liquidity needs and other institutional objectives., (ii) Liquidity at associations. Investment policies must describe the liquid characteristics of eligible investments that the association will hold., (4) Operational risk. Investment policies must address operational risks, including delegations of authority and internal controls under paragraphs (d) and (e) of this section., (d) Delegation of authority. All delegations of authority to specified personnel or committees must state the extent of management's authority and responsibilities for investments., (e) Internal controls. Each institution must:, (1) Establish appropriate internal controls to detect and prevent loss, fraud, embezzlement, conflicts of interest, and unauthorized investments., (2) Establish and maintain a separation of duties between personnel who supervise or execute investment transactions and personnel who supervise or engage in all other investment-related functions., (3) Maintain records and management information systems that are appropriate for the level and complexity of the institution's investment activities., (4) Implement an effective internal audit program to review, at least annually, the investment management practices including internal controls, reporting processes, and compliance with FCA regulations. This annual review's scope must be appropriate for the size, risk and complexity of the investment portfolio., (f) Farm Credit bank portfolio diversification - (1) Well-diversified portfolio. Subject to the exemptions set forth in paragraph (f)(3) of this section, each Farm Credit bank must maintain a well-diversified investment portfolio as set forth in paragraph (f)(2) of this section., (2) Investment portfolio diversification requirements. A well-diversified investment portfolio means that, at a minimum, investments are comprised of different asset classes, maturities, industries, geographic areas, and obligors. These diversification requirements apply to each individual security that the Farm Credit bank holds within a DIF. In addition, except as exempted by paragraph (f)(3) of this section, no more than 15 percent of the investment portfolio may be invested in any one asset class. Securities within each DIF count toward the appropriate asset class. Measurement of this diversification requirement must be based on the portfolio valued at amortized cost., (3) Exemptions from investment portfolio diversification requirements. The following investments are not subject to the 15-percent investment portfolio diversification requirement specified in paragraph (f)(2) of this section:, (i) Investments that are fully guaranteed as to the timely payment of principal and interest by a U.S. Government agency;, (ii) Investments that are fully and explicitly guaranteed as to the timely payment of principal and interest by a GSE, except that no more than 50 percent of the investment portfolio may be comprised of GSE MBS. Investments in Farmer Mac securities are governed by \u00a7 615.5174 and are not subject to this limitation; and, (iii) Money market instruments identified in \u00a7 615.5131., (g) Farm Credit bank obligor limit. No more than 10 percent of a Farm Credit bank's total capital (Tier 1 and Tier 2) as defined by \u00a7 628.2 of this chapter may be invested in any one obligor. This obligor limit does not apply to investments in obligations that are fully guaranteed as to the timely payment of principal and interest by U.S. Government agencies or fully and explicitly guaranteed as to the timely payment of principal and interest by GSEs. For a DIF, both the DIF itself and the entities obligated to pay the underlying debt are obligors., (h) Due diligence - (1) Pre-purchase analysis - (i) Eligibility and compliance with investment policies. Before purchasing an investment, the institution must conduct sufficient due diligence to determine whether the investment is eligible under \u00a7 615.5140 and complies with its board's investment policies. The institution must document its assessment and retain any supporting information used in that assessment. The institution may hold an investment that does not comply with its investment policies only with the prior approval of its board., (ii) Valuation. Prior to purchase, the institution must verify the fair market value of the investment (unless it is a new issue) with a source that is independent of the broker, dealer, counterparty or other intermediary to the transaction., (iii) Risk assessment. At purchase, the institution must at a minimum include an evaluation of the credit risk (including country risk when applicable), liquidity risk, market risk, interest rate risk, and underlying collateral of the investment, as applicable. This assessment must be commensurate with the complexity and type of the investment. The institution must also perform stress testing on any structured investment that has uncertain cash flows, including all MBS and ABS, before purchase. The stress test must be commensurate with the type and complexity of the investment and must enable the institution to determine that the investment does not expose its capital, earnings, or liquidity if applicable, to risks that are greater than those specified in its investment policies. The stress testing must comply with the requirements in paragraph (h)(4)(ii) of this section. The institution must document and retain its risk assessment and stress tests conducted on investments purchased., (2) Ongoing value determination. At least monthly, the institution must determine the fair market value of each investment in its portfolio and the fair market value of its whole investment portfolio., (3) Ongoing analysis of credit risk. The institution must establish and maintain processes to monitor and evaluate changes in the credit quality of each investment in its portfolio and in its whole investment portfolio on an ongoing basis., (4) Quarterly stress testing. (i) The institution must stress test its entire investment portfolio, including stress tests of each investment individually and the whole portfolio, at the end of each quarter. The stress tests must enable the institution to determine that its investment securities, both individually and on a portfolio-wide basis, do not expose its capital, earnings, or liquidity if applicable, to risks that exceed the risk tolerance specified in its investment policies. If the institution's portfolio risk exceeds its investment policy limits, the institution must develop a plan to comply with those limits., (ii) The institution's stress tests must be defined in a board-approved policy and must include defined parameters for the security types purchased. The stress tests must be comprehensive and appropriate for the institution's risk profile. At a minimum, the stress tests must be able to measure the price sensitivity of investments over a range of possible interest rates and yield curve scenarios. The stress test methodology must be appropriate for the complexity, structure, and cash flows of the investments in the institution's portfolio. The institution must rely to the maximum extent practicable on verifiable information to support all its stress test assumptions, including prepayment and interest rate volatility assumptions. The institution must document the basis for all assumptions used to evaluate the security and its underlying collateral. The institution must also document all subsequent changes in its assumptions., (5) Presale value verification. Before the institution sells an investment, it must verify its fair market value with an independent source not connected with the sale transaction., (i) Reports to the board of directors. At least quarterly, the institution's management must report on the following to its board of directors or a designated board committee:, (1) Plans and strategies for achieving the board's objectives for the investment portfolio;, (2) Whether the investment portfolio effectively achieves the board's objectives;, (3) The current composition, quality, and the risk and liquidity profiles of the investment portfolio;, (4) The performance of each class of investments and the entire investment portfolio, including all gains and losses realized during the quarter on individual investments that the institution sold before maturity and why they were liquidated;, (5) Potential risk exposure to changes in market interest rates as identified through quarterly stress testing and any other factors that may affect the value of its investment holdings;, (6) How investments affect its capital, earnings, and overall financial condition;, (7) Any deviations from the board's policies (must be specifically identified);, (8) The status and performance of each investment described in \u00a7 615.5143(a) and (b) or that does not comply with the institution's investment policies; including the expected effect of these investments on its capital, earnings, liquidity, as applicable, and collateral position; and, (9) The terms and status of any required divestiture plan or risk reduction plan.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["615"], "part_title": ["PART 615 - FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS"], "section": ["615.5133"], "section_title": ["\u00a7 615.5133 Investment management."]}}
{"text": "No branch application or prior approval is required in order for a state nonmember bank to participate in one or more financial education programs that involve receiving deposits, paying withdrawals, or lending money if:, (a) Such service or services are provided on school premises, or a facility used by the school;, (b) Such service or services are provided at the discretion of the school;, (c) The principal purpose of each program is financial education. For example, the principal purpose of a program would be considered to be financial education if the program is designed to teach students the principles of personal financial management, banking operations, or the benefits of saving for the future, and is not designed for the purpose of profit-making; and, (d) Each program is conducted in a manner that is consistent with safe and sound banking practices and complies with applicable law.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["303"], "part_title": ["PART 303 - FILING PROCEDURES"], "section": ["303.46"], "section_title": ["\u00a7 303.46 Financial education programs that include the provision of bank products and services."]}}
{"text": "(a) Claims. (1) A person who makes a false, fictitious, or fraudulent claim to the FDIC is subject to a civil penalty of up to $5,000 per claim. A claim is false, fictitious, or fraudulent if the person making the claim knows, or has reason to know, that: , (i) The claim is false, fictitious, or fraudulent; or , (ii) The claim includes, or is supported by, a written statement that asserts a material fact which is false, fictitious or fraudulent; or , (iii) The claim includes, or is supported by, a written statement that: , (A) Omits a material fact; and , (B) Is false, fictitious, or fraudulent as a result of that omission; and , (C) Is a statement in which the person making the statement has a duty to include the material fact; or , (iv) The claim seeks payment for providing property or services that the person has not provided as claimed. , (2) Each voucher, invoice, claim form, or other individual request or demand for property, services, or money constitutes a separate claim. , (3) A claim will be considered made to the FDIC, recipient, or party when the claim is actually made to an agent, fiscal intermediary, or other entity, including any state or political subdivision thereof, acting for or on behalf of the FDIC, recipient, or party. , (4) Each claim for property, services, or money that constitutes any one of the elements in paragraph (a)(1) of this section is subject to a civil penalty regardless of whether the property, services, or money is actually delivered or paid. , (5) If the FDIC has made any payment (including transferred property or provided services) on a claim, a person subject to a civil penalty under paragraph (a)(1) of this section will also be subject to an assessment of not more than twice the amount of such claim (or portion of the claim) that is determined to constitute a false, fictitious, or fraudulent claim under paragraph (a)(1) of this section. The assessment will be in lieu of damages sustained by the FDIC because of the claims. , (6) The amount of any penalty assessed under paragraph (a)(1) of this section will be adjusted for inflation in accordance with \u00a7 308.132(d)., (7) The penalty specified in paragraph (a)(1) of this section is in addition to any other remedy allowable by law. , (b) Statements. (1) A person who submits to the FDIC a false, fictitious or fraudulent statement is subject to a civil penalty of up to $5,000 per statement. A statement is false, fictitious or fraudulent if the person submitting the statement to the FDIC knows, or has reason to know, that: , (i) The statement asserts a material fact which is false, fictitious, or fraudulent; or , (ii) The statement omits a material fact that the person making the statement has a duty to include in the statement; and , (iii) The statement contains or is accompanied by an express certification or affirmation of the truthfulness and accuracy of the contents of the statement. , (2) Each written representation, certification, or affirmation constitutes a separate statement. , (3) A statement will be considered made to the FDIC when the statement is actually made to an agent, fiscal intermediary, or other entity, including any state or political subdivision thereof, acting for or on behalf of the FDIC. , (4) The amount of any penalty assessed under paragraph (a)(1) of this section will be adjusted for inflation in accordance with \u00a7 308.132(d)., (5) The penalty specified in paragraph (a)(1) of this section is in addition to any other remedy allowable by law. , (c) Failure to file declaration/certification. Where, as a prerequisite to conducting business with the FDIC, a person is required by law to file one or more declarations and/or certifications, and the person intentionally fails to file such declaration/certification, the person will be subject to the civil penalties as prescribed by this subpart. , (d) Civil money penalties that are assessed under this subpart are subject to annual adjustments to account for inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (Pub. L. 114-74, sec. 701, 129 Stat. 584) (see also 12 CFR 308.132(d)(17))., (e) Liability. (1) In any case in which it is determined that more than one person is liable for making a claim or statement under this section, each such person may be held jointly and severally liable for a civil penalty under this section. , (2) In any case in which it is determined that more than one person is liable for making a claim under this section on which the FDIC has made payment (including transferred property or provided services), an assessment may be imposed against any such person or jointly and severally against any combination of such persons. ", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["308"], "part_title": ["PART 308 - RULES OF PRACTICE AND PROCEDURE"], "section": ["308.502"], "section_title": ["\u00a7 308.502 Basis for civil penalties and assessments."]}}
{"text": "As used in this part, (unless otherwise noted):, Board member means a member of the board of directors of a regulated entity., Board of directors means the board of directors of a regulated entity., Business risk means the risk of an adverse impact on a regulated entity's profitability resulting from external factors as may occur in both the short and long run., Community financial institution has the meaning set forth in \u00a7 1263.1 of this chapter., Compensation means any payment of money or the provision of any other thing of current or potential value in connection with employment or in connection with service as a director., Credit risk is the potential that a borrower or counterparty will fail to meet its financial obligations in accordance with agreed terms., Employee means an individual, other than an executive officer, who works part-time, full-time, or temporarily for a regulated entity., Executive officer means the chief executive officer, chief financial officer, chief operating officer, president, any executive vice president, any senior vice president, and any individual with similar responsibilities, without regard to title, who is in charge of a principal business unit, division, or function, or who reports directly to the chairperson, vice chairperson, chief operating officer, or chief executive officer or president of a regulated entity., Immediate family member means a parent, sibling, spouse, child, dependent, or any relative sharing the same residence., Internal auditor means the individual responsible for the internal audit function at a regulated entity., Liquidity risk means the risk that a regulated entity will be unable to meet its financial obligations as they come due or meet the credit needs of its members and associates in a timely and cost-efficient manner., Market risk means the risk that the market value, or estimated fair value if market value is not available, of a regulated entity's portfolio will decline as a result of changes in interest rates, foreign exchange rates, or equity or commodity prices., NYSE means the New York Stock Exchange., Operational risk means the risk of loss resulting from inadequate or failed internal processes, people, or systems, or from external events (including legal risk but excluding strategic and reputational risk)., Risk appetite means the aggregate level and types of risk the board of directors and management are willing to assume to achieve the regulated entity's strategic objectives and business plan, consistent with applicable capital, liquidity, and other regulatory requirements., Significant deficiency means a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - ENTITY REGULATIONS"], "part": ["1239"], "part_title": ["PART 1239 - RESPONSIBILITIES OF BOARDS OF DIRECTORS, CORPORATE PRACTICES, AND CORPORATE GOVERNANCE"], "section": ["1239.2"], "section_title": ["\u00a7 1239.2 Definitions."]}}
{"text": "(a) Regular way settlement and delivery versus payment basis. A Federal credit union may only contract for the purchase or sale of a security as long as the delivery of the security is by regular way settlement and the transaction is accomplished on a delivery versus payment basis. , (b) Federal funds. A Federal credit union may sell Federal funds to an institution described in Section 107(8) of the Act and credit unions, as long as the interest or other consideration received from the financial institution is at the market rate for Federal funds transactions. , (c) Investment repurchase transaction. A Federal credit union may enter into an investment repurchase transaction so long as: , (1) Any securities the Federal credit union receives are permissible investments for Federal credit unions, the Federal credit union, or its agent, either takes physical possession or control of the repurchase securities or is recorded as owner of them through the Federal Reserve Book Entry Securities Transfer System, the Federal credit union, or its agent, receives a daily assessment of their market value, including accrued interest, and the Federal credit union maintains adequate margins that reflect a risk assessment of the securities and the term of the transaction; and , (2) The Federal credit union has entered into signed contracts with all approved counterparties. , (d) Borrowing repurchase transaction. A Federal credit union may enter into a borrowing repurchase transaction so long as: , (1) The transaction meets the requirements of paragraph (c) of this section; , (2) Any cash the Federal credit union receives is subject to the borrowing limit specified in Section 107(9) of the Act, and any investments the Federal credit union purchases with that cash are permissible for Federal credit unions; and , (3) The investments referenced in paragraph (d)(2) of this section must mature under the following conditions:, (i) No later than the maturity of the borrowing repurchase transaction;, (ii) No later than thirty days after the borrowing repurchase transaction, unless authorized under \u00a7 703.20, provided the value of all investments purchased with maturities later than borrowing repurchase transactions does not exceed 100 percent of the federal credit union's net worth; or, (iii) At any time later than the maturity of the borrowing repurchase transaction, provided the value of all investments purchased with maturities later than borrowing repurchase transactions does not exceed 100 percent of the federal credit union's net worth and the credit union received a composite CAMEL rating of \u201c1\u201d or \u201c2\u201d for the last two (2) full examinations and maintained a capital classifications of \u201cwell capitalized\u201d under part 702 of this chapter for the six (6) immediately preceding quarters., (e) Securities lending transaction. A Federal credit union may enter into a securities lending transaction so long as: , (1) The Federal credit union receives written confirmation of the loan; , (2) Any collateral the Federal credit union receives is a legal investment for Federal credit unions, the Federal credit union, or its agent, obtains a first priority security interest in the collateral by taking physical possession or control of the collateral, or is recorded as owner of the collateral through the Federal Reserve Book Entry Securities Transfer System; and the Federal credit union, or its agent, receives a daily assessment of the market value of the collateral, including accrued interest, and maintains adequate margin that reflects a risk assessment of the collateral and the term of the loan; , (3) Any cash the Federal credit union receives is subject to the borrowing limit specified in Section 107(9) of the Act, and any investments the Federal credit union purchases with that cash are permissible for Federal credit unions and mature no later than the maturity of the transaction; and , (4) The Federal credit union has executed a written loan and security agreement with the borrower. , (f)(1) Trading securities. A Federal credit union may trade securities, including engaging in when-issued trading and pair-off transactions, so long as the Federal credit union can show that it has sufficient resources, knowledge, systems, and procedures to handle the risks. , (2) A Federal credit union must record any security it purchases or sells for trading purposes at fair value on the trade date. The trade date is the date the Federal credit union commits, orally or in writing, to purchase or sell a security. , (3) At least monthly, the Federal credit union must give its board of directors or investment-related committee a written report listing all purchase and sale transactions of trading securities and the resulting gain or loss on an individual basis. ", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - REGULATIONS AFFECTING CREDIT UNIONS"], "part": ["703"], "part_title": ["PART 703 - INVESTMENT AND DEPOSIT ACTIVITIES"], "section": ["703.13"], "section_title": ["\u00a7 703.13 Permissible investment activities."]}}
{"text": "When a Farm Credit bank or association determines that it has a significant or material event, the institution must prepare and provide to its shareholders and the Farm Credit Administration a notice disclosing the event(s)., (a) Each bank and association board of directors must establish and maintain a policy identifying the categories and types of events that may result in a notice under this section. At a minimum, events covered under this provision include significant events defined in \u00a7 620.1(q) and material events defined in \u00a7 620.1(h). The policy must identify how the significance or materiality of an event will be determined., (b) A notice issued under this section must be made as soon as possible, but not later than 90 days after occurrence of the event., (1) Each institution must electronically provide the notice to the Farm Credit Administration at the same time as distribution of the notice to shareholders., (2) Delivery of the notice to shareholders may be accomplished by direct communications with the shareholders, posting the notice on the institution's Web site, as part of the quarterly report to shareholders, or by publishing the notice in any publication with circulation wide enough to reasonably assure that all of the institution's shareholders have access to the information in a timely manner. No matter how the notice is distributed, it must comply with all the provisions of this section., (c) Every notice must be dated and signed in a manner similar to the requirements of \u00a7 620.3(b)., (d) The information required to be included in a notice issued under this section must be conspicuous, easily understandable, complete, accurate, and not misleading., (e) A Farm Credit System institution may be required to issue a notice under this section at the direction of the Farm Credit Administration.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["620"], "part_title": ["PART 620 - DISCLOSURE TO SHAREHOLDERS"], "section": ["620.15"], "section_title": ["\u00a7 620.15 Notice of significant or material events."]}}
{"text": "For text of the interpretation on Federal credit unions, see 12 CFR 220.110.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["221"], "part_title": ["PART 221 - CREDIT BY BANKS AND PERSONS OTHER THAN BROKERS OR DEALERS FOR THE PURPOSE OF PURCHASING OR CARRYING MARGIN STOCK (REGULATION U)"], "section": ["221.104"], "section_title": ["\u00a7 221.104 Federal credit unions."]}}
{"text": "(a) Definitions. For purposes of this part, the following definitions apply: , (1) International banking facility or IBF means a set of asset and liability accounts segregated on the books and records of a depository institution, United States branch or agency of a foreign bank, or an Edge or Agreement Corporation that includes only international banking facility time deposits and international banking facility extensions of credit., (2) International banking facility time deposit or IBF time deposit means a deposit, placement, borrowing or similar obligation represented by a promissory note, acknowledgment of advance, or similar instrument that is not issued in negotiable or bearer form, and, (i)(A) That must remain on deposit at the IBF at least overnight; and, (B) That is issued to, (1) Any office located outside the United States of another depository institution organized under the laws of the United States or of an Edge or Agreement Corporation;, (2) Any office located outside the United States of a foreign bank;, (3) A United States office or a non-United States office of the entity establishing the IBF;, (4) Another IBF; or, (5) A foreign national government, or an agency or instrumentality thereof, 10 engaged principally in activities which are ordinarily performed in the United States by governmental entities; an international entity of which the United States is a member; or any other foreign international or supranational entity specifically designated by the Board;11 or , 10 Other than states, provinces, municipalities, or other regional or local governmental units or agencies or instrumentalities thereof., 11 The designated entities are specified in 12 CFR 204.125., (ii) (A) That is payable, (1) On a specified date not less than two business days after the date of deposit;, (2) Upon expiration of a specified period of time not less than two business days after the date of deposit; or , (3) Upon written notice that actually is required to be given by the depositor not less than two business days prior to the date of withdrawal;, (B) That represents funds deposited to the credit of a non-United States resident or a foreign branch, office, subsidiary, affiliate, or other foreign establishment (foreign affiliate) controlled by one or more domestic corporations provided that such funds are used only to support the operations outside the United States of the depositor or of its affiliates located outside the United States; and, (C) That is maintained under an agreement or arrangement under which no deposit or withdrawal of less than $100,000 is permitted, except that a withdrawal of less than $100,000 is permitted if such withdrawal closes an account., (3) International banking facility extension of credit or IBF loan means any transaction where an IBF supplies funds by making a loan, or placing funds in a deposit account. Such transactions may be represented by a promissory note, security, acknowledgment of advance, due bill, repurchase agreement, or any other form of credit transaction. Such credit may be extended only to:, (i) Any office located outside the United States of another depository institution organized under the laws of the United States or of an Edge or Agreement Corporation;, (ii) Any office located outside the United States of a foreign bank;, (iii) A United States or a non-United States office of the institution establishing the IBF;, (iv) Another IBF;, (v) A foreign national government, or an agency or instrumentality thereof, 12 engaged principally in activities which are ordinarily performed in the United States by governmental entities; an international entity of which the United States is a member; or any other foreign international or supranational entity specifically designated by the Board; 13 or, 12 See footnote 10., 13 See footnote 11., (vi) A non-United States resident or a foreign branch, office, subsidiary, affiliate or other foreign establishment (foreign affiliate) controlled by one or more domestic corporations provided that the funds are used only to finance the operations outside the United States of the borrower or of its affiliates located outside the United States., (b) Acknowledgment of use of IBF deposits and extensions of credit. An IBF shall provide written notice to each of its customers (other than those specified in \u00a7 204.8(a)(2)(i)(B) and \u00a7 204.8(a)(3) (i) through (v)) at the time a deposit relationship or a credit relationship is first established that it is the policy of the Board of Governors of the Federal Reserve System that deposits received by international banking facilities may be used only to support the depositor's operations outside the United States as specified in \u00a7 204.8(a)(2)(ii)(B) and that extensions of credit by IBFs may be used only to finance operations outside of the United States as specified in \u00a7 204.8(a)(3)(vi). In the case of loans to or deposits from foreign affiliates of U.S. residents, receipt of such notice must be acknowledged in writing whenever a deposit or credit relationship is first established with the IBF., (c) Exemption from reserve requirements. An institution that is subject to the reserve requirements of this part is not required to maintain reserves against its IBF time deposits or IBF loans. Deposit-taking activities of IBFs are limited to accepting only IBF time deposits and lending activities of IBFs are restricted to making only IBF loans., (d) Establishment of an international banking facility. A depository institution, an Edge or Agreement Corporation or a United States branch or agency of a foreign bank may establish an IBF in any location where it is legally authorized to engage in IBF business. However, only one IBF may be established for each reporting entity that is required to submit a Report of Transaction Accounts, Other Deposits and Vault Cash (Form FR 2900)., (e) Notification to Federal Reserve. At least fourteen days prior to the first reserve computation period that an institution intends to establish an IBF it shall notify the Federal Reserve Bank of the district in which it is located of its intent. Such notification shall include a statement of intention by the institution that it will comply with the rules of this part concerning IBFs, including restrictions on sources and uses of funds, and recordkeeping and accounting requirements. Failure to comply with the requirements of this part shall subject the institution to reserve requirements under this part or result in the revocation of the institution's ability to operate an IBF., (f) Recordkeeping requirements. A depository institution shall segregate on its books and records the asset and liability accounts of its IBF and submit reports concerning the operations of its IBF as required by the Board.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"], "part": ["204"], "part_title": ["PART 204 - RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (REGULATION D)"], "section": ["204.8"], "section_title": ["\u00a7 204.8 International banking facilities."]}}
{"text": "(a) Monthly statements. Each banking institution must promptly furnish to each retail forex customer, as of the close of the last business day of each month or as of any regular monthly date selected, except for accounts in which there are neither open positions at the end of the statement period nor any changes to the account balance since the prior statement period, but in any event not less frequently than once every three months, a statement that clearly shows:, (1) For each retail forex customer:, (i) The open retail forex transactions with prices at which acquired;, (ii) The net unrealized profits or losses in all open retail forex transactions marked to the market;, (iii) Any money, securities or other property held as margin for retail forex transactions; and, (iv) A detailed accounting of all financial charges and credits to the retail forex customer's retail forex accounts during the monthly reporting period, including: money, securities, or property received from or disbursed to such customer; realized profits and losses; and fees, charges, and commissions., (2) For each retail forex customer engaging in retail forex transactions that are options:, (i) All such options purchased, sold, exercised, or expired during the monthly reporting period, identified by underlying retail forex transaction or underlying currency, strike price, transaction date, and expiration date;, (ii) The open option positions carried for such customer and arising as of the end of the monthly reporting period, identified by underlying retail forex transaction or underlying currency, strike price, transaction date, and expiration date;, (iii) All such option positions marked to the market and the amount each position is in the money, if any;, (iv) Any money, securities or other property held as margin for retail forex transactions; and, (v) A detailed accounting of all financial charges and credits to the retail forex customer's retail forex accounts during the monthly reporting period, including: money, securities, or property received from or disbursed to such customer; realized profits and losses; premiums and mark-ups; and fees, charges, and commissions., (b) Confirmation statement. Each banking institution must, not later than the next business day after any retail forex transaction, send:, (1) To each retail forex customer, a written confirmation of each retail forex transaction caused to be executed by it for the customer, including offsetting transactions executed during the same business day and the rollover of an open retail forex transaction to the next business day;, (2) To each retail forex customer engaging in forex option transactions, a written confirmation of each forex option transaction, containing at least the following information:, (i) The retail forex customer's account identification number;, (ii) A separate listing of the actual amount of the premium, as well as each mark-up thereon, if applicable, and all other commissions, costs, fees and other charges incurred in connection with the forex option transaction;, (iii) The strike price;, (iv) The underlying retail forex transaction or underlying currency;, (v) The final exercise date of the forex option purchased or sold; and, (vi) The date the forex option transaction was executed., (3) To each retail forex customer engaging in forex option transactions, upon the expiration or exercise of any option, a written confirmation statement thereof, which statement shall include the date of such occurrence, a description of the option involved, and, in the case of exercise, the details of the retail forex or physical currency position which resulted therefrom including, if applicable, the final trading date of the retail forex transaction underlying the option., (c) Notwithstanding the provisions of paragraphs (b)(1) through (3) of this section, a retail forex transaction that is caused to be executed for a pooled investment vehicle that engages in retail forex transactions need be confirmed only to the operator of such pooled investment vehicle., (d) Controlled accounts. With respect to any account controlled by any person other than the retail forex customer for whom such account is carried, each banking institution shall promptly furnish in writing to such other person the information required by paragraphs (a) and (b) of this section., (e) Introduced accounts. Each statement provided pursuant to the provisions of this section must, if applicable, show that the account for which the banking institution was introduced by an introducing broker and the name of the introducing broker.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["240"], "part_title": ["PART 240 - RETAIL FOREIGN EXCHANGE TRANSACTIONS (REGULATION NN)"], "section": ["240.10"], "section_title": ["\u00a7 240.10 Required reporting to customers."]}}
{"text": "Each insured credit union shall provide notice to its members concerning NCUA insurance coverage of member accounts. This may be accomplished by placing either a copy of part 745 of these rules, the appendix, or one or more copies of the NCUA brochure \u201cYour Insured Funds\u201d in each branch office and main office of the credit union. Copies of these materials shall also be made available to members upon request. For purposes of this section, an automated teller machine or point of sale terminal is not a branch office.", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - REGULATIONS AFFECTING CREDIT UNIONS"], "part": ["745"], "part_title": ["PART 745 - SHARE INSURANCE AND APPENDIX"], "section": ["745.13"], "section_title": ["\u00a7 745.13 Notification to members/shareholders."]}}
{"text": "(a) Deadline for completing the sale of stock. The mutual holding company must complete all sales of the stock within 45 calendar days after the last day of the subscription period, unless the offering is extended under paragraph (b) of this section., (b) Offering period extension. (1) The mutual holding company must request, in writing, an extension of any offering period., (2) The Board may grant extensions of time to sell the shares. The Board will not grant any single extension of more than 90 days., (3) If the Board grants the request for an extension of time, the mutual holding company must provide a post-effective amendment to the offering circular under \u00a7 239.58(c) to each person who subscribed for or ordered stock. The amendment must indicate that the Board extended the offering period and that each person who subscribed for or ordered stock may increase, decrease, or rescind their subscription or order within the time remaining in the extension period.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["239"], "part_title": ["PART 239 - MUTUAL HOLDING COMPANIES (REGULATION MM)"], "section": ["239.60"], "section_title": ["\u00a7 239.60 Completion of the offering."]}}
{"text": "A covered swap entity shall comply with:, (a) In the case of the Federal Agricultural Mortgage Corporation, the capital adequacy regulations set forth in part 652 of this chapter; and, (b) In the case of any Farm Credit System institution other than the Federal Agricultural Mortgage Corporation, the capital regulations set forth in parts 615 and 628 of this chapter.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["624"], "part_title": ["PART 624 - MARGIN AND CAPITAL REQUIREMENTS FOR COVERED SWAP ENTITIES"], "section": ["624.12"], "section_title": ["\u00a7 624.12 Capital."]}}
{"text": "A financial company may not organize or operate its business or structure any acquisition of or merger or consolidation with another company in such a manner that results in evasion of the concentration limit established by section 14 of the Bank Holding Company Act or this part.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["251"], "part_title": ["PART 251 - CONCENTRATION LIMIT (REGULATION XX)"], "section": ["251.5"], "section_title": ["\u00a7 251.5 No evasion."]}}
{"text": "(a) Application and prior NCUA approval required. Any credit union insured under title II of the Act must apply for and receive approval from the regional director before establishing a credit union branch outside the United States unless the foreign branch is located on a United States military instillation or embassy outside the United States. The regional director will have 60 days to approve or deny the request., (b) Contents of application. The application must include a business plan, written approval by the state supervisory agency if the applicant is a state-chartered credit union, and documentation evidencing written permission from the host country to establish the branch that explicitly recognizes NCUA's authority to examine and take any enforcement action, including conservatorship and liquidation actions., (c) Contents of business plan. The written business plan must address the following: , (1) Analysis of market conditions in the area where the branch is to be established;, (2) The credit union's plan for addressing foreign currency risk;, (3) Operating facilities, including office space/equipment and supplies;, (4) Safeguarding of assets, bond coverage, insurance coverage, and records preservation;, (5) Written policies regarding the branch (shares, lending, capital, charge-offs, collections);, (6) The field of membership or portion of the field of membership to be served through the foreign branch and the financial needs of the members to be served and services and products to be provided;, (7) Detailed pro forma financial statements for branch operations (balance sheet and income and expense projections) for the first and second year including assumptions;, (8) Internal controls including cash disbursal procedures for shares and loans at the branch;, (9) Accounting procedures used to identify branch activity and performance; and, (10) Foreign income taxation and employment law., (d) Revocation of approval. A State regulator that revokes approval of the branch office must notify NCUA of the action once it issues the notice of revocation. The regional director may revoke approval of the branch office for failure to follow the business plan in a material respect or for substantive and documented safety and soundness reasons. If the regional director revokes the approval, the credit union will have six months from the date of the revocation letter to terminate the operations of the branch. The credit union can request reconsideration of the revocation and/or appeal this revocation to the NCUA Board in accordance with the procedures set forth in subpart B to part 746 of this chapter., (e) Insurance coverage. Accounts at foreign branches are insured by the NCUSIF only if denominated in U.S. dollars and only if payable, by the terms of the account agreement, at a U.S. office of the credit union. If the host country requires insurance from its own system, accounts will not be insured by the National Credit Union Share Insurance Fund.", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - REGULATIONS AFFECTING CREDIT UNIONS"], "part": ["741"], "part_title": ["PART 741 - REQUIREMENTS FOR INSURANCE"], "section": ["741.11"], "section_title": ["\u00a7 741.11 Foreign branching."]}}
{"text": "(a) Terms that are set forth in \u00a7 324.2 and used in this subpart have the definitions assigned thereto in \u00a7 324.2., (b) For the purposes of this subpart, the following terms are defined as follows:, Advanced internal ratings-based (IRB) systems means an advanced approaches FDIC-supervised institution's internal risk rating and segmentation system; risk parameter quantification system; data management and maintenance system; and control, oversight, and validation system for credit risk of wholesale and retail exposures., Advanced systems means an advanced approaches FDIC-supervised institution's advanced IRB systems, operational risk management processes, operational risk data and assessment systems, operational risk quantification systems, and, to the extent used by the FDIC-supervised institution, the internal models methodology, advanced CVA approach, double default excessive correlation detection process, and internal models approach (IMA) for equity exposures., Backtesting means the comparison of an FDIC-supervised institution's internal estimates with actual outcomes during a sample period not used in model development. In this context, backtesting is one form of out-of-sample testing., Benchmarking means the comparison of an FDIC-supervised institution's internal estimates with relevant internal and external data or with estimates based on other estimation techniques., Bond option contract means a bond option, bond future, or any other instrument linked to a bond that gives rise to similar counterparty credit risk., Business environment and internal control factors means the indicators of an FDIC-supervised institution's operational risk profile that reflect a current and forward-looking assessment of the FDIC-supervised institution's underlying business risk factors and internal control environment., Credit default swap (CDS) means a financial contract executed under standard industry documentation that allows one party (the protection purchaser) to transfer the credit risk of one or more exposures (reference exposure(s)) to another party (the protection provider) for a certain period of time., Credit valuation adjustment (CVA) means the fair value adjustment to reflect counterparty credit risk in valuation of OTC derivative contracts., Default - For the purposes of calculating capital requirements under this subpart:, (1) Retail. (i) A retail exposure of an FDIC-supervised institution is in default if:, (A) The exposure is 180 days past due, in the case of a residential mortgage exposure or revolving exposure;, (B) The exposure is 120 days past due, in the case of retail exposures that are not residential mortgage exposures or revolving exposures; or, (C) The FDIC-supervised institution has taken a full or partial charge-off, write-down of principal, or material negative fair value adjustment of principal on the exposure for credit-related reasons., (ii) Notwithstanding paragraph (1)(i) of this definition, for a retail exposure held by a non-U.S. subsidiary of the FDIC-supervised institution that is subject to an internal ratings-based approach to capital adequacy consistent with the Basel Committee on Banking Supervision's \u201cInternational Convergence of Capital Measurement and Capital Standards: A Revised Framework\u201d in a non-U.S. jurisdiction, the FDIC-supervised institution may elect to use the definition of default that is used in that jurisdiction, provided that the FDIC-supervised institution has obtained prior approval from the FDIC to use the definition of default in that jurisdiction., (iii) A retail exposure in default remains in default until the FDIC-supervised institution has reasonable assurance of repayment and performance for all contractual principal and interest payments on the exposure., (2) Wholesale. (i) An FDIC-supervised institution's wholesale obligor is in default if:, (A) The FDIC-supervised institution determines that the obligor is unlikely to pay its credit obligations to the FDIC-supervised institution in full, without recourse by the FDIC-supervised institution to actions such as realizing collateral (if held); or, (B) The obligor is past due more than 90 days on any material credit obligation(s) to the FDIC-supervised institution.29, 29 Overdrafts are past due once the obligor has breached an advised limit or been advised of a limit smaller than the current outstanding balance., (ii) An obligor in default remains in default until the FDIC-supervised institution has reasonable assurance of repayment and performance for all contractual principal and interest payments on all exposures of the FDIC-supervised institution to the obligor (other than exposures that have been fully written-down or charged-off)., Dependence means a measure of the association among operational losses across and within units of measure., Economic downturn conditions means, with respect to an exposure held by the FDIC-supervised institution, those conditions in which the aggregate default rates for that exposure's wholesale or retail exposure subcategory (or subdivision of such subcategory selected by the FDIC-supervised institution) in the exposure's national jurisdiction (or subdivision of such jurisdiction selected by the FDIC-supervised institution) are significantly higher than average., Effective maturity (M) of a wholesale exposure means:, (1) For wholesale exposures other than repo-style transactions, eligible margin loans, and OTC derivative contracts described in paragraph (2) or (3) of this definition:, (i) The weighted-average remaining maturity (measured in years, whole or fractional) of the expected contractual cash flows from the exposure, using the undiscounted amounts of the cash flows as weights; or, (ii) The nominal remaining maturity (measured in years, whole or fractional) of the exposure., (2) For repo-style transactions, eligible margin loans, and OTC derivative contracts subject to a qualifying master netting agreement for which the FDIC-supervised institution does not apply the internal models approach in \u00a7 324.132(d), the weighted-average remaining maturity (measured in years, whole or fractional) of the individual transactions subject to the qualifying master netting agreement, with the weight of each individual transaction set equal to the notional amount of the transaction., (3) For repo-style transactions, eligible margin loans, and OTC derivative contracts for which the FDIC-supervised institution applies the internal models approach in \u00a7 324.132(d), the value determined in \u00a7 324.132(d)(4)., Eligible double default guarantor, with respect to a guarantee or credit derivative obtained by an FDIC-supervised institution, means:, (1) U.S.-based entities. A depository institution, a bank holding company, a savings and loan holding company, or a securities broker or dealer registered with the SEC under the Securities Exchange Act, if at the time the guarantee is issued or anytime thereafter, has issued and outstanding an unsecured debt security without credit enhancement that is investment grade., (2) Non-U.S.-based entities. A foreign bank, or a non-U.S.-based securities firm if the FDIC-supervised institution demonstrates that the guarantor is subject to consolidated supervision and regulation comparable to that imposed on U.S. depository institutions (or securities broker-dealers), if at the time the guarantee is issued or anytime thereafter, has issued and outstanding an unsecured debt security without credit enhancement that is investment grade., Eligible operational risk offsets means amounts, not to exceed expected operational loss, that:, (1) Are generated by internal business practices to absorb highly predictable and reasonably stable operational losses, including reserves calculated consistent with GAAP; and, (2) Are available to cover expected operational losses with a high degree of certainty over a one-year horizon., Eligible purchased wholesale exposure means a purchased wholesale exposure that:, (1) The FDIC-supervised institution or securitization SPE purchased from an unaffiliated seller and did not directly or indirectly originate;, (2) Was generated on an arm's-length basis between the seller and the obligor (intercompany accounts receivable and receivables subject to contra-accounts between firms that buy and sell to each other do not satisfy this criterion);, (3) Provides the FDIC-supervised institution or securitization SPE with a claim on all proceeds from the exposure or a pro rata interest in the proceeds from the exposure;, (4) Has an M of less than one year; and, (5) When consolidated by obligor, does not represent a concentrated exposure relative to the portfolio of purchased wholesale exposures., Expected exposure (EE) means the expected value of the probability distribution of non-negative credit risk exposures to a counterparty at any specified future date before the maturity date of the longest term transaction in the netting set. Any negative fair values in the probability distribution of fair values to a counterparty at a specified future date are set to zero to convert the probability distribution of fair values to the probability distribution of credit risk exposures., Expected operational loss (EOL) means the expected value of the distribution of potential aggregate operational losses, as generated by the FDIC-supervised institution's operational risk quantification system using a one-year horizon., Expected positive exposure (EPE) means the weighted average over time of expected (non-negative) exposures to a counterparty where the weights are the proportion of the time interval that an individual expected exposure represents. When calculating risk-based capital requirements, the average is taken over a one-year horizon., Exposure at default (EAD) means:, (1) For the on-balance sheet component of a wholesale exposure or segment of retail exposures (other than an OTC derivative contract, a repo-style transaction or eligible margin loan for which the FDIC-supervised institution determines EAD under \u00a7 324.132, a cleared transaction, or default fund contribution), EAD means the FDIC-supervised institution's carrying value (including net accrued but unpaid interest and fees) for the exposure or segment less any allocated transfer risk reserve for the exposure or segment., (2) For the off-balance sheet component of a wholesale exposure or segment of retail exposures (other than an OTC derivative contract, a repo-style transaction or eligible margin loan for which the FDIC-supervised institution determines EAD under \u00a7 324.132, cleared transaction, or default fund contribution) in the form of a loan commitment, line of credit, trade-related letter of credit, or transaction-related contingency, EAD means the FDIC-supervised institution's best estimate of net additions to the outstanding amount owed the FDIC-supervised institution, including estimated future additional draws of principal and accrued but unpaid interest and fees, that are likely to occur over a one-year horizon assuming the wholesale exposure or the retail exposures in the segment were to go into default. This estimate of net additions must reflect what would be expected during economic downturn conditions. For the purposes of this definition:, (i) Trade-related letters of credit are short-term, self-liquidating instruments that are used to finance the movement of goods and are collateralized by the underlying goods., (ii) Transaction-related contingencies relate to a particular transaction and include, among other things, performance bonds and performance-based letters of credit., (3) For the off-balance sheet component of a wholesale exposure or segment of retail exposures (other than an OTC derivative contract, a repo-style transaction, or eligible margin loan for which the FDIC-supervised institution determines EAD under \u00a7 324.132, cleared transaction, or default fund contribution) in the form of anything other than a loan commitment, line of credit, trade-related letter of credit, or transaction-related contingency, EAD means the notional amount of the exposure or segment., (4) EAD for OTC derivative contracts is calculated as described in \u00a7 324.132. An FDIC-supervised institution also may determine EAD for repo-style transactions and eligible margin loans as described in \u00a7 324.132., Exposure category means any of the wholesale, retail, securitization, or equity exposure categories., External operational loss event data means, with respect to an FDIC-supervised institution, gross operational loss amounts, dates, recoveries, and relevant causal information for operational loss events occurring at organizations other than the FDIC-supervised institution., IMM exposure means a repo-style transaction, eligible margin loan, or OTC derivative for which an FDIC-supervised institution calculates its EAD using the internal models methodology of \u00a7 324.132(d)., Internal operational loss event data means, with respect to an FDIC-supervised institution, gross operational loss amounts, dates, recoveries, and relevant causal information for operational loss events occurring at the FDIC-supervised institution., Loss given default (LGD) means:, (1) For a wholesale exposure, the greatest of:, (i) Zero;, (ii) The FDIC-supervised institution's empirically based best estimate of the long-run default-weighted average economic loss, per dollar of EAD, the FDIC-supervised institution would expect to incur if the obligor (or a typical obligor in the loss severity grade assigned by the FDIC-supervised institution to the exposure) were to default within a one-year horizon over a mix of economic conditions, including economic downturn conditions; or, (iii) The FDIC-supervised institution's empirically based best estimate of the economic loss, per dollar of EAD, the FDIC-supervised institution would expect to incur if the obligor (or a typical obligor in the loss severity grade assigned by the FDIC-supervised institution to the exposure) were to default within a one-year horizon during economic downturn conditions., (2) For a segment of retail exposures, the greatest of:, (i) Zero;, (ii) The FDIC-supervised institution's empirically based best estimate of the long-run default-weighted average economic loss, per dollar of EAD, the FDIC-supervised institution would expect to incur if the exposures in the segment were to default within a one-year horizon over a mix of economic conditions, including economic downturn conditions; or, (iii) The FDIC-supervised institution's empirically based best estimate of the economic loss, per dollar of EAD, the FDIC-supervised institution would expect to incur if the exposures in the segment were to default within a one-year horizon during economic downturn conditions., (3) The economic loss on an exposure in the event of default is all material credit-related losses on the exposure (including accrued but unpaid interest or fees, losses on the sale of collateral, direct workout costs, and an appropriate allocation of indirect workout costs). Where positive or negative cash flows on a wholesale exposure to a defaulted obligor or a defaulted retail exposure (including proceeds from the sale of collateral, workout costs, additional extensions of credit to facilitate repayment of the exposure, and draw-downs of unused credit lines) occur after the date of default, the economic loss must reflect the net present value of cash flows as of the default date using a discount rate appropriate to the risk of the defaulted exposure., Obligor means the legal entity or natural person contractually obligated on a wholesale exposure, except that an FDIC-supervised institution may treat the following exposures as having separate obligors:, (1) Exposures to the same legal entity or natural person denominated in different currencies;, (2)(i) An income-producing real estate exposure for which all or substantially all of the repayment of the exposure is reliant on the cash flows of the real estate serving as collateral for the exposure; the FDIC-supervised institution, in economic substance, does not have recourse to the borrower beyond the real estate collateral; and no cross-default or cross-acceleration clauses are in place other than clauses obtained solely out of an abundance of caution; and, (ii) Other credit exposures to the same legal entity or natural person; and, (3)(i) A wholesale exposure authorized under section 364 of the U.S. Bankruptcy Code (11 U.S.C. 364) to a legal entity or natural person who is a debtor-in-possession for purposes of Chapter 11 of the Bankruptcy Code; and, (ii) Other credit exposures to the same legal entity or natural person., Operational loss means a loss (excluding insurance or tax effects) resulting from an operational loss event. Operational loss includes all expenses associated with an operational loss event except for opportunity costs, forgone revenue, and costs related to risk management and control enhancements implemented to prevent future operational losses., Operational loss event means an event that results in loss and is associated with any of the following seven operational loss event type categories:, (1) Internal fraud, which means the operational loss event type category that comprises operational losses resulting from an act involving at least one internal party of a type intended to defraud, misappropriate property, or circumvent regulations, the law, or company policy excluding diversity- and discrimination-type events., (2) External fraud, which means the operational loss event type category that comprises operational losses resulting from an act by a third party of a type intended to defraud, misappropriate property, or circumvent the law. Retail credit card losses arising from non-contractual, third-party-initiated fraud (for example, identity theft) are external fraud operational losses. All other third-party-initiated credit losses are to be treated as credit risk losses., (3) Employment practices and workplace safety, which means the operational loss event type category that comprises operational losses resulting from an act inconsistent with employment, health, or safety laws or agreements, payment of personal injury claims, or payment arising from diversity- and discrimination-type events., (4) Clients, products, and business practices, which means the operational loss event type category that comprises operational losses resulting from the nature or design of a product or from an unintentional or negligent failure to meet a professional obligation to specific clients (including fiduciary and suitability requirements)., (5) Damage to physical assets, which means the operational loss event type category that comprises operational losses resulting from the loss of or damage to physical assets from natural disaster or other events., (6) Business disruption and system failures, which means the operational loss event type category that comprises operational losses resulting from disruption of business or system failures., (7) Execution, delivery, and process management, which means the operational loss event type category that comprises operational losses resulting from failed transaction processing or process management or losses arising from relations with trade counterparties and vendors., Operational risk means the risk of loss resulting from inadequate or failed internal processes, people, and systems or from external events (including legal risk but excluding strategic and reputational risk)., Operational risk exposure means the 99.9th percentile of the distribution of potential aggregate operational losses, as generated by the FDIC-supervised institution's operational risk quantification system over a one-year horizon (and not incorporating eligible operational risk offsets or qualifying operational risk mitigants)., Other retail exposure means an exposure (other than a securitization exposure, an equity exposure, a residential mortgage exposure, a pre-sold construction loan, a qualifying revolving exposure, or the residual value portion of a lease exposure) that is managed as part of a segment of exposures with homogeneous risk characteristics, not on an individual-exposure basis, and is either:, (1) An exposure to an individual for non-business purposes; or, (2) An exposure to an individual or company for business purposes if the FDIC-supervised institution's consolidated business credit exposure to the individual or company is $1 million or less., Probability of default (PD) means:, (1) For a wholesale exposure to a non-defaulted obligor, the FDIC-supervised institution's empirically based best estimate of the long-run average one-year default rate for the rating grade assigned by the FDIC-supervised institution to the obligor, capturing the average default experience for obligors in the rating grade over a mix of economic conditions (including economic downturn conditions) sufficient to provide a reasonable estimate of the average one-year default rate over the economic cycle for the rating grade., (2) For a segment of non-defaulted retail exposures, the FDIC-supervised institution's empirically based best estimate of the long-run average one-year default rate for the exposures in the segment, capturing the average default experience for exposures in the segment over a mix of economic conditions (including economic downturn conditions) sufficient to provide a reasonable estimate of the average one-year default rate over the economic cycle for the segment., (3) For a wholesale exposure to a defaulted obligor or segment of defaulted retail exposures, 100 percent., Qualifying cross-product master netting agreement means a qualifying master netting agreement that provides for termination and close-out netting across multiple types of financial transactions or qualifying master netting agreements in the event of a counterparty's default, provided that the underlying financial transactions are OTC derivative contracts, eligible margin loans, or repo-style transactions. In order to treat an agreement as a qualifying cross-product master netting agreement for purposes of this subpart, an FDIC-supervised institution must comply with the requirements of \u00a7 324.3(c) of this part with respect to that agreement., Qualifying revolving exposure (QRE) means an exposure (other than a securitization exposure or equity exposure) to an individual that is managed as part of a segment of exposures with homogeneous risk characteristics, not on an individual-exposure basis, and:, (1) Is revolving (that is, the amount outstanding fluctuates, determined largely by a borrower's decision to borrow and repay up to a pre-established maximum amount, except for an outstanding amount that the borrower is required to pay in full every month);, (2) Is unsecured and unconditionally cancelable by the FDIC-supervised institution to the fullest extent permitted by Federal law; and, (3)(i) Has a maximum contractual exposure amount (drawn plus undrawn) of up to $100,000; or, (ii) With respect to a product with an outstanding amount that the borrower is required to pay in full every month, the total outstanding amount does not in practice exceed $100,000., (4) A segment of exposures that contains one or more exposures that fails to meet paragraph (3)(ii) of this definition must be treated as a segment of other retail exposures for the 24 month period following the month in which the total outstanding amount of one or more exposures individually exceeds $100,000., Retail exposure means a residential mortgage exposure, a qualifying revolving exposure, or an other retail exposure., Retail exposure subcategory means the residential mortgage exposure, qualifying revolving exposure, or other retail exposure subcategory., Risk parameter means a variable used in determining risk-based capital requirements for wholesale and retail exposures, specifically probability of default (PD), loss given default (LGD), exposure at default (EAD), or effective maturity (M)., Scenario analysis means a systematic process of obtaining expert opinions from business managers and risk management experts to derive reasoned assessments of the likelihood and loss impact of plausible high-severity operational losses. Scenario analysis may include the well-reasoned evaluation and use of external operational loss event data, adjusted as appropriate to ensure relevance to an FDIC-supervised institution's operational risk profile and control structure., Total wholesale and retail risk-weighted assets means the sum of:, (1) Risk-weighted assets for wholesale exposures that are not IMM exposures, cleared transactions, or default fund contributions to non-defaulted obligors and segments of non-defaulted retail exposures;, (2) Risk-weighted assets for wholesale exposures to defaulted obligors and segments of defaulted retail exposures;, (3) Risk-weighted assets for assets not defined by an exposure category;, (4) Risk-weighted assets for non-material portfolios of exposures;, (5) Risk-weighted assets for IMM exposures (as determined in \u00a7 324.132(d));, (6) Risk-weighted assets for cleared transactions and risk-weighted assets for default fund contributions (as determined in \u00a7 324.133); and, (7) Risk-weighted assets for unsettled transactions (as determined in \u00a7 324.136)., Unexpected operational loss (UOL) means the difference between the FDIC-supervised institution's operational risk exposure and the FDIC-supervised institution's expected operational loss., Unit of measure means the level (for example, organizational unit or operational loss event type) at which the FDIC-supervised institution's operational risk quantification system generates a separate distribution of potential operational losses., Wholesale exposure means a credit exposure to a company, natural person, sovereign, or governmental entity (other than a securitization exposure, retail exposure, pre-sold construction loan, or equity exposure)., Wholesale exposure subcategory means the HVCRE or non-HVCRE wholesale exposure subcategory.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["324"], "part_title": ["PART 324 - CAPITAL ADEQUACY OF FDIC-SUPERVISED INSTITUTIONS"], "section": ["324.101"], "section_title": ["\u00a7 324.101 Definitions."]}}
{"text": "Except as otherwise defined, the term Farm Credit institutions refers to all institutions chartered and regulated by the Farm Credit Administration as described in section 1.2 of the Act, and to the Funding Corporation.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["619"], "part_title": ["PART 619 - DEFINITIONS"], "section": ["619.9146"], "section_title": ["\u00a7 619.9146 Farm Credit institutions."]}}
{"text": "(a) Appraiser certification or licensing of owners. (1) An AMC subject to State registration pursuant to this section shall not be registered by a State or included on the AMC National Registry if such AMC, in whole or in part, directly or indirectly, is owned by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any State for a substantive cause, as determined by the appropriate State appraiser certifying and licensing agency., (2) An AMC subject to State registration pursuant to this section is not barred by \u00a7 323.11(a)(1) from being registered by a State or included on the AMC National Registry if the license or certificate of the appraiser with an ownership interest was not revoked for a substantive cause and has been reinstated by the State or States in which the appraiser was licensed or certified., (b) Good moral character of owners. An AMC shall not be registered by a State if any person that owns more than 10 percent of the AMC - , (1) Is determined by the State appraiser certifying and licensing agency not to have good moral character; or, (2) Fails to submit to a background investigation carried out by the State appraiser certifying and licensing agency.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["323"], "part_title": ["PART 323 - APPRAISALS"], "section": ["323.12"], "section_title": ["\u00a7 323.12 Ownership limitations for State-registered appraisal management companies."]}}
{"text": "Under policies approved by the bank board and procedures developed by the bank, production credit associations and agricultural credit associations may make the following special types of loans on commodities covered by price support programs. Notwithstanding the regulations covering other loans made by an association, loans may be made to members on any commodity for which a Commodity Credit Corporation price support program is in effect, at such rate of interest and upon such terms as the bank board may prescribe subject to the following conditions: , (a) The commodity offered as security for the loan shall be eligible for price support under a Commodity Credit Corporation price support program and shall be stored in a bonded public warehouse, holding storage agreement for such commodity approved by Commodity Credit Corporation. , (b) The member shall have complied with all Commodity Credit Corporation eligibility requirements. , (c) The loan shall mature not later than 30 days prior to the expiration of the period during which the Commodity Credit Corporation loan or other price support may be obtained on the commodity and shall be secured by pledge of negotiable warehouse receipts covering the commodity. , (d) The borrower shall appoint the association as his attorney-in-fact to obtain a Commodity Credit Corporation loan (or other such price support as is available) in the event that the borrower fails to do so prior to maturity or repayment of the loan.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["614"], "part_title": ["PART 614 - LOAN POLICIES AND OPERATIONS"], "section": ["614.4530"], "section_title": ["\u00a7 614.4530 Special loans, production credit associations and agricultural credit associations."]}}
{"text": "(a) If a hearing official determines that a debt is not legally due and owing to the United States, the FDIC shall promptly refund any amount collected by means of administrative wage garnishment. , (b) Unless required by federal law or contract, refunds under this section shall not bear interest. ", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["313"], "part_title": ["PART 313 - PROCEDURES FOR COLLECTION OF CORPORATE DEBT, CRIMINAL RESTITUTION DEBT, AND CIVIL MONEY PENALTY DEBT"], "section": ["313.100"], "section_title": ["\u00a7 313.100 Refunds."]}}
{"text": "(a) General rule. All proceedings governed by this part shall be conducted in accordance with the provisions of chapter 5 of title 5 of the United States Code. The administrative law judge shall have all powers necessary to conduct a proceeding in a fair and impartial manner and to avoid unnecessary delay. , (b) Powers. The administrative law judge shall have all powers necessary to conduct the proceeding in accordance with paragraph (a) of this section, including the following powers:, (1) To administer oaths and affirmations;, (2) To issue subpoenas, subpoenas duces tecum, and protective orders, as authorized by this part, and to quash or modify any such subpoenas and orders;, (3) To receive relevant evidence and to rule upon the admission of evidence and offers of proof;, (4) To take or cause depositions to be taken as authorized by this subpart; , (5) To regulate the course of the hearing and the conduct of the parties and their counsel;, (6) To hold scheduling and/or pre-hearing conferences as set forth in \u00a7 263.31;, (7) To consider and rule upon all procedural and other motions appropriate in an adjudicatory proceeding, provided that only the Board shall have the power to grant any motion to dismiss the proceeding or to decide any other motion that results in a final determination of the merits of the proceeding; , (8) To prepare and present to the Board a recommended decision as provided herein;, (9) To recuse himself or herself by motion made by a party or on his or her own motion; , (10) To establish time, place and manner limitations on the attendance of the public and the media for any public hearing; and, (11) To do all other things necessary and appropriate to discharge the duties of a presiding officer.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["263"], "part_title": ["PART 263 - RULES OF PRACTICE FOR HEARINGS"], "section": ["263.5"], "section_title": ["\u00a7 263.5 Authority of the administrative law judge."]}}
{"text": "(a) Authority. This part is issued by the Board of Governors of the Federal Reserve System (the Board) under the authority of section 2(c)(2)(E) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)(E)), sections 9 and 11 of the Federal Reserve Act (12 U.S.C. 321-338 and 248), section 5(b) of the Bank Holding Company Act of 1956 (12 U.S.C. 1844(b)), sections 9 and 13a of the International Banking Act of 1978 (12 U.S.C. 3106a and 3108), and sections 3(q) and 8 of the Federal Deposit Insurance Act (12 U.S.C. 1813(q) and 1818)., (b) Purpose. This part establishes rules applicable to retail foreign exchange transactions engaged in by banking institutions on or after May 13, 2013., (c) Scope. Except as provided in paragraph (d) of this section, this part applies to banking institutions, as defined in section 240.2(b) of this part, and any branches or offices of those institutions wherever located. This part applies to subsidiaries of banking institutions organized under the laws of the United States or any U.S. state that are not subject to the jurisdiction of another federal regulatory agency authorized to prescribe rules or regulations under section 2(c)(2)(E) of the Commodity Exchange Act (7 U.S.C. (2)(c)(2)(E))., (d) International applicability. Sections 240.3 and 240.5 through 240.16 do not apply to retail foreign exchange transactions between a foreign branch or office of a banking institution and a non-U.S. customer. With respect to those transactions, the foreign branch or office remains subject to any disclosure, recordkeeping, capital, margin, reporting, business conduct, documentation, and other requirements of applicable foreign law.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["240"], "part_title": ["PART 240 - RETAIL FOREIGN EXCHANGE TRANSACTIONS (REGULATION NN)"], "section": ["240.1"], "section_title": ["\u00a7 240.1 Authority, purpose and scope."]}}
{"text": "(a)(1) When a creditor agency receives a debtor's request for inspection of agency records, the offset is stayed for 10 calendar days beyond the date set for the record inspection. , (2) When a creditor agency receives a debtor's offer to enter into a repayment agreement, the offset is stayed until the debtor is notified as to whether the proposed agreement is acceptable. , (3) When a review is conducted, the offset is stayed until the creditor agency issues a final written decision. , (b) When offset is stayed, the amount of the debt and the amount of any accrued interest or other charges will be withheld from payments to the debtor. The withheld amounts shall not be applied against the debt until the stay expires. If withheld funds are later determined not to be subject to offset, they will be promptly refunded to the debtor. , (c) If the FCA is the creditor agency and the offset is stayed, the FCA will immediately notify an offsetting agency to withhold the payment pending termination of the stay. ", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - ADMINISTRATIVE PROVISIONS"], "part": ["608"], "part_title": ["PART 608 - COLLECTION OF CLAIMS OWED THE UNITED STATES"], "section": ["608.826"], "section_title": ["\u00a7 608.826 Stay of offset."]}}
{"text": "At the written request of a senior examiner or former senior examiner, the Director may waive the post-employment restriction in \u00a7 1212.3 if he or she certifies, in writing, and on a case-by-case basis, that granting a waiver of such restriction does not affect the integrity of the supervisory program of FHFA.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - ORGANIZATION AND OPERATIONS"], "part": ["1212"], "part_title": ["PART 1212 - POST-EMPLOYMENT RESTRICTION FOR SENIOR EXAMINERS"], "section": ["1212.4"], "section_title": ["\u00a7 1212.4 Waiver."]}}
{"text": "(a) Modification procedure. If, prior to or after final disbursement of funds to a project from all funding sources, in order to remedy noncompliance or receive additional subsidy, there is or will be a change in the project that would change the score that the project application received in the AHP funding round in which it was originally scored and approved, had the changed facts been operative at that time, a Bank shall approve in writing a request for a modification to the terms of the approved application, provided that:, (1) The Bank first requests that the project sponsor or owner make a reasonable effort to cure any noncompliance within a reasonable period of time, and the noncompliance could not be cured within a reasonable period of time;, (2) The project, incorporating any such changes, would meet the eligibility requirements of this part;, (3) The application, as reflective of such changes, continues to score high enough to have been approved in the AHP funding round in which the application was originally scored and approved by the Bank, which is as high as the lowest ranking alternate approved for funding by the Bank if the Bank has a written policy to approve alternates for funding; and, (4) There is good cause for the modification, which may not be solely remediation of noncompliance, and the analysis and justification for the modification, including why a cure of noncompliance was not successful or attempted, are documented by the Bank in writing., (b) AHP subsidy increases; no delegation - (1) AHP subsidy increases. A Bank's board of directors may, in its discretion, approve or disapprove requests for modifications involving an increase in AHP subsidy in accordance with the requirements of paragraph (a) of this section., (2) No delegation. The authority to approve or disapprove requests for modifications involving an increase in AHP subsidy shall not be delegated by the Bank's board of directors to Bank officers or other Bank employees.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["E"], "subchapter_title": ["SUBCHAPTER E - HOUSING GOALS AND MISSION"], "part": ["1291"], "part_title": ["PART 1291 - FEDERAL HOME LOAN BANKS' AFFORDABLE HOUSING PROGRAM"], "section": ["1291.29"], "section_title": ["\u00a7 1291.29 Modifications of approved AHP applications."]}}
{"text": "The NCUA issues regulations and guidance as part of its supervisory function. This subpart reiterates the distinctions between regulations and guidance, as stated in the Interagency Statement Clarifying the Role of Supervisory Guidance (Interagency Statement) and provides that the Statement is binding on the NCUA.", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AFFECTING THE OPERATIONS OF THE NATIONAL CREDIT UNION ADMINISTRATION"], "part": ["791"], "part_title": ["PART 791 - RULES OF NCUA BOARD PROCEDURE; PROMULGATION OF NCUA RULES AND REGULATIONS; PUBLIC OBSERVATION OF NCUA BOARD MEETINGS"], "section": ["791.19"], "section_title": ["\u00a7 791.19 Purpose."]}}
{"text": "Loans made by each bank and direct lender association shall bear interest at a rate or rates as may be determined by the institution board. The board shall set interest rates or approve individual interest rate changes either on a case-by-case basis or pursuant to an interest rate plan within which management may establish rates. Any interest rate plan shall set loan-pricing policies and objectives, provide guidance regarding the circumstances under which management may adjust rates, and provide the upper and lower limits on management authority. Any interest rate plan adopted shall be reviewed on a continuing basis by the board, as well as in conjunction with its review and approval of the institution's operational and strategic business plan.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["614"], "part_title": ["PART 614 - LOAN POLICIES AND OPERATIONS"], "section": ["614.4155"], "section_title": ["\u00a7 614.4155 Interest rates."]}}
{"text": "For purposes of this part, the term:, Business relationship means any existing or potential interaction between a person and a regulated entity or the Office of Finance for the provision of goods or services. The term business relationship does not include any interaction between a mortgagor and a regulated entity that directly or indirectly owns, purchased, guarantees, or sold the mortgage., Director means the Director of FHFA or his or her designee., FHFA means the Federal Housing Finance Agency., Office of Finance means the Office of Finance of the Federal Home Loan Bank System., Person means an organization, business entity, or individual that has a business relationship with a regulated entity or the Office of Finance, or that represents the interests of a person that has a business relationship with a regulated entity or the Office of Finance. The term person does not include an individual borrower., Regulated entity means the Federal National Mortgage Association and any affiliate, the Federal Home Loan Mortgage Corporation and any affiliate, and any Federal Home Loan Bank.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - ORGANIZATION AND OPERATIONS"], "part": ["1213"], "part_title": ["PART 1213 - OFFICE OF THE OMBUDSMAN"], "section": ["1213.2"], "section_title": ["\u00a7 1213.2 Definitions."]}}
{"text": "For purposes of calculating risk-weighted assets under subpart D of this part:, (a) Cleared transaction. In order to recognize certain exposures as cleared transactions pursuant to paragraph (1)(ii), (iii), or (iv) of the definition of \u201ccleared transaction\u201d in \u00a7 628.2, the exposures must meet all of the requirements set forth in this paragraph (a)., (1) The offsetting transaction must be identified by the CCP as a transaction for the clearing member client., (2) The collateral supporting the transaction must be held in a manner that prevents the System institution from facing any loss due to an event of default, including from a liquidation, receivership, insolvency, or similar proceeding of either the clearing member or the clearing member's other clients. Omnibus accounts established under 17 CFR parts 190 and 300 satisfy the requirements of this paragraph (a)., (3) The System institution must conduct sufficient legal review to conclude with a well-founded basis (and maintain sufficient written documentation of that legal review) that in the event of a legal challenge (including one resulting from a default or receivership, insolvency, liquidation, or similar proceeding) the relevant court and administrative authorities would find the arrangements of paragraph (a)(2) of this section to be legal, valid, binding and enforceable under the law of the relevant jurisdictions., (4) The offsetting transaction with a clearing member must be transferable under the transaction documents and applicable laws in the relevant jurisdiction(s) to another clearing member should the clearing member default, become insolvent, or enter receivership, insolvency, liquidation, or similar proceedings., (b) Eligible margin loan. In order to recognize an exposure as an eligible margin loan as defined in \u00a7 628.2, a System institution must conduct sufficient legal review to conclude with a well-founded basis (and maintain sufficient written documentation of that legal review) that the agreement underlying the exposure:, (1) Meets the requirements of paragraph (1)(iii) of the definition of \u201celigible margin loan\u201d in \u00a7 628.2; and, (2) Is legal, valid, binding, and enforceable under applicable law in the relevant jurisdictions., (c) Reserved, (d) Qualifying master netting agreement. In order to recognize an agreement as a qualifying master netting agreement as defined in \u00a7 628.2, a System institution must:, (1) Conduct sufficient legal review to conclude with a well-founded basis (and maintain sufficient written documentation of that legal review) that:, (i) The agreement meets the requirements of paragraph (2) of the definition of \u201cqualifying master netting agreement\u201d in \u00a7 628.2; and, (ii) In the event of a legal challenge (including one resulting from default or from receivership, insolvency, liquidation, or similar proceeding) the relevant court and administrative authorities would find the agreement to be legal, valid, binding, and enforceable under the law of the relevant jurisdictions; and, (2) Establish and maintain written procedures to monitor possible changes in relevant law and to ensure that the agreement continues to satisfy the requirements of the definition of \u201cqualifying master netting agreement\u201d in \u00a7 628.2., (e) Repo-style transaction. In order to recognize an exposure as a repo-style transaction as defined in \u00a7 628.2, a System institution must conduct sufficient legal review to conclude with a well-founded basis (and maintain sufficient written documentation of that legal review) that the agreement underlying the exposure:, (1) Meets the requirements of paragraph (3) of the definition of \u201crepo-style transaction\u201d in \u00a7 628.2, and, (2) Is legal, valid, binding, and enforceable under applicable law in the relevant jurisdictions., (f) Failure of a QCCP to satisfy the rule's requirements. If a System institution determines that a CCP ceases to be a QCCP due to the failure of the CCP to satisfy one or more of the requirements set forth in paragraph (2)(i) through (iii) of the definition of a \u201cQCCP\u201d in \u00a7 628.2, the System institution may continue to treat the CCP as a QCCP for up to 3 months following the determination. If the CCP fails to remedy the relevant deficiency within 3 months after the initial determination, or the CCP fails to satisfy the requirements set forth in paragraph (2)(i) through (iii) of the definition of a QCCP continuously for a 3-month period after remedying the relevant deficiency, a System institution may not treat the CCP as a QCCP for the purposes of this part until after the System institution has determined that the CCP has satisfied the requirements in paragraph (2)(i) through (iii) of the definition of a QCCP for 3 continuous months.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["628"], "part_title": ["PART 628 - CAPITAL ADEQUACY OF SYSTEM INSTITUTIONS"], "section": ["628.3"], "section_title": ["\u00a7 628.3 Operational requirements for certain exposures."]}}
{"text": "(a) Notice and purchase of coverage. If a System institution, or a servicer acting on behalf of the System institution, determines at any time during the term of a designated loan, that the building or mobile home and any personal property securing the designated loan is not covered by flood insurance or is covered by flood insurance in an amount less than the amount required under \u00a7 614.4930, then the System institution, or a servicer acting on its behalf, shall notify the borrower that the borrower should obtain flood insurance, at the borrower's expense, in an amount at least equal to the amount required under \u00a7 614.4930, for the remaining term of the loan. If the borrower fails to obtain flood insurance within 45 days after notification, then the System institution, or its servicer, shall purchase insurance on the borrower's behalf. The System institution, or its servicer, may charge the borrower for the cost of premiums and fees incurred in purchasing the insurance, including premiums or fees incurred for coverage beginning on the date on which flood insurance coverage lapsed or did not provide a sufficient coverage amount., (b) Termination of force-placed insurance - (1) Termination and refund. Within 30 days of receipt by a System institution, or by a servicer acting on its behalf, of a confirmation of a borrower's existing flood insurance coverage, the System institution, or its servicer, shall:, (i) Notify the insurance provider to terminate any insurance purchased by the System institution, or its servicer, under paragraph (a) of this section; and, (ii) Refund to the borrower all premiums paid by the borrower for any insurance purchased by the System institution, or by its servicer, under paragraph (a) of this section during any period during which the borrower's flood insurance coverage and the insurance coverage purchased by the System institution, or its servicer, were each in effect, and any related fees charged to the borrower with respect to the insurance purchased by the System institution, or its servicer, during such period., (2) Sufficiency of demonstration. For purposes of confirming a borrower's existing flood insurance coverage under paragraph (b) of this section, a System institution, or a servicer acting on its behalf, shall accept from the borrower an insurance policy declarations page that includes the existing flood insurance policy number and the identity of, and contact information for, the insurance company or agent.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["614"], "part_title": ["PART 614 - LOAN POLICIES AND OPERATIONS"], "section": ["614.4945"], "section_title": ["\u00a7 614.4945 Force placement of flood insurance."]}}
{"text": "(a) Scope of indemnity. (1) A bank that transfers, presents, or returns a substitute check or a paper or electronic representation of a substitute check for which it receives consideration shall indemnify the recipient and any subsequent recipient (including a collecting or returning bank, the depositary bank, the drawer, the drawee, the payee, the depositor, and any indorser) for any loss incurred by any recipient of a substitute check if that loss occurred due to the receipt of a substitute check instead of the original check., (2) A bank that rejects a check submitted for deposit and returns to its customer a substitute check (or a paper or electronic representation of a substitute check) shall indemnify the recipient as described in paragraph (a)(1) of this section regardless of whether the bank received consideration., (b) Indemnity amount - (1) In general. Unless otherwise indicated by paragraph (b)(2) or (b)(3) of this section, the amount of the indemnity under paragraph (a) of this section is as follows:, (i) If the loss resulted from a breach of a substitute check warranty provided under \u00a7 229.52, the amount of the indemnity shall be the amount of any loss (including interest, costs, reasonable attorney's fees, and other expenses of representation) proximately caused by the warranty breach., (ii) If the loss did not result from a breach of a substitute check warranty provided under \u00a7 229.52, the amount of the indemnity shall be the sum of - , (A) The amount of the loss, up to the amount of the substitute check; and, (B) Interest and expenses (including costs and reasonable attorney's fees and other expenses of representation) related to the substitute check., (2) Comparative negligence. (i) If a loss described in paragraph (a) of this section results in whole or in part from the indemnified person's negligence or failure to act in good faith, then the indemnity amount described in paragraph (b)(1) of this section shall be reduced in proportion to the amount of negligence or bad faith attributable to the indemnified person., (ii) Nothing in this paragraph (b)(2) reduces the rights of a consumer or any other person under the U.C.C. or other applicable provision of state or federal law., (3) Effect of producing the original check or a sufficient copy - , (i) If an indemnifying bank produces the original check or a sufficient copy, the indemnifying bank shall - , (A) Be liable under this section only for losses that are incurred up to the time that the bank provides that original check or sufficient copy to the indemnified person; and, (B) Have a right to the return of any funds it has paid under this section in excess of those losses., (ii) The production by the indemnifying bank of the original check or a sufficient copy under paragraph (b)(3)(i) of this section shall not absolve the indemnifying bank from any liability under any warranty that the bank has provided under \u00a7 229.52 or other applicable law., (c) Subrogation of rights - (1) In general. An indemnifying bank shall be subrogated to the rights of the person that it indemnifies to the extent of the indemnity it has provided and may attempt to recover from another person based on a warranty or other claim., (2) Duty of indemnified person for subrogated claims. Each indemnified person shall have a duty to comply with all reasonable requests for assistance from an indemnifying bank in connection with any claim the indemnifying bank brings against a warrantor or other person related to a check that forms the basis for the indemnification. ", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["229"], "part_title": ["PART 229 - AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC)"], "section": ["229.53"], "section_title": ["\u00a7 229.53 Substitute check indemnity."]}}
{"text": "(a) Notice of intent to issue directive - (1) In general. The FDIC shall provide an undercapitalized, significantly undercapitalized, or critically undercapitalized FDIC-supervised institution prior written notice of the FDIC's intention to issue a directive requiring such FDIC-supervised institution to take actions or to follow proscriptions described in section 38 that are within the FDIC's discretion to require or impose under section 38 of the FDI Act, including section 38 (e)(5), (f)(2), (f)(3), or (f)(5). The FDIC-supervised institution shall have such time to respond to a proposed directive as provided by the FDIC under paragraph (c) of this section., (2) Immediate issuance of final directive. If the FDIC finds it necessary in order to carry out the purposes of section 38 of the FDI Act, the FDIC may, without providing the notice prescribed in paragraph (a)(1) of this section, issue a directive requiring an FDIC-supervised institution immediately to take actions or to follow proscriptions described in section 38 that are within the FDIC's discretion to require or impose under section 38 of the FDI Act, including section 38 (e)(5), (f)(2), (f)(3), or (f)(5). An FDIC-supervised institution that is subject to such an immediately effective directive may submit a written appeal of the directive to the FDIC. Such an appeal must be received by the FDIC within 14 calendar days of the issuance of the directive, unless the FDIC permits a longer period. The FDIC shall consider any such appeal, if filed in a timely matter, within 60 days of receiving the appeal. During such period of review, the directive shall remain in effect unless the FDIC, in its sole discretion, stays the effectiveness of the directive., (b) Contents of notice. A notice of intention to issue a directive shall include:, (1) A statement of the FDIC-supervised institution's capital measures and capital levels;, (2) A description of the restrictions, prohibitions, or affirmative actions that the FDIC proposes to impose or require;, (3) The proposed date when such restrictions or prohibitions would be effective or the proposed date for completion of such affirmative actions; and, (4) The date by which the FDIC-supervised institution subject to the directive may file with the FDIC a written response to the notice., (c) Response to notice - (1) Time for response. An FDIC-supervised institution may file a written response to a notice of intent to issue a directive within the time period set by the FDIC. The date shall be at least 14 calendar days from the date of the notice unless the FDIC determines that a shorter period is appropriate in light of the financial condition of the FDIC-supervised institution or other relevant circumstances., (2) Content of response. The response should include:, (i) An explanation why the action proposed by the FDIC is not an appropriate exercise of discretion under section 38;, (ii) Any recommended modification of the proposed directive; and, (iii) Any other relevant information, mitigating circumstances, documentation, or other evidence in support of the position of the FDIC-supervised institution regarding the proposed directive., (d) FDIC consideration of response. After considering the response, the FDIC may:, (1) Issue the directive as proposed or in modified form;, (2) Determine not to issue the directive and so notify the FDIC-supervised institution; or, (3) Seek additional information or clarification of the response from the FDIC-supervised institution or any other relevant source., (e) Failure to file response. Failure by an FDIC-supervised institution to file with the FDIC, within the specified time period, a written response to a proposed directive shall constitute a waiver of the opportunity to respond and shall constitute consent to the issuance of the directive., (f) Request for modification or rescission of directive. Any FDIC-supervised institution that is subject to a directive under this subpart may, upon a change in circumstances, request in writing that the FDIC reconsider the terms of the directive and may propose that the directive be rescinded or modified. Unless otherwise ordered by the FDIC, the directive shall continue in place while such request is pending before the FDIC.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["308"], "part_title": ["PART 308 - RULES OF PRACTICE AND PROCEDURE"], "section": ["308.201"], "section_title": ["\u00a7 308.201 Directives to take prompt corrective action."]}}
{"text": "(a) In general. A financial holding company may not, without Board approval, directly or indirectly acquire any additional shares, assets or ownership interests under this subpart or make any additional capital contribution to any company the shares, assets or ownership interests of which are held by the financial holding company under this subpart if the aggregate carrying value of all merchant banking investments held by the financial holding company under this subpart exceeds: , (1) 30 percent of the Tier 1 capital of the financial holding company; or , (2) After excluding interests in private equity funds, 20 percent of the Tier 1 capital of the financial holding company. , (b) How do these thresholds apply to a private equity fund? Paragraph (a) of this section applies to the interest acquired or controlled by the financial holding company under this subpart in a private equity fund. Paragraph (a) of this section does not apply to any interest in a company held by a private equity fund or to any interest held by a person that is not affiliated with the financial holding company. , (c) How long do these thresholds remain in effect? This \u00a7 225.174 shall cease to be effective on the date that a final rule issued by the Board that specifically addresses the appropriate regulatory capital treatment of merchant banking investments becomes effective. , (d) Qualifying community banking organizations. For purposes of this section, a financial holding company that is a qualifying community banking organization (as defined in \u00a7 217.12 of this chapter) that is subject to the community bank leverage ratio framework (as defined in \u00a7 217.12 of this chapter) calculates its Tier 1 capital (as defined in \u00a7 217.2 of this chapter) in accordance with \u00a7 217.12(b) of this chapter.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["225"], "part_title": ["PART 225 - BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y)"], "section": ["225.174"], "section_title": ["\u00a7 225.174 What aggregate thresholds apply to merchant banking investments?"]}}
{"text": "(a) Trading positions - (1) Identification of trading positions. An FDIC-supervised institution must have clearly defined policies and procedures for determining which of its trading assets and trading liabilities are trading positions and which of its trading positions are correlation trading positions. These policies and procedures must take into account:, (i) The extent to which a position, or a hedge of its material risks, can be marked-to-market daily by reference to a two-way market; and, (ii) Possible impairments to the liquidity of a position or its hedge., (2) Trading and hedging strategies. An FDIC-supervised institution must have clearly defined trading and hedging strategies for its trading positions that are approved by senior management of the FDIC-supervised institution., (i) The trading strategy must articulate the expected holding period of, and the market risk associated with, each portfolio of trading positions., (ii) The hedging strategy must articulate for each portfolio of trading positions the level of market risk the FDIC-supervised institution is willing to accept and must detail the instruments, techniques, and strategies the FDIC-supervised institution will use to hedge the risk of the portfolio., (b) Management of covered positions - (1) Active management. An FDIC-supervised institution must have clearly defined policies and procedures for actively managing all covered positions. At a minimum, these policies and procedures must require:, (i) Marking positions to market or to model on a daily basis;, (ii) Daily assessment of the FDIC-supervised institution's ability to hedge position and portfolio risks, and of the extent of market liquidity;, (iii) Establishment and daily monitoring of limits on positions by a risk control unit independent of the trading business unit;, (iv) Daily monitoring by senior management of information described in paragraphs (b)(1)(i) through (b)(1)(iii) of this section;, (v) At least annual reassessment of established limits on positions by senior management; and, (vi) At least annual assessments by qualified personnel of the quality of market inputs to the valuation process, the soundness of key assumptions, the reliability of parameter estimation in pricing models, and the stability and accuracy of model calibration under alternative market scenarios., (2) Valuation of covered positions. The FDIC-supervised institution must have a process for prudent valuation of its covered positions that includes policies and procedures on the valuation of positions, marking positions to market or to model, independent price verification, and valuation adjustments or reserves. The valuation process must consider, as appropriate, unearned credit spreads, close-out costs, early termination costs, investing and funding costs, liquidity, and model risk., (c) Requirements for internal models. (1) An FDIC-supervised institution must obtain the prior written approval of the FDIC before using any internal model to calculate its risk-based capital requirement under this subpart., (2) An FDIC-supervised institution must meet all of the requirements of this section on an ongoing basis. The FDIC-supervised institution must promptly notify the FDIC when:, (i) The FDIC-supervised institution plans to extend the use of a model that the FDIC has approved under this subpart to an additional business line or product type;, (ii) The FDIC-supervised institution makes any change to an internal model approved by the FDIC under this subpart that would result in a material change in the FDIC-supervised institution's risk-weighted asset amount for a portfolio of covered positions; or, (iii) The FDIC-supervised institution makes any material change to its modeling assumptions., (3) The FDIC may rescind its approval of the use of any internal model (in whole or in part) or of the determination of the approach under \u00a7 324.209(a)(2)(ii) for an FDIC-supervised institution's modeled correlation trading positions and determine an appropriate capital requirement for the covered positions to which the model would apply, if the FDIC determines that the model no longer complies with this subpart or fails to reflect accurately the risks of the FDIC-supervised institution's covered positions., (4) The FDIC-supervised institution must periodically, but no less frequently than annually, review its internal models in light of developments in financial markets and modeling technologies, and enhance those models as appropriate to ensure that they continue to meet the FDIC's standards for model approval and employ risk measurement methodologies that are most appropriate for the FDIC-supervised institution's covered positions., (5) The FDIC-supervised institution must incorporate its internal models into its risk management process and integrate the internal models used for calculating its VaR-based measure into its daily risk management process., (6) The level of sophistication of an FDIC-supervised institution's internal models must be commensurate with the complexity and amount of its covered positions. An FDIC-supervised institution's internal models may use any of the generally accepted approaches, including but not limited to variance-covariance models, historical simulations, or Monte Carlo simulations, to measure market risk., (7) The FDIC-supervised institution's internal models must properly measure all the material risks in the covered positions to which they are applied., (8) The FDIC-supervised institution's internal models must conservatively assess the risks arising from less liquid positions and positions with limited price transparency under realistic market scenarios., (9) The FDIC-supervised institution must have a rigorous and well-defined process for re-estimating, re-evaluating, and updating its internal models to ensure continued applicability and relevance., (10) If an FDIC-supervised institution uses internal models to measure specific risk, the internal models must also satisfy the requirements in paragraph (b)(1) of \u00a7 324.207., (d) Control, oversight, and validation mechanisms. (1) The FDIC-supervised institution must have a risk control unit that reports directly to senior management and is independent from the business trading units., (2) The FDIC-supervised institution must validate its internal models initially and on an ongoing basis. The FDIC-supervised institution's validation process must be independent of the internal models' development, implementation, and operation, or the validation process must be subjected to an independent review of its adequacy and effectiveness. Validation must include:, (i) An evaluation of the conceptual soundness of (including developmental evidence supporting) the internal models;, (ii) An ongoing monitoring process that includes verification of processes and the comparison of the FDIC-supervised institution's model outputs with relevant internal and external data sources or estimation techniques; and, (iii) An outcomes analysis process that includes backtesting. For internal models used to calculate the VaR-based measure, this process must include a comparison of the changes in the FDIC-supervised institution's portfolio value that would have occurred were end-of-day positions to remain unchanged (therefore, excluding fees, commissions, reserves, net interest income, and intraday trading) with VaR-based measures during a sample period not used in model development., (3) The FDIC-supervised institution must stress test the market risk of its covered positions at a frequency appropriate to each portfolio, and in no case less frequently than quarterly. The stress tests must take into account concentration risk (including but not limited to concentrations in single issuers, industries, sectors, or markets), illiquidity under stressed market conditions, and risks arising from the FDIC-supervised institution's trading activities that may not be adequately captured in its internal models., (4) The FDIC-supervised institution must have an internal audit function independent of business-line management that at least annually assesses the effectiveness of the controls supporting the FDIC-supervised institution's market risk measurement systems, including the activities of the business trading units and independent risk control unit, compliance with policies and procedures, and calculation of the FDIC-supervised institution's measures for market risk under this subpart. At least annually, the internal audit function must report its findings to the FDIC-supervised institution's board of directors (or a committee thereof)., (e) Internal assessment of capital adequacy. The FDIC-supervised institution must have a rigorous process for assessing its overall capital adequacy in relation to its market risk. The assessment must take into account risks that may not be captured fully in the VaR-based measure, including concentration and liquidity risk under stressed market conditions., (f) Documentation. The FDIC-supervised institution must adequately document all material aspects of its internal models, management and valuation of covered positions, control, oversight, validation and review processes and results, and internal assessment of capital adequacy.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["324"], "part_title": ["PART 324 - CAPITAL ADEQUACY OF FDIC-SUPERVISED INSTITUTIONS"], "section": ["324.203"], "section_title": ["\u00a7 324.203 Requirements for application of this subpart F."]}}
{"text": "Each Reorganization Plan shall contain a complete description of all significant terms of the proposed reorganization, shall attach and incorporate any Stock Issuance Plan proposed in connection with the Reorganization Plan, and shall:, (a) Provide for amendment of the charter and bylaws of the reorganizing association to read in the form of the charter and bylaws of a mutual holding company, and attach and incorporate such charter and bylaws;, (b) Provide for the organization of the resulting association, which shall be an interim federal or state subsidiary savings association of the reorganizing association, and attach and incorporate the proposed charter and bylaws of such association;, (c) If the reorganizing association proposes to form a subsidiary holding company, provide for the organization of a subsidiary holding company and attach and incorporate the proposed charter and bylaws of such subsidiary holding company., (d) Provide for amendment of the charter and bylaws of any acquiree association to read in the form of the charter and bylaws of a state or federal savings association in the stock form, and attach and incorporate such charter and bylaws;, (e) Provide that, upon consummation of the reorganization, substantially all of the assets and liabilities (including all savings accounts, demand accounts, tax and loan accounts, United States Treasury General Accounts, or United States Treasury Time Deposit Open Accounts, as those terms are defined in this part) of the reorganizing association shall be transferred to the resulting association, which shall thereupon become an operating subsidiary savings association of the mutual holding company;, (f) Provide that all assets, rights, obligations, and liabilities of whatever nature of the reorganizing association that are not expressly retained by the mutual holding company shall be deemed transferred to the resulting association;, (g) Provide that each depositor in the reorganizing association or any acquiree association immediately prior to the reorganization shall upon consummation of the reorganization receive, without payment, an identical account in the resulting association or the acquiree association, as the case may be (Appropriate modifications should be made to this provision if savings associations are being merged as a part of the reorganization);, (h) Provide that the Reorganization Plan as adopted by the boards of directors of the reorganizing association and any acquiree association may be substantively amended by those boards of directors as a result of comments from regulatory authorities or otherwise prior to the solicitation of proxies from the members of the reorganizing association and any acquiree association to vote on the Reorganization Plan and at any time thereafter with the concurrence of the Board; and that the reorganization may be terminated by the board of directors of the reorganizing association or any acquiree association at any time prior to the meeting of the members of the association called to consider the Reorganization Plan and at any time thereafter with the concurrence of the Board;, (i) Provide that the Reorganization Plan shall be terminated if not completed within a specified period of time (The time period shall not be more than 24 months from the date upon which the members of the reorganizing association or the date upon which the members of any acquiree association, whichever is earlier, approve the Reorganization Plan and may not be extended by the reorganizing or acquiree association); and, (j) Provide that the expenses incurred in connection with the reorganization shall be reasonable.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["239"], "part_title": ["PART 239 - MUTUAL HOLDING COMPANIES (REGULATION MM)"], "section": ["239.6"], "section_title": ["\u00a7 239.6 Contents of Reorganization Plans."]}}
{"text": "(a) Notification requirements. An FDIC-supervised institution must notify the FDIC no later than 10 business days, or such other period as the FDIC may otherwise require by written notice, following the date that any event has occurred that would cause or has caused the FDIC-supervised institution's net stable funding ratio to be less than 1.0 as required under \u00a7 329.100., (b) Liquidity Plan. (1) An FDIC-supervised institution must within 10 business days, or such other period as the FDIC may otherwise require by written notice, provide to the FDIC a plan for achieving a net stable funding ratio equal to or greater than 1.0 as required under \u00a7 329.100 if:, (i) The FDIC-supervised institution has or should have provided notice, pursuant to \u00a7329.110(a), that the FDIC-supervised institution's net stable funding ratio is, or will become, less than 1.0 as required under \u00a7 329.100;, (ii) The FDIC-supervised institution's reports or disclosures to the FDIC indicate that the FDIC-supervised institution's net stable funding ratio is less than 1.0 as required under \u00a7 329.100; or, (iii) The FDIC notifies the FDIC-supervised institution in writing that a plan is required and provides a reason for requiring such a plan., (2) The plan must include, as applicable:, (i) An assessment of the FDIC-supervised institution's liquidity profile;, (ii) The actions the FDIC-supervised institution has taken and will take to achieve a net stable funding ratio equal to or greater than 1.0 as required under \u00a7 329.100, including:, (A) A plan for adjusting the FDIC-supervised institution's liquidity profile;, (B) A plan for remediating any operational or management issues that contributed to noncompliance with subpart K of this part; and, (iii) An estimated time frame for achieving full compliance with \u00a7 329.100., (3) The FDIC-supervised institution must report to the FDIC at least monthly, or such other frequency as required by the FDIC, on progress to achieve full compliance with \u00a7 329.100., (c) Supervisory and enforcement actions. The FDIC may, at its discretion, take additional supervisory or enforcement actions to address noncompliance with the minimum net stable funding ratio and other requirements of subparts K through N of this part (see also \u00a7 329.2(c)).", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["329"], "part_title": ["PART 329 - LIQUIDITY RISK MEASUREMENT STANDARDS"], "section": ["329.110"], "section_title": ["\u00a7 329.110 NSFR shortfall: Supervisory framework."]}}
{"text": "For purposes of this part: , (a) Minority has the same meaning as defined by the Small Business Administration at 13 CFR 124.103(b). , (b) Legal Services means all services provided by attorneys or law firms (including services of support staff). ", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION (CONTINUED)"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY (CONTINUED)"], "part": ["361"], "part_title": ["PART 361 - MINORITY AND WOMEN OUTREACH PROGRAM CONTRACTING"], "section": ["361.3"], "section_title": ["\u00a7 361.3 Who may participate in this outreach program?"]}}
{"text": "(a) The Directorate proposes a budget. By November 15 of each year, the Directorate must approve and submit to the Secretary a proposed budget for the administrative expenses of the Funding Corporation for the following year. , (b) The Secretary approves the budget. The Funding Corporation's budget is subject to the Secretary's prior approval. The proposed budget submitted by the Directorate shall be deemed to be approved by the Secretary unless the Secretary disapproves it within 45 days of the date submitted. The Funding Corporation must transmit a copy of the approved budget to each Bank. , (c) Budget changes must be approved by the Secretary. If the Funding Corporation projects or anticipates incurring expenses exceeding its approved budget, the Directorate must submit an amended budget to the Secretary for approval. , (d) The Funding Corporation collects funds from the Banks to pay its administrative expenses. At least semiannually, the Funding Corporation must request that each Bank submit within 10 business days of the request payment for a portion of the administrative expenses in the Funding Corporation's budget for the current calendar year. The amount of each Bank's payment must be pro rated according to the percentage of the total outstanding Funding Corporation capital stock owned by the Bank. The Funding Corporation must adjust the amount of each Bank's payment as necessary to reflect differences between aggregate projected and actual administrative expenses incurred during the calendar year and to reflect any changes in estimated aggregate administrative expenses for the coming period. The Funding Corporation must not request payments from the Banks that, in the aggregate, exceed the administrative expenses in the Funding Corporation's approved budget. ", "meta": {"chapter": ["XV"], "chapter_title": ["CHAPTER XV - DEPARTMENT OF THE TREASURY"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - RESOLUTION FUNDING CORPORATION"], "part": ["1510"], "part_title": ["PART 1510 - RESOLUTION FUNDING CORPORATION OPERATIONS"], "section": ["1510.3"], "section_title": ["\u00a7 1510.3 How does the Funding Corporation pay administrative expenses?"]}}
{"text": "(a) Authority. Subpart D of Regulation H (12 CFR part 208, Subpart D) is issued by the Board of Governors of the Federal Reserve System (Board) under section 38 (section 38) of the FDI Act as added by section 131 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (Pub. L. 102-242, 105 Stat. 2236 (1991)) (12 U.S.C. 1831o)., (b) Purpose and scope. This subpart D defines the capital measures and capital levels that are used for determining the supervisory actions authorized under section 38 of the FDI Act. (Section 38 of the FDI Act establishes a framework of supervisory actions for insured depository institutions that are not adequately capitalized.) This subpart also establishes procedures for submission and review of capital restoration plans and for issuance and review of directives and orders pursuant to section 38. Certain of the provisions of this subpart apply to officers, directors, and employees of state member banks. Other provisions apply to any company that controls a member bank and to the affiliates of the member bank., (c) Other supervisory authority. Neither section 38 nor this subpart in any way limits the authority of the Board under any other provision of law to take supervisory actions to address unsafe or unsound practices or conditions, deficient capital levels, violations of law, or other practices. Action under section 38 of the FDI Act and this subpart may be taken independently of, in conjunction with, or in addition to any other enforcement action available to the Board, including issuance of cease and desist orders, capital directives, approval or denial of applications or notices, assessment of civil money penalties, or any other actions authorized by law., (d) Disclosure of capital categories. The assignment of a bank under this subpart within a particular capital category is for purposes of implementing and applying the provisions of section 38. Unless permitted by the Board or otherwise required by law, no bank may state in any advertisement or promotional material its capital category under this subpart or that the Board or any other Federal banking agency has assigned the bank to a particular capital category., (e) Timing. The calculation of the definitions of common equity tier 1 capital, the common equity tier 1 risk-based capital ratio, the leverage ratio, the supplementary leverage ratio, tangible equity, tier 1 capital, the tier 1 risk-based capital ratio, total assets, total leverage exposure, the total risk-based capital ratio, and total risk-weighted assets under this subpart is subject to the timing provisions at 12 CFR 217.1(f) and the transitions at 12 CFR part 217, subpart G.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"], "part": ["208"], "part_title": ["PART 208 - MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H)"], "section": ["208.40"], "section_title": ["\u00a7 208.40 Authority, purpose, scope, other supervisory authority, and disclosure of capital categories."]}}
{"text": "(a) Sovereign exposures - (1) Exposures to the U.S. government. (i) Notwithstanding any other requirement in this subpart, an FDIC-supervised institution must assign a zero percent risk weight to:, (A) An exposure to the U.S. government, its central bank, or a U.S. government agency; and, (B) The portion of an exposure that is directly and unconditionally guaranteed by the U.S. government, its central bank, or a U.S. government agency. This includes a deposit or other exposure, or the portion of a deposit or other exposure, that is insured or otherwise unconditionally guaranteed by the FDIC or National Credit Union Administration., (ii) An FDIC-supervised institution must assign a 20 percent risk weight to the portion of an exposure that is conditionally guaranteed by the U.S. government, its central bank, or a U.S. government agency. This includes an exposure, or the portion of an exposure, that is conditionally guaranteed by the FDIC or National Credit Union Administration., (iii) An FDIC-supervised institution must assign a zero percent risk weight to a Paycheck Protection Program covered loan as defined in section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36))., (2) Other sovereign exposures. In accordance with Table 1 to \u00a7 324.32, an FDIC-supervised institution must assign a risk weight to a sovereign exposure based on the CRC applicable to the sovereign or the sovereign's OECD membership status if there is no CRC applicable to the sovereign., Table 1 to \u00a7 324.32 - Risk Weights for Sovereign Exposures, (3) Certain sovereign exposures. Notwithstanding paragraph (a)(2) of this section, an FDIC-supervised institution may assign to a sovereign exposure a risk weight that is lower than the applicable risk weight in Table 1 to \u00a7 324.32 if:, (i) The exposure is denominated in the sovereign's currency;, (ii) The FDIC-supervised institution has at least an equivalent amount of liabilities in that currency; and, (iii) The risk weight is not lower than the risk weight that the home country supervisor allows FDIC-supervised institutions under its jurisdiction to assign to the same exposures to the sovereign., (4) Exposures to a non-OECD member sovereign with no CRC. Except as provided in paragraphs (a)(3), (a)(5) and (a)(6) of this section, an FDIC-supervised institution must assign a 100 percent risk weight to an exposure to a sovereign if the sovereign does not have a CRC., (5) Exposures to an OECD member sovereign with no CRC. Except as provided in paragraph (a)(6) of this section, an FDIC-supervised institution must assign a 0 percent risk weight to an exposure to a sovereign that is a member of the OECD if the sovereign does not have a CRC., (6) Sovereign default. An FDIC-supervised institution must assign a 150 percent risk weight to a sovereign exposure immediately upon determining that an event of sovereign default has occurred, or if an event of sovereign default has occurred during the previous five years., (b) Certain supranational entities and multilateral development banks (MDBs). An FDIC-supervised institution must assign a zero percent risk weight to an exposure to the Bank for International Settlements, the European Central Bank, the European Commission, the International Monetary Fund, the European Stability Mechanism, the European Financial Stability Facility, or an MDB., (c) Exposures to GSEs. (1) An FDIC-supervised institution must assign a 20 percent risk weight to an exposure to a GSE other than an equity exposure or preferred stock., (2) An FDIC-supervised institution must assign a 100 percent risk weight to preferred stock issued by a GSE., (d) Exposures to depository institutions, foreign banks, and credit unions - (1) Exposures to U.S. depository institutions and credit unions. An FDIC-supervised institution must assign a 20 percent risk weight to an exposure to a depository institution or credit union that is organized under the laws of the United States or any state thereof, except as otherwise provided under paragraph (d)(3) of this section., (2) Exposures to foreign banks. (i) Except as otherwise provided under paragraphs (d)(2)(iii), (d)(2)(v), and (d)(3) of this section, an FDIC-supervised institution must assign a risk weight to an exposure to a foreign bank, in accordance with Table 2 to \u00a7 324.32, based on the CRC that corresponds to the foreign bank's home country or the OECD membership status of the foreign bank's home country if there is no CRC applicable to the foreign bank's home country.,
Table 2 to \u00a7 324.32 - Risk Weights for Exposures to Foreign Banks, (ii) An FDIC-supervised institution must assign a 20 percent risk weight to an exposure to a foreign bank whose home country is a member of the OECD and does not have a CRC., (iii) An FDIC-supervised institution must assign a 20 percent risk-weight to an exposure that is a self-liquidating, trade-related contingent item that arises from the movement of goods and that has a maturity of three months or less to a foreign bank whose home country has a CRC of 0, 1, 2, or 3, or is an OECD member with no CRC., (iv) An FDIC-supervised institution must assign a 100 percent risk weight to an exposure to a foreign bank whose home country is not a member of the OECD and does not have a CRC, with the exception of self-liquidating, trade-related contingent items that arise from the movement of goods, and that have a maturity of three months or less, which may be assigned a 20 percent risk weight., (v) An FDIC-supervised institution must assign a 150 percent risk weight to an exposure to a foreign bank immediately upon determining that an event of sovereign default has occurred in the bank's home country, or if an event of sovereign default has occurred in the foreign bank's home country during the previous five years., (3) An FDIC-supervised institution must assign a 100 percent risk weight to an exposure to a financial institution if the exposure may be included in that financial institution's capital unless the exposure is:, (i) An equity exposure;, (ii) A significant investment in the capital of an unconsolidated financial institution in the form of common stock pursuant to \u00a7 324.22(d)(2)(i)(c);, (iii) Deducted from regulatory capital under \u00a7 324.22; or, (iv) Subject to a 150 percent risk weight under paragraph (d)(2)(iv) or Table 2 of paragraph (d)(2) of this section., (e) Exposures to public sector entities (PSEs) - (1) Exposures to U.S. PSEs. (i) An FDIC-supervised institution must assign a 20 percent risk weight to a general obligation exposure to a PSE that is organized under the laws of the United States or any state or political subdivision thereof., (ii) An FDIC-supervised institution must assign a 50 percent risk weight to a revenue obligation exposure to a PSE that is organized under the laws of the United States or any state or political subdivision thereof., (2) Exposures to foreign PSEs. (i) Except as provided in paragraphs (e)(1) and (e)(3) of this section, an FDIC-supervised institution must assign a risk weight to a general obligation exposure to a PSE, in accordance with Table 3 to \u00a7 324.32, based on the CRC that corresponds to the PSE's home country or the OECD membership status of the PSE's home country if there is no CRC applicable to the PSE's home country., (ii) Except as provided in paragraphs (e)(1) and (e)(3) of this section, an FDIC-supervised institution must assign a risk weight to a revenue obligation exposure to a PSE, in accordance with Table 4 to \u00a7 324.32, based on the CRC that corresponds to the PSE's home country; or the OECD membership status of the PSE's home country if there is no CRC applicable to the PSE's home country., (3) An FDIC-supervised institution may assign a lower risk weight than would otherwise apply under Tables 3 or 4 to \u00a7 324.32 to an exposure to a foreign PSE if:, (i) The PSE's home country supervisor allows banks under its jurisdiction to assign a lower risk weight to such exposures; and, (ii) The risk weight is not lower than the risk weight that corresponds to the PSE's home country in accordance with Table 1 to \u00a7 324.32.,
Table 3 to \u00a7 324.32 - Risk Weights for non-U.S. PSE General Obligations,
Table 4 to \u00a7 324.32 - Risk Weights for non-U.S. PSE Revenue Obligations, (4) Exposures to PSEs from an OECD member sovereign with no CRC. (i) An FDIC-supervised institution must assign a 20 percent risk weight to a general obligation exposure to a PSE whose home country is an OECD member sovereign with no CRC., (ii) An FDIC-supervised institution must assign a 50 percent risk weight to a revenue obligation exposure to a PSE whose home country is an OECD member sovereign with no CRC., (5) Exposures to PSEs whose home country is not an OECD member sovereign with no CRC. An FDIC-supervised institution must assign a 100 percent risk weight to an exposure to a PSE whose home country is not a member of the OECD and does not have a CRC., (6) An FDIC-supervised institution must assign a 150 percent risk weight to a PSE exposure immediately upon determining that an event of sovereign default has occurred in a PSE's home country or if an event of sovereign default has occurred in the PSE's home country during the previous five years., (f) Corporate exposures. (1) An FDIC-supervised institution must assign a 100 percent risk weight to all its corporate exposures, except as provided in paragraphs (f)(2) and (f)(3) of this section., (2) A FDIC-supervised institution must assign a 2 percent risk weight to an exposure to a QCCP arising from the FDIC-supervised institution posting cash collateral to the QCCP in connection with a cleared transaction that meets the requirements of \u00a7 324.35(b)(3)(i)(A) and a 4 percent risk weight to an exposure to a QCCP arising from the FDIC-supervised institution posting cash collateral to the QCCP in connection with a cleared transaction that meets the requirements of \u00a7 324.35(b)(3)(i)(B)., (3) A FDIC-supervised institution must assign a 2 percent risk weight to an exposure to a QCCP arising from the FDIC-supervised institution posting cash collateral to the QCCP in connection with a cleared transaction that meets the requirements of \u00a7 324.35(c)(3)(i)., (g) Residential mortgage exposures. (1) An FDIC-supervised institution must assign a 50 percent risk weight to a first-lien residential mortgage exposure that:, (i) Is secured by a property that is either owner-occupied or rented;, (ii) Is made in accordance with prudent underwriting standards, including standards relating to the loan amount as a percent of the appraised value of the property;, (iii) Is not 90 days or more past due or carried in nonaccrual status; and, (iv) Is not restructured or modified., (2) An FDIC-supervised institution must assign a 100 percent risk weight to a first-lien residential mortgage exposure that does not meet the criteria in paragraph (g)(1) of this section, and to junior-lien residential mortgage exposures., (3) For the purpose of this paragraph (g), if an FDIC-supervised institution holds the first-lien and junior-lien(s) residential mortgage exposures, and no other party holds an intervening lien, the FDIC-supervised institution must combine the exposures and treat them as a single first-lien residential mortgage exposure., (4) A loan modified or restructured solely pursuant to the U.S. Treasury's Home Affordable Mortgage Program is not modified or restructured for purposes of this section., (h) Pre-sold construction loans. An FDIC-supervised institution must assign a 50 percent risk weight to a pre-sold construction loan unless the purchase contract is cancelled, in which case an FDIC-supervised institution must assign a 100 percent risk weight., (i) Statutory multifamily mortgages. An FDIC-supervised institution must assign a 50 percent risk weight to a statutory multifamily mortgage., (j) High-volatility commercial real estate (HVCRE) exposures. An FDIC-supervised institution must assign a 150 percent risk weight to an HVCRE exposure., (k) Past due exposures. Except for an exposure to a sovereign entity or a residential mortgage exposure or a policy loan, if an exposure is 90 days or more past due or on nonaccrual:, (1) An FDIC-supervised institution must assign a 150 percent risk weight to the portion of the exposure that is not guaranteed or that is unsecured;, (2) An FDIC-supervised institution may assign a risk weight to the guaranteed portion of a past due exposure based on the risk weight that applies under \u00a7 324.36 if the guarantee or credit derivative meets the requirements of that section; and, (3) An FDIC-supervised institution may assign a risk weight to the collateralized portion of a past due exposure based on the risk weight that applies under \u00a7 324.37 if the collateral meets the requirements of that section., (l) Other assets. (1) An FDIC-supervised institution must assign a zero percent risk weight to cash owned and held in all offices of the FDIC-supervised institution or in transit; to gold bullion held in the FDIC-supervised institution's own vaults or held in another depository institution's vaults on an allocated basis, to the extent the gold bullion assets are offset by gold bullion liabilities; and to exposures that arise from the settlement of cash transactions (such as equities, fixed income, spot foreign exchange and spot commodities) with a central counterparty where there is no assumption of ongoing counterparty credit risk by the central counterparty after settlement of the trade and associated default fund contributions., (2) An FDIC-supervised institution must assign a 20 percent risk weight to cash items in the process of collection., (3) An FDIC-supervised institution must assign a 100 percent risk weight to DTAs arising from temporary differences that the FDIC-supervised institution could realize through net operating loss carrybacks., (4) An FDIC-supervised institution must assign a 250 percent risk weight to the portion of each of the following items to the extent it is not deducted from common equity tier 1 capital pursuant to \u00a7 324.22(d):, (i) MSAs; and, (ii) DTAs arising from temporary differences that the FDIC-supervised institution could not realize through net operating loss carrybacks., (5) An FDIC-supervised institution must assign a 100 percent risk weight to all assets not specifically assigned a different risk weight under this subpart and that are not deducted from tier 1 or tier 2 capital pursuant to \u00a7 324.22., (6) Notwithstanding the requirements of this section, an FDIC-supervised institution may assign an asset that is not included in one of the categories provided in this section to the risk weight category applicable under the capital rules applicable to bank holding companies and savings and loan holding companies under 12 CFR part 217, provided that all of the following conditions apply:, (i) The FDIC-supervised institution is not authorized to hold the asset under applicable law other than debt previously contracted or similar authority; and, (ii) The risks associated with the asset are substantially similar to the risks of assets that are otherwise assigned to a risk weight category of less than 100 percent under this subpart.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["324"], "part_title": ["PART 324 - CAPITAL ADEQUACY OF FDIC-SUPERVISED INSTITUTIONS"], "section": ["324.32"], "section_title": ["\u00a7 324.32 General risk weights."]}}
{"text": "Notwithstanding provisions in \u00a7 1270.6 regarding Department of Treasury regulations set forth in 31 CFR part 357:, (a) The Department of Treasury TRADES Commentary (31 CFR part 357, appendix B) addressing the Department of Treasury regulations governing book-entry procedure for Treasury Securities is hereby referenced, so far as applicable and as necessarily modified to relate to Book-entry consolidated obligations, as an interpretive aid to this subpart D of this part., (b) Determinations of the Department of Treasury regarding whether a State shall be considered to have adopted Revised Article 8 for purposes of 31 CFR part 357, as published in the Federal Register or otherwise, shall also apply to this subpart D of this part.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["D"], "subchapter_title": ["SUBCHAPTER D - FEDERAL HOME LOAN BANKS"], "part": ["1270"], "part_title": ["PART 1270 - LIABILITIES"], "section": ["1270.19"], "section_title": ["\u00a7 1270.19 Reference to certain Department of Treasury commentary and determinations."]}}
{"text": "(a) Definitions. (1) Rural homeowner means an individual who resides in a rural area and is not a bona fide farmer, rancher, or producer or harvester of aquatic products., (2) Rural home means a single-family moderately priced dwelling located in a rural area that will be owned and occupied as the rural homeowner's principal residence., (3) Rural area means open country within a State or the Commonwealth of Puerto Rico, which may include a town or village that has a population of not more than 2,500 persons., (4) Moderately priced means the price of any rural home that either:, (i) Satisfies the criteria in section 8.0 of the Act pertaining to rural home loans that collateralize securities that are guaranteed by the Federal Agricultural Mortgage Corporation; or, (ii) Is otherwise determined to be moderately priced for housing values for the rural area where it is located, as documented by data from a credible, independent, and recognized national or regional source, such as a Federal, State, or local government agency, or an industry source. Housing values at or below the 75th percentile of values reflected in such data will be deemed moderately priced., (b) Eligibility. Any rural homeowner is eligible to obtain financing on a rural home. No borrower shall have a loan from the Farm Credit System on more than one rural home at any one time., (c) Purposes of financing. Loans may be made to rural homeowners for the purpose of buying, building, remodeling, improving, repairing rural homes, and refinancing existing indebtedness thereon., (d) Portfolio limitations. (1) The aggregate of retail rural home loans by any Farm Credit Bank or agricultural credit bank shall not exceed 15 percent of the total of all of its outstanding loans at any one time., (2) The aggregate of rural home loans made by each direct lender association shall not exceed 15 percent of the total of its outstanding loans at the end of its preceding fiscal year, except with the prior approval of its funding bank., (3) The aggregate of rural home loans made by all direct lender associations that are funded by the same Farm Credit bank shall not exceed 15 percent of the total outstanding loans of all such associations at the end of the funding bank's preceding fiscal year.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["613"], "part_title": ["PART 613 - ELIGIBILITY AND SCOPE OF FINANCING"], "section": ["613.3030"], "section_title": ["\u00a7 613.3030 Rural home financing."]}}
{"text": "(a) A Farm Credit Bank or agricultural credit bank shall not advance funds to, or discount loans for, an OFI, as defined in \u00a7 611.1205 of this chapter, except pursuant to a general financing agreement. , (b) The Farm Credit Bank or agricultural credit bank shall deliver a copy of the executed general financing agreement and all related documents, such as a promissory note or security agreement, and all amendments of any of these documents, within 10 business days after any such document or amendment is executed, to the Chief Examiner, Farm Credit Administration, or to the Farm Credit Administration office that the Chief Examiner designates. , (c) The total credit extended to the OFI, through direct loan or discounts, shall be consistent with the Farm Credit Bank's or agricultural credit bank's lending policies and loan underwriting standards and the creditworthiness of the OFI. The general financing agreement or promissory note shall establish a maximum credit limit determined by objective standards as established by the Farm Credit Bank or agricultural credit bank. ", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["614"], "part_title": ["PART 614 - LOAN POLICIES AND OPERATIONS"], "section": ["614.4130"], "section_title": ["\u00a7 614.4130 Funding and discount relationships between Farm Credit Banks or agricultural credit banks and OFIs."]}}
{"text": "(a) Material supervisory determination. The term \u201cmaterial supervisory determination\u201d means a written decision by a program office (unless ineligible for appeal) that may significantly affect the capital, earnings, operating flexibility, or that may otherwise affect the nature or level of supervisory oversight of an insured credit union. The term includes, but is not limited to:, (1) A composite examination rating of 3, 4, or 5;, (2) A determination relating to the adequacy of loan loss reserve provisions;, (3) The classification of loans and other assets that are significant to an insured credit union;, (4) A determination regarding an insured credit union's compliance with Federal consumer financial law;, (5) A determination on a waiver request or an application for additional authority where independent appeal procedures have not been specified in other NCUA regulations; and, (6) A determination by the relevant reviewing authority that an appeal filed under this subchapter does not raise a material supervisory determination., (b) Exclusions from coverage. The term \u201cmaterial supervisory determination\u201d does not include:, (1) A composite examination rating of 1 or 2;, (2) A component examination rating unless the component rating has a significant adverse effect on the nature or level of supervisory oversight of an insured credit union;, (3) The scope and timing of supervisory contacts;, (4) A decision to appoint a conservator or liquidating agent for an insured credit union;, (5) A decision to take prompt corrective action pursuant to section 216 of the Federal Credit Union Act (12 U.S.C. 1790d) and part 702 of this chapter;, (6) Enforcement-related actions and decisions, including determinations and the underlying facts and circumstances that form the basis of a pending enforcement action;, (7) Preliminary examination conclusions communicated to an insured credit union before a final exam report or other written communication is issued;, (8) Formal and informal rulemakings pursuant to the Administrative Procedure Act (5 U.S.C. 500 et seq.);, (9) Requests for NCUA records or information under the Freedom of Information Act (5 U.S.C. 552) and part 792 of this chapter and the submission of information to NCUA that is governed by this statute and this regulation; and, (10) Determinations for which other appeals procedures exist.", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - REGULATIONS AFFECTING CREDIT UNIONS"], "part": ["746"], "part_title": ["PART 746 - APPEALS PROCEDURES"], "section": ["746.103"], "section_title": ["\u00a7 746.103 Material supervisory determinations."]}}
{"text": "(a) CECL transition provision. (1) Except as provided in paragraph (d) of this section, a Board-regulated institution may elect to use a CECL transition provision pursuant to this section only if the Board-regulated institution records a reduction in retained earnings due to the adoption of CECL as of the beginning of the fiscal year in which the Board-regulated institution adopts CECL., (2) Except as provided in paragraph (d) of this section, a Board-regulated institution that elects to use the CECL transition provision must elect to use the CECL transition provision in the first Call Report or FR Y-9C that includes CECL filed by the Board-regulated institution after it adopts CECL., (3) A Board-regulated institution that does not elect to use the CECL transition provision as of the first Call Report or FR Y-9C that includes CECL filed as described in paragraph (a)(2) of this section may not elect to use the CECL transition provision in subsequent reporting periods., (b) Definitions. For purposes of this section, the following definitions apply:, (1) Transition period means the three-year period beginning the first day of the fiscal year in which a Board-regulated institution adopts CECL and reflects CECL in its first Call Report or FR Y-9C filed after that date; or, for the 2020 CECL transition provision under paragraph (d) of this section, the five-year period beginning on the earlier of the date a Board-regulated institution was required to adopt CECL for accounting purposes under GAAP (as in effect January 1, 2020), or the first day of the fiscal year that begins during the 2020 calendar year in which the Board-regulated institution files regulatory reports that include CECL., (2) CECL transitional amount means the difference net of any DTAs, in the amount of a Board-regulated institution's retained earnings as of the beginning of the fiscal year in which the Board-regulated institution adopts CECL from the amount of the Board-regulated institution's retained earnings as of the closing of the fiscal year-end immediately prior to the Board-regulated institution's adoption of CECL., (3) DTA transitional amount means the difference in the amount of a Board-regulated institution's DTAs arising from temporary differences as of the beginning of the fiscal year in which the Board-regulated institution adopts CECL from the amount of the Board-regulated institution's DTAs arising from temporary differences as of the closing of the fiscal year-end immediately prior to the Board-regulated institution's adoption of CECL., (4) AACL transitional amount means the difference in the amount of a Board-regulated institution's AACL as of the beginning of the fiscal year in which the Board-regulated institution adopts CECL and the amount of the Board-regulated institution's ALLL as of the closing of the fiscal year-end immediately prior to the Board-regulated institution's adoption of CECL., (5) Eligible credit reserves transitional amount means the difference in the amount of a Board-regulated institution's eligible credit reserves as of the beginning of the fiscal year in which the Board-regulated institution adopts CECL from the amount of the Board-regulated institution's eligible credit reserves as of the closing of the fiscal year-end immediately prior to the Board-regulated institution's adoption of CECL., (c) Calculation of the three-year CECL transition provision. (1) For purposes of the election described in paragraph (a)(1) of this section and except as provided in paragraph (d) of this section, a Board-regulated institution must make the following adjustments in its calculation of regulatory capital ratios:, (i) Increase retained earnings by seventy-five percent of its CECL transitional amount during the first year of the transition period, increase retained earnings by fifty percent of its CECL transitional amount during the second year of the transition period, and increase retained earnings by twenty-five percent of its CECL transitional amount during the third year of the transition period;, (ii) Decrease amounts of DTAs arising from temporary differences by seventy-five percent of its DTA transitional amount during the first year of the transition period, decrease amounts of DTAs arising from temporary differences by fifty percent of its DTA transitional amount during the second year of the transition period, and decrease amounts of DTAs arising from temporary differences by twenty-five percent of its DTA transitional amount during the third year of the transition period;, (iii) Decrease amounts of AACL by seventy-five percent of its AACL transitional amount during the first year of the transition period, decrease amounts of AACL by fifty percent of its AACL transitional amount during the second year of the transition period, and decrease amounts of AACL by twenty-five percent of its AACL transitional amount during the third year of the transition period; and, (iv) Increase average total consolidated assets as reported on the Call Report or FR Y-9C for purposes of the leverage ratio by seventy-five percent of its CECL transitional amount during the first year of the transition period, increase average total consolidated assets as reported on the Call Report or FR Y-9C for purposes of the leverage ratio by fifty percent of its CECL transitional amount during the second year of the transition period, and increase average total consolidated assets as reported on the Call Report or FR Y-9C for purposes of the leverage ratio by twenty-five percent of its CECL transitional amount during the third year of the transition period., (2) For purposes of the election described in paragraph (a)(1) of this section, an advanced approaches or Category III Board-regulated institution must make the following additional adjustments to its calculation of its applicable regulatory capital ratios:, (i) Increase total leverage exposure for purposes of the supplementary leverage ratio by seventy-five percent of its CECL transitional amount during the first year of the transition period, increase total leverage exposure for purposes of the supplementary leverage ratio by fifty percent of its CECL transitional amount during the second year of the transition period, and increase total leverage exposure for purposes of the supplementary leverage ratio by twenty-five percent of its CECL transitional amount during the third year of the transition period; and, (ii) An advanced approaches Board-regulated institution that has completed the parallel run process and that has received notification from the Board pursuant to \u00a7 217.121(d) must decrease amounts of eligible credit reserves by seventy-five percent of its eligible credit reserves transitional amount during the first year of the transition period, decrease amounts of eligible credit reserves by fifty percent of its eligible credit reserves transitional amount during the second year of the transition provision, and decrease amounts of eligible credit reserves by twenty-five percent of its eligible credit reserves transitional amount during the third year of the transition period., (d) 2020 CECL transition provision. Notwithstanding paragraph (a) of this section, a Board-regulated institution that adopts CECL for accounting purposes under GAAP as of the first day of a fiscal year that begins during the 2020 calendar year may elect to use the transitional amounts and modified transitional amounts in paragraph (d)(1) of this section with the 2020 CECL transition provision calculation in paragraph (d)(2) of this section to adjust its calculation of regulatory capital ratios during each quarter of the transition period in which a Board-regulated institution uses CECL for purposes of its Call Report or FR Y-9C. A Board-regulated institution may use the transition provision in this paragraph (d) if it has a positive modified CECL transitional amount during any quarter ending in 2020, and makes the election in the Call Report or FR Y-9C filed for the same quarter. A Board-regulated institution that does not calculate a positive modified CECL transitional amount in any quarter is not required to apply the adjustments in its calculation of regulatory capital ratios in paragraph (d)(2) of this section in that quarter., (1) Definitions. For purposes of the 2020 CECL transition provision calculation in paragraph (d)(2) of this section, the following definitions apply:, (i) Modified CECL transitional amount means:, (A) During the first two years of the transition period, the difference between AACL as reported in the most recent Call Report or FR Y-9C, and the AACL as of the beginning of the fiscal year in which the Board-regulated institution adopts CECL, multiplied by 0.25, plus the CECL transitional amount; and, (B) During the last three years of the transition period, the difference between AACL as reported in the Call Report or Y-9C at the end of the second year of the transition period and the AACL as of the beginning of the fiscal year in which the Board-regulated institution adopts CECL, multiplied by 0.25, plus the CECL transitional amount., (ii) Modified AACL transitional amount means:, (A) During the first two years of the transition period, the difference between AACL as reported in the most recent Call Report or FR Y-9C, and the AACL as of the beginning of the fiscal year in which the Board-regulated institution adopts CECL, multiplied by 0.25, plus the AACL transitional amount; and, (B) During the last three years of the transition period, the difference between AACL as reported in the Call Report or FR Y-9C at the end of the second year of the transition period and the AACL as of the beginning of the fiscal year in which the Board-regulated institution adopts CECL, multiplied by 0.25, plus the AACL transitional amount., (2) Calculation of 2020 CECL transition provision. (i) A Board-regulated institution that has elected the 2020 CECL transition provision described in this paragraph (d) may make the following adjustments in its calculation of regulatory capital ratios:, (A) Increase retained earnings by one-hundred percent of its modified CECL transitional amount during the first year of the transition period, increase retained earnings by one hundred percent of its modified CECL transitional amount during the second year of the transition period, increase retained earnings by seventy-five percent of its modified CECL transitional amount during the third year of the transition period, increase retained earnings by fifty percent of its modified CECL transitional amount during the fourth year of the transition period, and increase retained earnings by twenty-five percent of its modified CECL transitional amount during the fifth year of the transition period;, (B) Decrease amounts of DTAs arising from temporary differences by one-hundred percent of its DTA transitional amount during the first year of the transition period, decrease amounts of DTAs arising from temporary differences by one hundred percent of its DTA transitional amount during the second year of the transition period, decrease amounts of DTAs arising from temporary differences by seventy-five percent of its DTA transitional amount during the third year of the transition period, decrease amounts of DTAs arising from temporary differences by fifty percent of its DTA transitional amount during the fourth year of the transition period, and decrease amounts of DTAs arising from temporary differences by twenty-five percent of its DTA transitional amount during the fifth year of the transition period;, (C) Decrease amounts of AACL by one-hundred percent of its modified AACL transitional amount during the first year of the transition period, decrease amounts of AACL by one hundred percent of its modified AACL transitional amount during the second year of the transition period, decrease amounts of AACL by seventy-five percent of its modified AACL transitional amount during the third year of the transition period, decrease amounts of AACL by fifty percent of its AACL transitional amount during the fourth year of the transition period, and decrease amounts of AACL by twenty-five percent of its AACL transitional amount during the fifth year of the transition period; and, (D) Increase average total consolidated assets as reported on the Call Report or FR Y-9C for purposes of the leverage ratio by one-hundred percent of its modified CECL transitional amount during the first year of the transition period, increase average total consolidated assets as reported on the Call Report or FR Y-9C for purposes of the leverage ratio by one hundred percent of its modified CECL transitional amount during the second year of the transition period, increase average total consolidated assets as reported on the Call Report or FR Y-9C for purposes of the leverage ratio by seventy-five percent of its modified CECL transitional amount during the third year of the transition period, increase average total consolidated assets as reported on the Call Report or FR Y-9C for purposes of the leverage ratio by fifty percent of its modified CECL transitional amount during the fourth year of the transition period, and increase average total consolidated assets as reported on the Call Report or FR Y-9C for purposes of the leverage ratio by twenty-five percent of its modified CECL transitional amount during the fifth year of the transition period., (ii) An advanced approaches or Category III Board-regulated institution that has elected the 2020 CECL transition provision described in this paragraph (d) may make the following additional adjustments to its calculation of its applicable regulatory capital ratios:, (A) Increase total leverage exposure for purposes of the supplementary leverage ratio by one-hundred percent of its modified CECL transitional amount during the first year of the transition period, increase total leverage exposure for purposes of the supplementary leverage ratio by one hundred percent of its modified CECL transitional amount during the second year of the transition period, increase total leverage exposure for purposes of the supplementary leverage ratio by seventy-five percent of its modified CECL transitional amount during the third year of the transition period, increase total leverage exposure for purposes of the supplementary leverage ratio by fifty percent of its modified CECL transitional amount during the fourth year of the transition period, and increase total leverage exposure for purposes of the supplementary leverage ratio by twenty-five percent of its modified CECL transitional amount during the fifth year of the transition period; and, (B) An advanced approaches Board-regulated institution that has completed the parallel run process and that has received notification from the Board pursuant to \u00a7 217.121(d) must decrease amounts of eligible credit reserves by one-hundred percent of its eligible credit reserves transitional amount during the first year of the transition period, decrease amounts of eligible credit reserves by one hundred percent of its eligible credit reserves transitional amount during the second year of the transition period, decrease amounts of eligible credit reserves by seventy-five percent of its eligible credit reserves transitional amount during the third year of the transition period, decrease amounts of eligible credit reserves by fifty percent of its eligible credit reserves transitional amount during the fourth year of the transition period, and decrease amounts of eligible credit reserves by twenty-five percent of its eligible credit reserves transitional amount during the fifth year of the transition period., (e) Eligible credit reserves shortfall. An advanced approaches Board-regulated institution that has completed the parallel run process and that has received notification from the Board pursuant to \u00a7 217.121(d), whose amount of expected credit loss exceeded its eligible credit reserves immediately prior to the adoption of CECL, and that has an increase in common equity tier 1 capital as of the beginning of the fiscal year in which it adopts CECL after including the first year portion of the CECL transitional amount (or modified CECL transitional amount) must decrease its CECL transitional amount used in paragraph (c) of this section (or modified CECL transitional amount used in paragraph (d) of this section) by the full amount of its DTA transitional amount., (f) Business combinations. Notwithstanding any other requirement in this section, for purposes of this paragraph (f), in the event of a business combination involving a Board-regulated institution where one or both Board-regulated institutions have elected the treatment described in this section:, (1) If the acquirer Board-regulated institution (as determined under GAAP) elected the treatment described in this section, the acquirer Board-regulated institution must continue to use the transitional amounts (unaffected by the business combination) that it calculated as of the date that it adopted CECL through the end of its transition period., (2) If the acquired company (as determined under GAAP) elected the treatment described in this section, any transitional amount of the acquired company does not transfer to the resulting Board-regulated institution.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"], "part": ["217"], "part_title": ["PART 217 - CAPITAL ADEQUACY OF BANK HOLDING COMPANIES, SAVINGS AND LOAN HOLDING COMPANIES, AND STATE MEMBER BANKS (REGULATION Q)"], "section": ["217.301"], "section_title": ["\u00a7 217.301 Current expected credit losses (CECL) transition."]}}
{"text": "(a) Purpose. This subpart is issued to assure that all FDIC-supervised institutions as defined in 12 CFR 326.1 establish and maintain procedures reasonably designed to assure and monitor their compliance with the requirements of subchapter II of chapter 53 of title 31, United States Code, and the implementing regulations promulgated thereunder by the Department of Treasury at 31 CFR Chapter X., (b) Compliance procedures - (1) Program requirement. Each institution shall develop and provide for the continued administration of a program reasonably designed to assure and monitor compliance with recordkeeping and reporting requirements set forth in subchapter II of chapter 53 of title 31, United States Code, and the implementing regulations issued by the Department of Treasury at 31 CFR Chapter X. The compliance program shall be written, approved by the institution's board of directors, and noted in the minutes., (2) Customer identification program. Each institution is subject to the requirements of 31 U.S.C. 5318(l) and the implementing regulation jointly promulgated by the FDIC and the Department of the Treasury at 31 CFR 1020.220., (c) Contents of compliance program. The compliance program shall, at a minimum:, (1) Provide for a system of internal controls to assure ongoing compliance;, (2) Provide for independent testing for compliance to be conducted by institution personnel or by an outside party;, (3) Designate an individual or individuals responsible for coordinating and monitoring day-to-day compliance; and, (4) Provide training for appropriate personnel.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["326"], "part_title": ["PART 326 - MINIMUM SECURITY DEVICES AND PROCEDURES AND BANK SECRECY ACT \n1\n COMPLIANCE"], "section": ["326.8"], "section_title": ["\u00a7 326.8 Bank Secrecy Act compliance."]}}
{"text": "(a) Anticoercion and antitying rules. You may not engage in any practice that would lead a consumer to believe that an extension of credit, in violation of section 106(b) of the Bank Holding Company Act Amendments of 1970 (12 U.S.C. 1972), is conditional upon either: , (1) The purchase of an insurance product or annuity from the bank or any of its affiliates; or, (2) An agreement by the consumer not to obtain, or a prohibition on the consumer from obtaining, an insurance product or annuity from an unaffiliated entity. , (b) Prohibition on misrepresentations generally. You may not engage in any practice or use any advertisement at any office of, or on behalf of, the bank or a subsidiary of the bank that could mislead any person or otherwise cause a reasonable person to reach an erroneous belief with respect to: , (1) The fact that an insurance product or annuity sold or offered for sale by you or any subsidiary of the bank is not backed by the Federal government or the bank or the fact that the insurance product or annuity is not insured by the Federal Deposit Insurance Corporation; , (2) In the case of an insurance product or annuity that involves investment risk, the fact that there is an investment risk, including the potential that principal may be lost and that the product may decline in value; or, (3) In the case of a bank or subsidiary of the bank at which insurance products or annuities are sold or offered for sale, the fact that: , (i) The approval of an extension of credit to a consumer by the bank or subsidiary may not be conditioned on the purchase of an insurance product or annuity by the consumer from the bank or a subsidiary of the bank; and, (ii) The consumer is free to purchase the insurance product or annuity from another source. , (c) Prohibition on domestic violence discrimination. You may not sell or offer for sale, as principal, agent, or broker, any life or health insurance product if the status of the applicant or insured as a victim of domestic violence or as a provider of services to victims of domestic violence is considered as a criterion in any decision with regard to insurance underwriting, pricing, renewal, or scope of coverage of such product, or with regard to the payment of insurance claims on such product, except as required or expressly permitted under State law. ", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"], "part": ["208"], "part_title": ["PART 208 - MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H)"], "section": ["208.83"], "section_title": ["\u00a7 208.83 Prohibited practices."]}}
{"text": "(a) Request for a hearing. (1) Time-period for submission. An employee who requests a hearing on the existence or amount of the debt held by FHFA or on the salary-offset schedule proposed by FHFA, must send a written request to FHFA. The request for a hearing must be received by FHFA on or before the 30th calendar day following receipt by the employee of the Notice of Intent., (2) Failure to submit timely. If the employee files a request for a hearing after the expiration of the 30th calendar day, the employee shall not be entitled to a hearing. However, FHFA may accept the request if the employee can show that the delay was the result of circumstances beyond his or her control or that he or she failed to receive actual notice of the filing deadline., (3) Contents of request. The request for a hearing must be signed by the employee and must fully identify and explain with reasonable specificity all the facts, evidence, and witnesses, if any, that the employee believes support his or her position. The employee must also specify whether he or she requests an oral hearing. If an oral hearing is requested, the employee should explain why a hearing by examination of the documents without an oral hearing would not resolve the matter., (4) Failure to request a hearing. The failure of an employee to request a hearing will be considered an admission by the employee that the debt exists in the amount specified in the Notice of Intent that was provided to the employee under \u00a7 1208.21(b)., (b) Obtaining the services of a hearing official - (1) Debtor is not an FHFA employee. When the debtor is not an FHFA employee and FHFA cannot provide a prompt and appropriate hearing before an administrative law judge or other hearing official, FHFA may request a hearing official from an agent of the paying agency, as designated in 5 CFR part 581, appendix A, or as otherwise designated by the paying agency. The paying agency must cooperate with FHFA to provide a hearing official, as required by the FCCS., (2) Debtor is an FHFA employee. When the debtor is an FHFA employee, FHFA may contact any agent of another agency, as designated in 5 CFR part 581, appendix A, or as otherwise designated by the agency, to request a hearing official., (c) Procedure - (1) Notice of hearing. After the employee requests a hearing, the hearing official shall notify the employee of the form of the hearing to be provided. If the hearing will be oral, the notice shall set forth the date, time, and location of the hearing, which must occur no more than 30 calendar days after the request is received, unless the employee requests that the hearing be delayed. If the hearing will be conducted by an examination of documents, the employee shall be notified within 30 calendar days that he or she should submit evidence and arguments in writing to the hearing official within 30 calendar days., (2) Oral hearing. (i) An employee who requests an oral hearing shall be provided an oral hearing if the hearing official determines that the matter cannot be resolved by an examination of the documents alone, as for example, when an issue of credibility or veracity is involved. The oral hearing need not be an adversarial adjudication; and rules of evidence need not apply. Witnesses who testify in an oral hearing shall do so under oath or affirmation., (ii) Oral hearings may take the form of, but are not limited to:, (A) Informal conferences with the hearing official in which the employee and agency representative are given full opportunity to present evidence, witnesses, and argument;, (B) Informal meetings in which the hearing examiner interviews the employee; or, (C) Formal written submissions followed by an opportunity for oral presentation., (3) Hearing by examination of documents. If the hearing official determines that an oral hearing is not necessary, he or she shall make the determination based upon an examination of the documents., (d) Record. The hearing official shall maintain a summary record of any hearing conducted under this section., (e) Decision. (1) The hearing official shall issue a written opinion stating his or her decision, based upon all evidence and information developed during the hearing, as soon as practicable after the hearing, but not later than 60 calendar days after the date on which the request was received by FHFA, unless the hearing was delayed at the request of the employee, in which case the 60-day decision period shall be extended by the number of days by which the hearing was postponed., (2) The decision of the hearing official shall be final and is considered to be an official certification regarding the existence and the amount of the debt for purposes of executing salary offset under 5 U.S.C. 5514. If the hearing official determines that a debt may not be collected by salary offset, but FHFA finds that the debt is still valid, FHFA may seek collection of the debt through other means in accordance with applicable law and regulations., (f) Content of decision. The written decision shall include:, (1) A summary of the facts concerning the origin, nature, and amount of the debt;, (2) The hearing official's findings, analysis, and conclusions; and, (3) The terms of any repayment schedules, if applicable., (g) Failure to appear. If, in the absence of good cause shown, such as illness, the employee or the representative of FHFA fails to appear, the hearing official shall proceed with the hearing as scheduled, and make his or her decision based upon the oral testimony presented and the documentation submitted by both parties. At the request of both parties, the hearing official may schedule a new hearing date. Both parties shall be given reasonable notice of the time and place of the new hearing.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - ORGANIZATION AND OPERATIONS"], "part": ["1208"], "part_title": ["PART 1208 - DEBT COLLECTION"], "section": ["1208.23"], "section_title": ["\u00a7 1208.23 Opportunity for a hearing where FHFA is the creditor agency."]}}
{"text": "(a) Development and publication of criteria. Pursuant to the Foreign Bank Supervision Enhancement Act, Pub. L. 102-242, 105 Stat. 2286 (1991), the Board shall develop and publish criteria to be used in evaluating the operations of any foreign bank in the United States that the Board has determined is not subject to comprehensive consolidated supervision. , (b) Criteria considered by Board. Following a determination by the Board that, having taken into account the standards set forth in \u00a7 211.24(c)(1), a foreign bank is not subject to CCS, the Board shall consider the following criteria in determining whether the foreign bank's U.S. operations should be permitted to continue and, if so, whether any supervisory constraints should be placed upon the bank in connection with those operations: , (1) The proportion of the foreign bank's total assets and total liabilities that are located or booked in its home country, as well as the distribution and location of its assets and liabilities that are located or booked elsewhere;, (2) The extent to which the operations and assets of the foreign bank and any affiliates are subject to supervision by its home country supervisor;, (3) Whether the home country supervisor of such foreign bank is actively working to establish arrangements for comprehensive consolidated supervision of the bank, and whether demonstrable progress is being made;, (4) Whether the foreign bank has effective and reliable systems of internal controls and management information and reporting, which enable its management properly to oversee its worldwide operations;, (5) Whether the foreign bank's home country supervisor has any objection to the bank continuing to operate in the United States;, (6) Whether the foreign bank's home country supervisor and the home country supervisor of any parent of the foreign bank share material information regarding the operations of the foreign bank with other supervisory authorities;, (7) The relationship of the U.S. operations to the other operations of the foreign bank, including whether the foreign bank maintains funds in its U.S. offices that are in excess of amounts due to its U.S. offices from the foreign bank's non-U.S. offices;, (8) The soundness of the foreign bank's overall financial condition;, (9) The managerial resources of the foreign bank, including the competence, experience, and integrity of the officers and directors, and the integrity of its principal shareholders;, (10) The scope and frequency of external audits of the foreign bank;, (11) The operating record of the foreign bank generally and its role in the banking system in its home country;, (12) The foreign bank's record of compliance with relevant laws, as well as the adequacy of its anti-money-laundering controls and procedures, in respect of its worldwide operations;, (13) The operating record of the U.S. offices of the foreign bank;, (14) The views and recommendations of the Comptroller or the relevant state supervisors in those states in which the foreign bank has operations, as appropriate;, (15) Whether the foreign bank, if requested, has provided the Board with adequate assurances that such information will be made available on the operations or activities of the foreign bank and any of its affiliates as the Board deems necessary to determine and enforce compliance with the IBA, the BHC Act, and other U.S. banking statutes; and, (16) Any other information relevant to the safety and soundness of the U.S. operations of the foreign bank., (c) Restrictions on U.S. operations - (1) Terms of agreement. Any foreign bank that the Board determines is not subject to CCS may be required to enter into an agreement to conduct its U.S. operations subject to such restrictions as the Board, having considered the criteria set forth in paragraph (b) of this section, determines to be appropriate in order to ensure the safety and soundness of its U.S. operations., (2) Failure to enter into or comply with agreement. A foreign bank that is required by the Board to enter into an agreement pursuant to paragraph (c)(1) of this section and either fails to do so, or fails to comply with the terms of such agreement, may be subject to:, (i) Enforcement action, in order to ensure safe and sound banking operations, under 12 U.S.C. 1818; or, (ii) Termination or a recommendation for termination of its U.S. operations, under \u00a7 211.25(a) and (e) and section (7)(e) of the IBA (12 U.S.C. 3105(e)).", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"], "part": ["211"], "part_title": ["PART 211 - INTERNATIONAL BANKING OPERATIONS (REGULATION K)"], "section": ["211.30"], "section_title": ["\u00a7 211.30 Criteria for evaluating U.S. operations of foreign banks not subject to consolidated supervision."]}}
{"text": "(a) Permissible activities and investments. In addition to its general banking powers, and to the extent consistent with its charter, a foreign branch of a member bank may engage in the following activities and make the following investments, so far as is usual in connection with the business of banking in the country where it transacts business: , (1) Guarantees. Guarantee debts, or otherwise agree to make payments on the occurrence of readily ascertainable events (including, but not limited to, nonpayment of taxes, rentals, customs duties, or costs of transport, and loss or nonconformance of shipping documents) if the guarantee or agreement specifies a maximum monetary liability; however, except to the extent that the member bank is fully secured, it may not have liabilities outstanding for any person on account of such guarantees or agreements which, when aggregated with other unsecured obligations of the same person, exceed the limit contained in section 5200(a)(1) of the Revised Statutes (12 U.S.C. 84) for loans and extensions of credit; , (2) Government obligations. (i) Underwrite, distribute, buy, sell, and hold obligations of: , (A) The national government of the country where the branch is located and any political subdivision of that country; , (B) An agency or instrumentality of the national government of the country where the branch is located where such obligations are supported by the taxing authority, guarantee, or full faith and credit of that government; , (C) The national government or political subdivision of any country, where such obligations are rated investment grade; and , (D) An agency or instrumentality of any national government where such obligations are rated investment grade and are supported by the taxing authority, guarantee or full faith and credit of that government. , (ii) No member bank, under authority of this paragraph (a)(2), may hold, or be under commitment with respect to, such obligations for its own account in relation to any one country in an amount exceeding the greater of: , (A) 10 percent of its tier 1 capital; or , (B) 10 percent of the total deposits of the bank's branches in that country on the preceding year-end call report date (or the date of acquisition of the branch, in the case of a branch that has not been so reported); , (3) Other investments. (i) Invest in: , (A) The securities of the central bank, clearinghouses, governmental entities other than those authorized under paragraph (a)(2) of this section, and government-sponsored development banks of the country where the foreign branch is located; , (B) Other debt securities eligible to meet local reserve or similar requirements; and , (C) Shares of automated electronic-payments networks, professional societies, schools, and the like necessary to the business of the branch; , (ii) The total investments of a bank's branches in a country under this paragraph (a)(3) (exclusive of securities held as required by the law of that country or as authorized under section 5136 of the Revised Statutes (12 U.S.C. 24, Seventh)) may not exceed 1 percent of the total deposits of the bank's branches in that country on the preceding year-end call report date (or on the date of acquisition of the branch, in the case of a branch that has not been so reported); , (4) Real estate loans. Take liens or other encumbrances on foreign real estate in connection with its extensions of credit, whether or not of first priority and whether or not the real estate has been improved; , (5) Insurance. Act as insurance agent or broker; , (6) Employee benefits program. Pay to an employee of the branch, as part of an employee benefits program, a greater rate of interest than that paid to other depositors of the branch; , (7) Repurchase agreements. Engage in repurchase agreements involving securities and commodities that are the functional equivalents of extensions of credit; , (8) Investment in subsidiaries. With the Board's prior approval, acquire all of the shares of a company (except where local law requires other investors to hold directors' qualifying shares or similar types of instruments) that engages solely in activities: , (i) In which the member bank is permitted to engage; or , (ii) That are incidental to the activities of the foreign branch. , (b) Other activities. With the Board's prior approval, engage in other activities that the Board determines are usual in connection with the transaction of the business of banking in the places where the member bank's branches transact business. ", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"], "part": ["211"], "part_title": ["PART 211 - INTERNATIONAL BANKING OPERATIONS (REGULATION K)"], "section": ["211.4"], "section_title": ["\u00a7 211.4 Permissible activities and investments of foreign branches of member banks."]}}
{"text": "For purposes of this part, an officer or employee of the Federal Reserve is considered to be the \u201csenior examiner\u201d for a particular state member bank, bank holding company, savings and loan holding company, or foreign bank if - , (a) The officer or employee has been authorized by the Board to conduct examinations or inspections on behalf of the Board;, (b) The officer or employee has been assigned continuing, broad and lead responsibility for examining or inspecting the state member bank, bank holding company, savings and loan holding company, or foreign bank; and, (c) The officer's or employee's responsibilities for examining, inspecting and supervising the state member bank, bank holding company, savings and loan holding company, or foreign bank - , (1) Represent a substantial portion of the officer's or employee's assigned responsibilities; and, (2) Require the officer or employee to interact routinely with officers or employees of the state member bank, bank holding company, savings and loan holding company, or foreign bank or its affiliates.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["264a"], "part_title": ["PART 264a - POST-EMPLOYMENT RESTRICTIONS FOR SENIOR EXAMINERS"], "section": ["264a.2"], "section_title": ["\u00a7 264a.2 Who is considered a senior examiner of the Federal Reserve?"]}}
{"text": "(a) Petitions have been filed with the Board raising questions as to whether the margin requirements in this part apply to two types of corporate acquisitions in which debt securities are issued to finance the acquisition of margin stock of a target company., (b) In the first situation, the acquiring company, Company A, controls a shell corporation that would make a tender offer for the stock of Company B, which is margin stock (as defined in \u00a7 221.2). The shell corporation has virtually no operations, has no significant business function other than to acquire and hold the stock of Company B, and has substantially no assets other than the margin stock to be acquired. To finance the tender offer, the shell corporation would issue debt securities which, by their terms, would be unsecured. If the tender offer is successful, the shell corporation would seek to merge with Company B. However, the tender offer seeks to acquire fewer shares of Company B than is necessary under state law to effect a short form merger with Company B, which could be consummated without the approval of shareholders or the board of directors of Company B., (c) The purchase of the debt securities issued by the shell corporation to finance the acquisition clearly involves purpose credit (as defined in \u00a7 221.2). In addition, such debt securities would be purchased only by sophisticated investors in very large minimum denominations, so that the purchasers may be lenders for purposes of this part. See \u00a7 221.3(b). Since the debt securities contain no direct security agreement involving the margin stock, applicability of the lending restrictions of this part turns on whether the arrangement constitutes an extension of credit that is secured indirectly by margin stock., (d) As the Board has recognized, indirect security can encompass a wide variety of arrangements between lenders and borrowers with respect to margin stock collateral that serve to protect the lenders' interest in assuring that a credit is repaid where the lenders do not have a conventional direct security interest in the collateral. See \u00a7 221.124. However, credit is not \u201cindirectly secured\u201d by margin stock if the lender in good faith has not relied on the margin stock as collateral extending or maintaining credit. See \u00a7 221.2., (e) The Board is of the view that, in the situation described in paragraph (b) of this section, the debt securities would be presumed to be indirectly secured by the margin stock to be acquired by the shell acquisition vehicle. The staff has previously expressed the view that nominally unsecured credit extended to an investment company, a substantial portion of whose assets consist of margin stock, is indirectly secured by the margin stock. See Federal Reserve Regulatory Service 5-917.12. (See 12 CFR 261.10(f) for information on how to obtain Board publications.) This opinion notes that the investment company has substantially no assets other than margin stock to support indebtedness and thus credit could not be extended to such a company in good faith without reliance on the margin stock as collateral., (f) The Board believes that this rationale applies to the debt securities issued by the shell corporation described in paragraph (b) of this section. At the time the debt securities are issued, the shell corporation has substantially no assets to support the credit other than the margin stock that it has acquired or intends to acquire and has no significant business function other than to hold the stock of the target company in order to facilitate the acquisition. Moreover, it is possible that the shell may hold the margin stock for a significant and indefinite period of time, if defensive measures by the target prevent consummation of the acquisition. Because of the difficulty in predicting the outcome of a contested takeover at the time that credit is committed to the shell corporation, the Board believes that the purchasers of the debt securities could not, in good faith, lend without reliance on the margin stock as collateral. The presumption that the debt securities are indirectly secured by margin stock would not apply if there is specific evidence that lenders could in good faith rely on assets other than margin stock as collateral, such as a guaranty of the debt securities by the shell corporation's parent company or another company that has substantial non-margin stock assets or cash flow. This presumption would also not apply if there is a merger agreement between the acquiring and target companies entered into at the time the commitment is made to purchase the debt securities or in any event before loan funds are advanced. In addition, the presumption would not apply if the obligation of the purchasers of the debt securities to advance funds to the shell corporation is contingent on the shell's acquisition of the minimum number of shares necessary under applicable state law to effect a merger between the acquiring and target companies without the approval of either the shareholders or directors of the target company. In these two situations where the merger will take place promptly, the Board believes the lenders could reasonably be presumed to be relying on the assets of the target for repayment., (g) In addition, the Board is of the view that the debt securities described in paragraph (b) of this section are indirectly secured by margin stock because there is a practical restriction on the ability of the shell corporation to dispose of the margin stock of the target company. Indirectly secured is defined in \u00a7 221.2 to include any arrangement under which the customer's right or ability to sell, pledge, or otherwise dispose of margin stock owned by the customer is in any way restricted while the credit remains outstanding. The purchasers of the debt securities issued by a shell corporation to finance a takeover attempt clearly understand that the shell corporation intends to acquire the margin stock of the target company in order to effect the acquisition of that company. This understanding represents a practical restriction on the ability of the shell corporation to dispose of the target's margin stock and to acquire other assets with the proceeds of the credit., (h) In the second situation, Company C, an operating company with substantial assets or cash flow, seeks to acquire Company D, which is significantly larger than Company C. Company C establishes a shell corporation that together with Company C makes a tender offer for the shares of Company D, which is margin stock. To finance the tender offer, the shell corporation would obtain a bank loan that complies with the margin lending restrictions of this part and Company C would issue debt securities that would not be directly secured by any margin stock. The Board is of the opinion that these debt securities should not be presumed to be indirectly secured by the margin stock of Company D, since, as an operating business, Company C has substantial assets or cash flow without regard to the margin stock of Company D. Any presumption would not be appropriate because the purchasers of the debt securities may be relying on assets other than margin stock of Company D for repayment of the credit.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["221"], "part_title": ["PART 221 - CREDIT BY BANKS AND PERSONS OTHER THAN BROKERS OR DEALERS FOR THE PURPOSE OF PURCHASING OR CARRYING MARGIN STOCK (REGULATION U)"], "section": ["221.124"], "section_title": ["\u00a7 221.124 Purchase of debt securities to finance corporate takeovers."]}}
{"text": "Some of the terms you need to understand while reading this regulation are - , Aggregating means combing multiple requests for documents that could reasonably have been the subject of a single request and which occur within a 30-day period, by a single requester or by a group of requesters acting in concert that would otherwise involve unusual circumstances., Appeals Officer or FOIA Appeals Officer means a person designated by FHFA who processes appeals of denied FOIA requests for FHFA records., Chief FOIA Officer means the designated high-level official within FHFA (FHFA-OIG does not have a separate Chief FOIA Officer) who has overall responsibility for the agency's FOIA program and compliance with the FOIA., Confidential commercial information means records provided to the Federal Government by a submitter that contain material exempt from release under Exemption 4 of the FOIA, 5 U.S.C. 552(b)(4), because disclosure could reasonably be expected to cause substantial competitive harm., Days, unless stated as \u201ccalendar days,\u201d are working days and do not include Saturdays, Sundays, and Federal holidays. If the last day of any period prescribed herein falls on a Saturday, Sunday, or Federal holiday, the last day of the period will be the next working day that is not a Saturday, Sunday, or Federal holiday., Direct costs means the expenses, including contract services and retrieving documents from at a Federal records center operated by the National Archives and Records Administration, incurred by FHFA, in searching for, reviewing and/or duplicating records to respond to a request for information. In the case of a commercial use request, the term also means those expenditures FHFA actually incurs in reviewing records to respond to the request. Direct costs include the cost of the time of the employee performing the work, the cost of any computer searches, and the cost of operating duplication equipment. Direct costs do not include overhead expenses such as costs of space, and heating or lighting the facility in which the records are stored., Duplication means reproducing a copy of a record, or of the information contained in it, necessary to respond to a FOIA request. Copies can take the form of paper, audiovisual materials, or electronic records, among others., Employee, for the purposes of this regulation, means any person holding an appointment to a position of employment with FHFA, or any person who formerly held such an appointment; any conservator appointed by FHFA; or any agent or independent contractor acting on behalf of FHFA, even though the appointment or contract has terminated., Fee Waiver means the waiver or reduction of fees if the requester can demonstrate that certain statutory standards are met., FHFA means each separate component designated by the agency as a primary organizational unit that is responsible for processing FOIA requests, as specified in Appendices A and B to this part. FHFA has two components: Federal Housing Finance Agency Headquarters (FHFA-HQ) and FHFA Office of Inspector General (FHFA-OIG)., FOIA Officer, FOIA Official and Chief FOIA Officer are persons designated by FHFA to process and respond to requests for FHFA records under the FOIA., FOIA Public Liaison is a person designated by FHFA who is responsible for assisting requesters with their requests., Proactive disclosure means records that are required by the FOIA to be made publicly available, as well as additional records identified as being of interest to the public that are appropriate for public disclosure, and for posting and indexing such records., Readily reproducible means that the requested record or records exist in electronic format and can be downloaded or transferred intact to a computer disk, tape, or another electronic medium with equipment and software currently in use by FHFA., Record means information or documentary material FHFA maintains in any form or format, including electronic, which FHFA - , (1) Created or received under Federal law or in connection with the transaction of public business;, (2) Preserved or determined is appropriate for preservation as evidence of operations or activities of FHFA, or because of the value of the information it contains; and, (3) Controls at the time it receives a request under the FOIA., Regulated entities means the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks., Requester means any person seeking access to FHFA records under the FOIA. A requester falls into one of three categories for the purpose of determining what fees may be charged. The three categories are - , (1) Commercial - A request that asks for information for a use or a purpose that furthers a commercial, trade, or profit interest, which can include furthering those interests through litigation. A decision to place a requester in the commercial use category will be made on a case-by-case basis based on the requester's intended use of the information;, (2) Noncommercial - Three distinct subcategories - , (i) Educational institution - Any school that operates a program of scholarly research. A requester in this fee category must show that the request is authorized by, and is made under the auspices of, an educational institution and that the records are not sought for a commercial use, but rather are sought to further scholarly research. To fall with this fee category, the request must serve the scholarly research goals of the institution rather than an individual research goal. A student who makes a request in furtherance of their coursework or other school-sponsored activities and provides a copy of a course syllabus or other reasonable documentation to indicate the research purpose for the request would qualify as part of this fee category;, (ii) Noncommercial scientific institution - An institution that is not operated on a \u201ccommercial\u201d basis, as defined in this section and that is operated solely for the purpose of conducting scientific research the results of which are not intended to promote any particular product or industry. A request in this category must show that the request is authorized by and is made under the auspices of a qualifying institution and that the records are sought to further scientific research and are not for a commercial use; or, (iii) Representative of the news media - Any person or entity that publishes or broadcasts news to the public, actively gathers information of potential interest to a segment of the public, uses its editorial skills to turn the raw materials into distinct work, and distributes that work to an audience. The term \u201cnews\u201d means information that is about current events or that would be of current interest to the public; and, (3) Other - All requesters who do not fall within either of the preceding two categories., Requester Service Centers serve as the primary contacts for a requester when the requester has questions, is seeking information about how the FOIA works, or to check the status of their request., Review means the examination of a record located in response to a request in order to determine whether any portion of it is exempt from disclosure. Review time includes processing any record for disclosure, such as doing all that is necessary to prepare the record for disclosure, including the process of redacting the record and marking the appropriate exemptions. Review costs are properly charged even if a record ultimately is not disclosed. Review time also includes time spent both obtaining and considering any formal objection to disclosure made by a confidential commercial information submitter under \u00a7 1202.8(f) of this part., Search means the process of looking for and retrieving records or information responsive to a request, whether manually or by electronic means. Search time includes a page-by-page or line-by-line identification of information within a record and the reasonable efforts expanded to locate and retrieve information from electronic records., Submitter means any person or entity providing confidential information to the Federal Government. The term \u201csubmitter\u201d includes, but is not limited to corporations, state governments, and foreign governments., Unusual circumstances means the need to - , (1) Search for and collect records from agencies, offices, facilities, or locations that are separate from the office processing the request;, (2) Search for, collect, and appropriately examine a voluminous amount of separate and distinct records in order to process a single request; or, (3) Consult with another agency or among two or more components of the FHFA that have a substantial interest in the determination of a request., Vaughn index means an itemized index, used in litigation, correlating each withheld document (or portion) with a specific FOIA exemption and the relevant part of the agency's nondisclosure justification.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - ORGANIZATION AND OPERATIONS"], "part": ["1202"], "part_title": ["PART 1202 - FREEDOM OF INFORMATION ACT"], "section": ["1202.2"], "section_title": ["\u00a7 1202.2 What do the terms in this part mean?"]}}
{"text": "(a) Acceptance of notice, additional information. The FDIC shall notify the person or persons submitting a notice under this subpart in writing of the date the notice is accepted as substantially complete. The FDIC may request additional information at any time., (b) Commencement of the 60-day notice period: consummation of acquisition. (1) The 60-day notice period specified in \u00a7 303.82 shall commence on the day after the date of acceptance of a substantially complete notice by the appropriate regional director. The notificant(s) may consummate the proposed acquisition after the expiration of the 60-day notice period, unless the FDIC disapproves the proposed acquisition or extends the notice period as provided in the CBCA., (2) The notificant(s) may consummate the proposed transaction before the expiration of the 60-day period, including any extensions, if the FDIC notifies the notificant(s) in writing of its intention not to disapprove the acquisition., (c) Disapproval of acquisition of control. Subpart D of 12 CFR part 308 sets forth the rules of practice and procedure for a notice of disapproval.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["303"], "part_title": ["PART 303 - FILING PROCEDURES"], "section": ["303.86"], "section_title": ["\u00a7 303.86 Processing."]}}
{"text": "(a) Minimum purchase requirement. An institution that has been approved for membership in a Bank as provided in this part shall become a member of that Bank upon purchasing the amount of stock required under the membership stock purchase provisions of that Bank's capital structure plan. If an institution fails to purchase the minimum amount of stock required for membership within 60 calendar days after the date on which it is approved for membership, the membership approval shall become void and that institution may not become a member of that Bank until after it has filed a new application and the Bank has approved that application pursuant to the requirements of this part., (b) Issuance of stock. After approving an institution for membership, and in return for payment in full of the par value, a Bank shall issue to that institution the amount of capital stock required to be purchased under the Bank's capital structure plan., (c) Reports. Each Bank shall report to FHFA information regarding the minimum investment in Bank capital stock made by each new member referred to in paragraph (a) of this section, in accordance with the instructions provided in the Data Reporting Manual.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["D"], "subchapter_title": ["SUBCHAPTER D - FEDERAL HOME LOAN BANKS"], "part": ["1263"], "part_title": ["PART 1263 - MEMBERS OF THE BANKS"], "section": ["1263.20"], "section_title": ["\u00a7 1263.20 Stock purchase."]}}
{"text": "The NCUA Board may, at any time during the pendency of a proceeding perform, direct the performance of, or waive performance of, any act which could be done or ordered by the administrative law judge.", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - REGULATIONS AFFECTING CREDIT UNIONS"], "part": ["747"], "part_title": ["PART 747 - ADMINISTRATIVE ACTIONS, ADJUDICATIVE HEARINGS, RULES OF PRACTICE AND PROCEDURE, AND INVESTIGATIONS"], "section": ["747.4"], "section_title": ["\u00a7 747.4 Authority of the NCUA Board."]}}
{"text": "(a) Permitted risk-mitigating hedging activities. The prohibition contained in \u00a7 248.3(a) does not apply to the risk-mitigating hedging activities of a banking entity in connection with and related to individual or aggregated positions, contracts, or other holdings of the banking entity and designed to reduce the specific risks to the banking entity in connection with and related to such positions, contracts, or other holdings., (b) Requirements. (1) The risk-mitigating hedging activities of a banking entity that has significant trading assets and liabilities are permitted under paragraph (a) of this section only if:, (i) The banking entity has established and implements, maintains and enforces an internal compliance program required by subpart D of this part that is reasonably designed to ensure the banking entity's compliance with the requirements of this section, including:, (A) Reasonably designed written policies and procedures regarding the positions, techniques and strategies that may be used for hedging, including documentation indicating what positions, contracts or other holdings a particular trading desk may use in its risk-mitigating hedging activities, as well as position and aging limits with respect to such positions, contracts or other holdings;, (B) Internal controls and ongoing monitoring, management, and authorization procedures, including relevant escalation procedures; and, (C) The conduct of analysis and independent testing designed to ensure that the positions, techniques and strategies that may be used for hedging may reasonably be expected to reduce or otherwise significantly mitigate the specific, identifiable risk(s) being hedged;, (ii) The risk-mitigating hedging activity:, (A) Is conducted in accordance with the written policies, procedures, and internal controls required under this section;, (B) At the inception of the hedging activity, including, without limitation, any adjustments to the hedging activity, is designed to reduce or otherwise significantly mitigate one or more specific, identifiable risks, including market risk, counterparty or other credit risk, currency or foreign exchange risk, interest rate risk, commodity price risk, basis risk, or similar risks, arising in connection with and related to identified positions, contracts, or other holdings of the banking entity, based upon the facts and circumstances of the identified underlying and hedging positions, contracts or other holdings and the risks and liquidity thereof;, (C) Does not give rise, at the inception of the hedge, to any significant new or additional risk that is not itself hedged contemporaneously in accordance with this section;, (D) Is subject to continuing review, monitoring and management by the banking entity that:, (1) Is consistent with the written hedging policies and procedures required under paragraph (b)(1)(i) of this section;, (2) Is designed to reduce or otherwise significantly mitigate the specific, identifiable risks that develop over time from the risk-mitigating hedging activities undertaken under this section and the underlying positions, contracts, and other holdings of the banking entity, based upon the facts and circumstances of the underlying and hedging positions, contracts and other holdings of the banking entity and the risks and liquidity thereof; and, (3) Requires ongoing recalibration of the hedging activity by the banking entity to ensure that the hedging activity satisfies the requirements set out in paragraph (b)(1)(ii) of this section and is not prohibited proprietary trading; and, (iii) The compensation arrangements of persons performing risk-mitigating hedging activities are designed not to reward or incentivize prohibited proprietary trading., (2) The risk-mitigating hedging activities of a banking entity that does not have significant trading assets and liabilities are permitted under paragraph (a) of this section only if the risk-mitigating hedging activity:, (i) At the inception of the hedging activity, including, without limitation, any adjustments to the hedging activity, is designed to reduce or otherwise significantly mitigate one or more specific, identifiable risks, including market risk, counterparty or other credit risk, currency or foreign exchange risk, interest rate risk, commodity price risk, basis risk, or similar risks, arising in connection with and related to identified positions, contracts, or other holdings of the banking entity, based upon the facts and circumstances of the identified underlying and hedging positions, contracts or other holdings and the risks and liquidity thereof; and, (ii) Is subject, as appropriate, to ongoing recalibration by the banking entity to ensure that the hedging activity satisfies the requirements set out in paragraph (b)(2) of this section and is not prohibited proprietary trading., (c) Documentation requirement. (1) A banking entity that has significant trading assets and liabilities must comply with the requirements of paragraphs (c)(2) and (3) of this section, unless the requirements of paragraph (c)(4) of this section are met, with respect to any purchase or sale of financial instruments made in reliance on this section for risk-mitigating hedging purposes that is:, (i) Not established by the specific trading desk establishing or responsible for the underlying positions, contracts, or other holdings the risks of which the hedging activity is designed to reduce;, (ii) Established by the specific trading desk establishing or responsible for the underlying positions, contracts, or other holdings the risks of which the purchases or sales are designed to reduce, but that is effected through a financial instrument, exposure, technique, or strategy that is not specifically identified in the trading desk's written policies and procedures established under paragraph (b)(1) of this section or under \u00a7 248.4(b)(2)(iii)(B) of this subpart as a product, instrument, exposure, technique, or strategy such trading desk may use for hedging; or, (iii) Established to hedge aggregated positions across two or more trading desks., (2) In connection with any purchase or sale identified in paragraph (c)(1) of this section, a banking entity must, at a minimum, and contemporaneously with the purchase or sale, document:, (i) The specific, identifiable risk(s) of the identified positions, contracts, or other holdings of the banking entity that the purchase or sale is designed to reduce;, (ii) The specific risk-mitigating strategy that the purchase or sale is designed to fulfill; and, (iii) The trading desk or other business unit that is establishing and responsible for the hedge., (3) A banking entity must create and retain records sufficient to demonstrate compliance with the requirements of this paragraph (c) for a period that is no less than five years in a form that allows the banking entity to promptly produce such records to the Board on request, or such longer period as required under other law or this part., (4) The requirements of paragraphs (c)(2) and (3) of this section do not apply to the purchase or sale of a financial instrument described in paragraph (c)(1) of this section if:, (i) The financial instrument purchased or sold is identified on a written list of pre-approved financial instruments that are commonly used by the trading desk for the specific type of hedging activity for which the financial instrument is being purchased or sold; and, (ii) At the time the financial instrument is purchased or sold, the hedging activity (including the purchase or sale of the financial instrument) complies with written, pre-approved limits for the trading desk purchasing or selling the financial instrument for hedging activities undertaken for one or more other trading desks. The limits shall be appropriate for the:, (A) Size, types, and risks of the hedging activities commonly undertaken by the trading desk;, (B) Financial instruments purchased and sold for hedging activities by the trading desk; and, (C) Levels and duration of the risk exposures being hedged.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["248"], "part_title": ["PART 248 - PROPRIETARY TRADING AND CERTAIN INTERESTS IN AND RELATIONSHIPS WITH COVERED FUNDS (REGULATION VV)"], "section": ["248.5"], "section_title": ["\u00a7 248.5 Permitted risk-mitigating hedging activities."]}}
{"text": "(a) Any offering circular, amendment, or exhibit may be withdrawn prior to the effective date. A withdrawal shall be signed and state the grounds upon which it is made. Any document withdrawn will not be removed from the files of the FDIC, but will be marked \u201cWithdrawn upon the request of the issuer on (date).\u201d, (b) When an offering circular or amendment has been on file with the FDIC for a period of nine months and has not become effective, the FDIC may, in its discretion, determine whether the filing has been abandoned, after notifying the issuer that the filing is out of date and must either be amended to comply with the applicable requirements of this subpart or be withdrawn within 30 days after the date of such notice. When a filing is abandoned, the filing will not be removed from the files of the FDIC, but will be marked \u201cDeclared abandoned by the FDIC on (date).\u201d", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION (CONTINUED)"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY (CONTINUED)"], "part": ["390"], "part_title": ["PART 390 - REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT SUPERVISION"], "section": ["390.420"], "section_title": ["\u00a7 390.420 Withdrawal or abandonment."]}}
{"text": "The Farm Credit Leasing Services Corporation may enter into a lease agreement with a lessee if the consolidated amount of all leases and undisbursed commitments to that lessee or any related entities does not exceed 15 percent of its lending and leasing limit base.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["614"], "part_title": ["PART 614 - LOAN POLICIES AND OPERATIONS"], "section": ["614.4356"], "section_title": ["\u00a7 614.4356 Farm Credit Leasing Services Corporation."]}}
{"text": "(a) General. With the prior written consent of the Board, the concentration limit under \u00a7 251.3 shall not apply to:, (1) A covered acquisition of an insured depository institution that is in default or in danger of default (as determined by the appropriate Federal banking agency of the insured depository institution, in consultation with the Board);, (2) A covered acquisition with respect to which assistance is provided by the Federal Deposit Insurance Corporation under section 13(c) of the Federal Deposit Insurance Act (12 U.S.C. 1823(c)); or, (3) A covered acquisition that would result in an increase in the liabilities of the financial company that does not exceed $2 billion, when aggregated with all other acquisitions by the financial company made pursuant to this paragraph (a)(3) during the twelve months preceding the projected date of the acquisition., (b) Prior written consent - (1) General. Except as provided in paragraph (c) of this section, a financial company must request that the Board provide prior written consent before the financial company consummates a transaction described in paragraph (a) of this section., (2) Contents of request. (i) A request for prior written consent under paragraph (a) of this section must contain:, (A) A description of the covered acquisition;, (B) The projected increase in the company's liabilities resulting from the acquisition;, (C) If the request is made pursuant to paragraph (a)(3) of this section, the projected aggregate increase in the company's liabilities from acquisitions during the twelve months preceding the projected date of the acquisition; and, (D) Any additional information requested by the Board., (ii) A financial company may satisfy the requirements of this paragraph (b) if:, (A) The proposed transaction otherwise requires approval by, or prior notice to, the Board under the Change in Bank Control Act, Bank Holding Company Act, Home Owners' Loan Act, International Banking Act, or any other applicable statute, and any regulation thereunder; and, (B) The financial company includes the information required in paragraph (b)(2) of this section in the notice or request for prior approval described in paragraph (b)(2)(ii)(A) of this section., (3) Procedures for providing written consent. (i) The Board will act on a request for prior written consent filed under this paragraph (b) within 90 calendar days after the receipt of a complete request, unless that time period is extended by the Board. To the extent that a proposed transaction otherwise requires approval from, or prior notice to, the Board under another provision of law, the Board will act on that request for prior written consent concurrently with its action on the request for approval or notice., (ii) In acting on a request under this paragraph (b), the Board will consider whether the consummation of the covered acquisition could pose a threat to financial stability., (c) General consent. The Board grants prior written consent for a covered acquisition that would result in an increase in the liabilities of the financial company that does not exceed $100 million, when aggregated with all other covered acquisitions by the financial company made pursuant to this paragraph (c) during the twelve months preceding the date of the acquisition. A financial company that relies on prior written consent pursuant to this paragraph (c) must provide a notice to the Board within 10 days after consummating the covered acquisition that describes the covered acquisition, the increase in the company's liabilities resulting from the acquisition, and the aggregate increase in the company's liabilities from covered acquisitions during the twelve months preceding the date of the acquisition.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["251"], "part_title": ["PART 251 - CONCENTRATION LIMIT (REGULATION XX)"], "section": ["251.4"], "section_title": ["\u00a7 251.4 Exceptions to the concentration limit."]}}
{"text": "(a) Higher-priced mortgage loans - (1) For purposes of this section, except as provided in paragraph (b)(3)(v) of this section, a higher-priced mortgage loan is a consumer credit transaction secured by the consumer's principal dwelling with an annual percentage rate that exceeds the average prime offer rate for a comparable transaction as of the date the interest rate is set by 1.5 or more percentage points for loans secured by a first lien on a dwelling, or by 3.5 or more percentage points for loans secured by a subordinate lien on a dwelling., (2) \u201cAverage prime offer rate\u201d means an annual percentage rate that is derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage transactions that have low-risk pricing characteristics. The Board publishes average prime offer rates for a broad range of types of transactions in a table updated at least weekly as well as the methodology the Board uses to derive these rates., (3) Notwithstanding paragraph (a)(1) of this section, the term \u201chigher-priced mortgage loan\u201d does not include a transaction to finance the initial construction of a dwelling, a temporary or \u201cbridge\u201d loan with a term of twelve months or less, such as a loan to purchase a new dwelling where the consumer plans to sell a current dwelling within twelve months, a reverse-mortgage transaction subject to \u00a7 226.33, or a home equity line of credit subject to \u00a7 226.5b., (b) Rules for higher-priced mortgage loans. Higher-priced mortgage loans are subject to the following restrictions:, (1) Repayment ability. A creditor shall not extend credit based on the value of the consumer's collateral without regard to the consumer's repayment ability as of consummation as provided in \u00a7 226.34(a)(4)., (2) Prepayment penalties. A loan may not include a penalty described by \u00a7 226.32(d)(6) unless:, (i) The penalty is otherwise permitted by law, including \u00a7 226.32(d)(7) if the loan is a mortgage transaction described in \u00a7 226.32(a); and, (ii) Under the terms of the loan - , (A) The penalty will not apply after the two-year period following consummation;, (B) The penalty will not apply if the source of the prepayment funds is a refinancing by the creditor or an affiliate of the creditor; and, (C) The amount of the periodic payment of principal or interest or both may not change during the four-year period following consummation., (3) Escrows - (i) Failure to escrow for property taxes and insurance. Except as provided in paragraph (b)(3)(ii) of this section, a creditor may not extend a loan secured by a first lien on a principal dwelling unless an escrow account is established before consummation for payment of property taxes and premiums for mortgage-related insurance required by the creditor, such as insurance against loss of or damage to property, or against liability arising out of the ownership or use of the property, or insurance protecting the creditor against the consumer's default or other credit loss., (ii) Exemptions for loans secured by shares in a cooperative and for certain condominium units - (A) Escrow accounts need not be established for loans secured by shares in a cooperative; and, (B) Insurance premiums described in paragraph (b)(3)(i) of this section need not be included in escrow accounts for loans secured by condominium units, where the condominium association has an obligation to the condominium unit owners to maintain a master policy insuring condominium units., (iii) Cancellation. A creditor or servicer may permit a consumer to cancel the escrow account required in paragraph (b)(3)(i) of this section only in response to a consumer's dated written request to cancel the escrow account that is received no earlier than 365 days after consummation., (iv) Definition of escrow account. For purposes of this section, \u201cescrow account\u201d shall have the same meaning as in 24 CFR 3500.17(b) as amended., (v) \u201cJumbo\u201d loans. For purposes of this \u00a7 226.35(b)(3), for a transaction with a principal obligation at consummation that exceeds the limit in effect as of the date the transaction's interest rate is set for the maximum principal obligation eligible for purchase by Freddie Mac, the coverage threshold set forth in paragraph (a)(1) of this section for loans secured by a first lien on a dwelling shall be 2.5 or more percentage points greater than the applicable average prime offer rate., (4) Evasion; open-end credit. In connection with credit secured by a consumer's principal dwelling that does not meet the definition of open-end credit in \u00a7 226.2(a)(20), a creditor shall not structure a home-secured loan as an open-end plan to evade the requirements of this section.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["226"], "part_title": ["PART 226 - TRUTH IN LENDING (REGULATION Z)"], "section": ["226.35"], "section_title": ["\u00a7 226.35 Prohibited acts or practices in connection with higher-priced mortgage loans."]}}
{"text": "(a) An Enterprise must use its advanced systems to determine its credit risk capital requirements for each of the following exposures:, (1) General credit risk (including for mortgage exposures);, (2) Cleared transactions;, (3) Default fund contributions;, (4) Unsettled transactions;, (5) Securitization exposures;, (6) Equity exposures; and, (7) The fair value adjustment to reflect counterparty credit risk in valuation of OTC derivative contracts., (b) The credit-risk-weighted assets calculated under this subpart E equals the aggregate credit risk capital requirement under paragraph (a) of this section multiplied by 12.5.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["C"], "subchapter_title": ["SUBCHAPTER C - ENTERPRISES"], "part": ["1240"], "part_title": ["PART 1240 - CAPITAL ADEQUACY OF ENTERPRISES"], "section": ["1240.123"], "section_title": ["\u00a7 1240.123 Advanced approaches credit risk-weighted asset calculations."]}}
{"text": "The Board has established minimum capital levels for state member banks and bank holding companies in its Capital Adequacy Guidelines. The Board may set higher capital levels as necessary and appropriate for a particular state member bank or bank holding company based upon its financial condition, managerial resources, prospects, or similar factors, pursuant to the procedures set forth in \u00a7 263.85 of this subpart.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["263"], "part_title": ["PART 263 - RULES OF PRACTICE FOR HEARINGS"], "section": ["263.82"], "section_title": ["\u00a7 263.82 Establishment of minimum capital levels."]}}
{"text": "Upon the completion of the liquidation and certification by the agent for the liquidating agent that the distribution of the assets of the Federal credit union has been completed, the NCUA Board shall cancel the charter of the Federal credit union concerned. ", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - REGULATIONS AFFECTING CREDIT UNIONS"], "part": ["747"], "part_title": ["PART 747 - ADMINISTRATIVE ACTIONS, ADJUDICATIVE HEARINGS, RULES OF PRACTICE AND PROCEDURE, AND INVESTIGATIONS"], "section": ["747.406"], "section_title": ["\u00a7 747.406 Cancellation of charter."]}}
{"text": "In connection with adjudication with respect to which a formal hearing is required by law or is ordered by the Board, the procedure is set forth in part 263 of this chapter, entitled \u201cRules of Practice for Formal Hearings.\u201d ", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["262"], "part_title": ["PART 262 - RULES OF PROCEDURE"], "section": ["262.4"], "section_title": ["\u00a7 262.4 Adjudication with formal hearing."]}}
{"text": "(a) Covered convictions and agreements. Except as described in \u00a7 238.85, this subpart covers:, (1) Any conviction of a criminal offense involving dishonesty, breach of trust, or money laundering. Convictions do not cover arrests, pending cases not brought to trial, acquittals, convictions reversed on appeal, pardoned convictions, or expunged convictions., (2) Any agreement to enter into a pretrial diversion or similar program in connection with a prosecution for a criminal offense involving dishonesty, breach of trust or money laundering. A pretrial diversion or similar program is a program involving a suspension or eventual dismissal of charges or of a criminal prosecution based upon an agreement for treatment, rehabilitation, restitution, or other non-criminal or non-punitive alternative., (b) Dishonesty or breach of trust. A determination whether a criminal offense involves dishonesty or breach of trust is based on the statutory elements of the crime., (1) \u201cDishonesty\u201d means directly or indirectly to cheat or defraud, to cheat or defraud for monetary gain or its equivalent, or to wrongfully take property belonging to another in violation of any criminal statute. Dishonesty includes acts involving a want of integrity, lack of probity, or a disposition to distort, cheat, or act deceitfully or fraudulently, and may include crimes which federal, state or local laws define as dishonest., (2) \u201cBreach of trust\u201d means a wrongful act, use, misappropriation, or omission with respect to any property or fund which has been committed to a person in a fiduciary or official capacity, or the misuse of one's official or fiduciary position to engage in a wrongful act, use, misappropriation, or omission.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["238"], "part_title": ["PART 238 - SAVINGS AND LOAN HOLDING COMPANIES (REGULATION LL)"], "section": ["238.84"], "section_title": ["\u00a7 238.84 Covered convictions or agreements to enter into pre-trial diversions or similar programs."]}}
{"text": "For purposes of this part, unless explicitly stated otherwise:, (a) Act means the Fair Credit Reporting Act (15 U.S.C. 1681 et seq.)., (b) Affiliate means any company that is related by common ownership or common corporate control with another company., (c) Reserved, (d) Company means any corporation, limited liability company, business trust, general or limited partnership, association, or similar organization., (e) Consumer means an individual., (f)-(h) Reserved, (i) Common ownership or common corporate control means a relationship between two companies under which:, (1) One company has, with respect to the other company:, (i) Ownership, control, or power to vote 25 percent or more of the outstanding shares of any class of voting security of a company, directly or indirectly, or acting through one or more other persons;, (ii) Control in any manner over the election of a majority of the directors, trustees, or general partners (or individuals exercising similar functions) of a company; or, (iii) The power to exercise, directly or indirectly, a controlling influence over the management or policies of a company, as the FDIC determines; or, (2) Any other person has, with respect to both companies, a relationship described in paragraphs (i)(1)(i) through (i)(1)(iii) of this section., (j) Reserved, (k) Medical information means:, (1) Information or data, whether oral or recorded, in any form or medium, created by or derived from a health care provider or the consumer, that relates to:, (i) The past, present, or future physical, mental, or behavioral health or condition of an individual;, (ii) The provision of health care to an individual; or, (iii) The payment for the provision of health care to an individual., (2) The term does not include:, (i) The age or gender of a consumer;, (ii) Demographic information about the consumer, including a consumer's residence address or e-mail address;, (iii) Any other information about a consumer that does not relate to the physical, mental, or behavioral health or condition of a consumer, including the existence or value of any insurance policy; or, (iv) Information that does not identify a specific consumer., (l) Person means any individual, partnership, corporation, trust, estate cooperative, association, government or governmental subdivision or agency, or other entity., (m) State savings association has the same meaning as in section 3(b)(3) of the Federal Deposit Insurance Act, 12 U.S.C. 1813(b)(3).", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["334"], "part_title": ["PART 334 - FAIR CREDIT REPORTING"], "section": ["334.3"], "section_title": ["\u00a7 334.3 Definitions."]}}
{"text": "(a) General. For filings subject to a public notice requirement, any person may inspect or request a copy of the non-confidential portions of a filing (the public file) until 180 days following final disposition of a filing. Following the 180-day period, non-confidential portions of an application file will be made available in accordance with ' 303.8(c). The public file generally consists of portions of the filing, supporting data, supplementary information, and comments submitted by interested persons (if any) to the extent that the documents have not been afforded confidential treatment. To view or request photocopies of the public file, an oral or written request should be submitted to the appropriate FDIC office. The public file will be produced for review not more than one business day after receipt by the appropriate FDIC office of the request (either written or oral) to see the file. The FDIC may impose a fee for photocopying in accordance with \u00a7 309.5(f) of this chapter at the rates the FDIC publishes annually in the Federal Register., (b) Confidential treatment. (1) The applicant may request that specific information be treated as confidential. The following information generally is considered confidential:, (i) Personal information, the release of which would constitute a clearly unwarranted invasion of privacy;, (ii) Commercial or financial information, the disclosure of which could result in substantial competitive harm to the submitter; and, (iii) Information, the disclosure of which could seriously affect the financial condition of any depository institution., (2) If an applicant requests confidential treatment for information that the FDIC does not consider to be confidential, the FDIC may include that information in the public file after notifying the applicant. On its own initiative, the FDIC may determine that certain information should be treated as confidential and withhold that information from the public file. , (c) FOIA requests. A written request for information withheld from the public file, or copies of the public file following closure of the file 180 days after final disposition, should be submitted pursuant to the Freedom of Information Act (5 U.S.C. 552) and part 309 of this chapter to the FDIC, Attn: FOIA/Privacy Group, Legal Division, 550 17th Street, NW., Washington, DC 20429.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["303"], "part_title": ["PART 303 - FILING PROCEDURES"], "section": ["303.8"], "section_title": ["\u00a7 303.8 Public access to filing."]}}
{"text": "The FDIC may impose such conditions on authority granted in this subpart as it considers appropriate. If a bank is unable or fails to comply with the requirements of this subpart or any conditions imposed by the FDIC regarding transactions under this subpart, the FDIC may require termination of any activities or divestiture of investments permitted under this subpart after giving the bank notice and a reasonable opportunity to be heard on the matter.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION (CONTINUED)"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY (CONTINUED)"], "part": ["347"], "part_title": ["PART 347 - INTERNATIONAL BANKING"], "section": ["347.122"], "section_title": ["\u00a7 347.122 Limitations applicable to the authority provided in this subpart."]}}
{"text": "When a credit balance in excess of $1 is created in connection with a transaction (through transmittal of funds to a creditor in excess of the total balance due on an account, through rebates of unearned finance charges or insurance premiums, or through amounts otherwise owed to or held for the benefit of a consumer), the creditor shall:, (a) Credit the amount of the credit balance to the consumer's account;, (b) Refund any part of the remaining credit balance, upon the written request of the consumer; and, (c) Make a good faith effort to refund to the consumer by cash, check, or money order, or credit to a deposit account of the consumer, any part of the credit balance remaining in the account for more than 6 months, except that no further action is required if the consumer's current location is not known to the creditor and cannot be traced through the consumer's last known address or telephone number.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["226"], "part_title": ["PART 226 - TRUTH IN LENDING (REGULATION Z)"], "section": ["226.21"], "section_title": ["\u00a7 226.21 Treatment of credit balances."]}}
{"text": "Upon a change in circumstances, an institution may request the Farm Credit Administration to reconsider the terms of its capital directive or may propose changes in the plan to achieve the institution's applicable minimum capital ratios. The Farm Credit Administration also may take such action on its own motion. The Farm Credit Administration may decline to consider requests or proposals that are not based on a significant change in circumstances or are repetitive or frivolous. Pending a decision on reconsideration, the capital directive and plan shall continue in full force and effect. ", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["615"], "part_title": ["PART 615 - FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS"], "section": ["615.5360"], "section_title": ["\u00a7 615.5360 Reconsideration based on change in circumstances."]}}
{"text": "For purposes of this part: , (a) The term Corporation means the Federal Deposit Insurance Corporation; , (b) The term individual means a natural person who is either a citizen of the United States or an alien lawfully admitted for permanent residence; , (c) The term maintain includes maintain, collect, use, disseminate, or control; , (d) The term record means any item, collection or grouping of information about an individual that contains his/her name, or the identifying number, symbol, or other identifying particular assigned to the individual; , (e) The term system of records means a group of any records under the control of the Corporation from which information is retrieved by the name of the individual or some identifying number, symbol or other identifying particular assigned to the individual; , (f) The term designated system of records means a system of records which has been listed and summarized in the Federal Register pursuant to the requirements of 5 U.S.C. 552a(e); , (g) The term routine use means, with respect to disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was created; , (h) The terms amend or amendment mean any correction, addition to or deletion from a record; and , (i) The term system manager means the agency official responsible for a designated system of records, as denominated in the Federal Register publication of \u201cSystems of Records Maintained by the Federal Deposit Insurance Corporation.\u201d", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["310"], "part_title": ["PART 310 - PRIVACY ACT REGULATIONS"], "section": ["310.2"], "section_title": ["\u00a7 310.2 Definitions."]}}
{"text": "(a) No limiting effect on resolution proceedings. A resolution plan submitted pursuant to this part shall not have any binding effect on FHFA when appointed as conservator or receiver under 12 U.S.C. 4617., (b) No private right of action. Nothing in this part creates or is intended to create a private right of action based on a resolution plan prepared or submitted under this part or based on any action taken by FHFA with respect to any resolution plan submitted under this part.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["C"], "subchapter_title": ["SUBCHAPTER C - ENTERPRISES"], "part": ["1242"], "part_title": ["PART 1242 - RESOLUTION PLANNING"], "section": ["1242.8"], "section_title": ["\u00a7 1242.8 No limiting effect or private right of action."]}}
{"text": "(a) When required. The Corporation will maintain a complete transcript, identifying each speaker, to record fully the proceedings of each meeting or portion of a meeting closed to the public, except that in the case of a meeting or portions of a meeting closed to the public pursuant to paragraph (b)(8), (9)(i), or (10) of \u00a7 311.3, the Corporation may, in lieu of a transcript, maintain a set of minutes. , (b) Content of minutes. If minutes are maintained, they will fully and clearly describe all matters discussed and will provide a full and accurate summary of any actions taken, and the reasons for taking such action. Minutes will also include a description of each of the views expressed by each person in attendance on any item and the record of any roll call vote, reflecting the vote of each member. All documents considered in connection with any action will be identified in the minutes. , (c) Available material. The Corporation will maintain a complete verbatim copy of the transcript or minutes of each meeting or portion of a meeting closed to the public for a period of at least 2 years after the meeting, or until 1 year after the conclusion of any proceeding with respect to which the meeting or portion was held, whichever occurs later. The Corporation will make promptly available to the public the transcript, identifying each speaker, or minutes of items on the agenda or testimony of any witness received at the closed meeting except that in cases where the Privacy Act of 1974 (5 U.S.C. 552a) does not apply, the Corporation may withhold information exempt from disclosure under \u00a7 311.3(b). For the convenience of members of the public who may be unable to attend open meetings of the Board, the Corporation will maintain for at least 2 years a set of minutes of each meeting of the Board or portion thereof open to public observation. , (d) Procedures for inspecting or copying available material. (1) An individual may inspect materials made available under paragraph (c) of this section at the offices of the Executive Secretary, Federal Deposit Insurance Corporation, 550 17th Street, NW., Washington, DC 20429, during normal business hours. If the individual desires a copy of such material, the Corporation will furnish copies at a cost of 10 cents per page. Whenever the Corporation determines that in the public interest a reduction or waiver is warranted, it may reduce or waive any fees imposed under this section. , (2) An individual may also submit a written request for transcripts or minutes, reasonably identifying the records sought, to the Executive Secretary, Federal Deposit Insurance Corporation, 550 17th Street, NW., Washington, DC 20429. , (e) Procedures for obtaining documents identified in minutes. Copies of documents identified in minutes or considered by the Board in connection with any action identified in the minutes may be made available to the public upon request, to the extent permitted by the Freedom of Information Act, under the provisions of 12 CFR part 309, Disclosure of Information. ", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["311"], "part_title": ["PART 311 - RULES GOVERNING PUBLIC OBSERVATION OF MEETINGS OF THE CORPORATION'S BOARD OF DIRECTORS"], "section": ["311.8"], "section_title": ["\u00a7 311.8 Transcripts and minutes of meetings."]}}
{"text": "(a) Request for expedited processing. You may request, in writing, expedited processing of an initial request or of an appeal. FHFA may grant expedited processing, and give your request or appeal priority if your request for expedited processing demonstrates a compelling need by establishing one or more of the following - , (1) Circumstances in which the lack of expedited treatment could reasonably be expected to pose an imminent threat to the life or physical safety of an individual;, (2) An urgency to inform the public about an actual or alleged Federal Government activity if you are a person primarily engaged in disseminating information;, (3) The loss of substantial due process or rights;, (4) A matter of widespread and exceptional media interest in which there exists possible questions about the Federal Government's integrity, affecting public confidence; or, (5) Humanitarian need., (b) Certification of compelling need. Your request for expedited processing must include a statement certifying that the reason(s) you present demonstrate a compelling need are true and correct to the best of your knowledge., (c) Determination on request. FHFA will notify you within 10 calendar days of receipt of your request whether expedited processing has been granted. If a request for expedited treatment is granted, the request will be given priority and will be processed as soon as practicable. If a request for expedited processing is denied, any appeal of that decision under \u00a7 1202.9 of this part will be acted on expeditiously.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - ORGANIZATION AND OPERATIONS"], "part": ["1202"], "part_title": ["PART 1202 - FREEDOM OF INFORMATION ACT"], "section": ["1202.10"], "section_title": ["\u00a7 1202.10 Will FHFA expedite my request or appeal?"]}}
{"text": "Where the investigator has found that a prima facie case does not exist, a party, including an intervenor but excluding the respondent or other parties having the same interest as the respondent, within 5 days after receiving the Center's determination may petition the panel to set aside the determination and to cause formal proceedings, set forth in \u00a7 269b.410, to be invoked. The panel may grant such petition only on grounds that the Center or its agents were arbitrary, capricious, or acted contrary to law or the policy, or that the investigator's determination is clearly erroneous. The filing requirements for such a petition shall be the same as that for the filing of a charge, as set forth in \u00a7 269b.111. ", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["269b"], "part_title": ["PART 269b - CHARGES OF UNFAIR LABOR PRACTICES"], "section": ["269b.310"], "section_title": ["\u00a7 269b.310 Appeal rights."]}}
{"text": "(a)(1) Information you receive under an exception. If you receive nonpublic personal information from a nonaffiliated financial institution under an exception in \u00a7 332.14 or 332.15 of this part, your disclosure and use of that information is limited as follows: , (i) You may disclose the information to the affiliates of the financial institution from which you received the information; , (ii) You may disclose the information to your affiliates, but your affiliates may, in turn, disclose and use the information only to the extent that you may disclose and use the information; and , (iii) You may disclose and use the information pursuant to an exception in \u00a7 332.14 or 332.15 in the ordinary course of business to carry out the activity covered by the exception under which you received the information. , (2) Example. If you receive a customer list from a nonaffiliated financial institution in order to provide account processing services under the exception in \u00a7 332.14(a), you may disclose that information under any exception in \u00a7 332.14 or 332.15 in the ordinary course of business in order to provide those services. For example, you could disclose the information in response to a properly authorized subpoena or to your attorneys, accountants, and auditors. You could not disclose that information to a third party for marketing purposes or use that information for your own marketing purposes. , (b)(1) Information you receive outside of an exception. If you receive nonpublic personal information from a nonaffiliated financial institution other than under an exception in \u00a7 332.14 or 332.15 of this part, you may disclose the information only: , (i) To the affiliates of the financial institution from which you received the information; , (ii) To your affiliates, but your affiliates may, in turn, disclose the information only to the extent that you can disclose the information; and , (iii) To any other person, if the disclosure would be lawful if made directly to that person by the financial institution from which you received the information. , (2) Example. If you obtain a customer list from a nonaffiliated financial institution outside of the exceptions in \u00a7 332.14 and 332.15: , (i) You may use that list for your own purposes; and , (ii) You may disclose that list to another nonaffiliated third party only if the financial institution from which you purchased the list could have lawfully disclosed the list to that third party. That is, you may disclose the list in accordance with the privacy policy of the financial institution from which you received the list, as limited by the opt out direction of each consumer whose nonpublic personal information you intend to disclose, and you may disclose the list in accordance with an exception in \u00a7 332.14 or 332.15, such as to your attorneys or accountants. , (c) Information you disclose under an exception. If you disclose nonpublic personal information to a nonaffiliated third party under an exception in \u00a7 332.14 or 332.15 of this part, the third party may disclose and use that information only as follows: , (1) The third party may disclose the information to your affiliates; , (2) The third party may disclose the information to its affiliates, but its affiliates may, in turn, disclose and use the information only to the extent that the third party may disclose and use the information; and , (3) The third party may disclose and use the information pursuant to an exception in \u00a7 332.14 or 332.15 in the ordinary course of business to carry out the activity covered by the exception under which it received the information. , (d) Information you disclose outside of an exception. If you disclose nonpublic personal information to a nonaffiliated third party other than under an exception in \u00a7 332.14 or 332.15 of this part, the third party may disclose the information only: , (1) To your affiliates; , (2) To its affiliates, but its affiliates, in turn, may disclose the information only to the extent the third party can disclose the information; and, (3) To any other person, if the disclosure would be lawful if you made it directly to that person. ", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["332"], "part_title": ["PART 332 - PRIVACY OF CONSUMER FINANCIAL INFORMATION"], "section": ["332.11"], "section_title": ["\u00a7 332.11 Limits on redisclosure and reuse of information."]}}
{"text": "At the time of the request for access or correction or at any other time, an individual may request an accounting of disclosures made of the individual's record outside the NCUA. Request for accounting shall be directed to the system manager. Any available accounting, whether kept in accordance with the requirements of the Privacy Act or under procedures established prior to September 27, 1975, shall be made available to the individual, except that an accounting need not be made available if it relates to: , (a) A disclosure made pursuant to the Freedom of Information Act (5 U.S.C. 552); , (b) A disclosure made within the NCUA; , (c) A disclosure made to a law enforcement agency pursuant to 5 U.S.C. 552a(b)(7); , (d) A disclosure which has been exempted from the provisions of 5 U.S.C. 552a(c)(3) pursuant to 5 U.S.C. 552a (j) or (k). ", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AFFECTING THE OPERATIONS OF THE NATIONAL CREDIT UNION ADMINISTRATION"], "part": ["792"], "part_title": ["PART 792 - REQUESTS FOR INFORMATION UNDER THE FREEDOM OF INFORMATION ACT AND PRIVACY ACT, AND BY SUBPOENA; SECURITY PROCEDURES FOR CLASSIFIED INFORMATION"], "section": ["792.62"], "section_title": ["\u00a7 792.62 Requests for accounting for disclosures."]}}
{"text": "(a) Section 2 of the Act of June 29, 1949 (Pub. L. 142 - 81st Congress), amended the Bretton Woods Agreements Act by adding a new section numbered 15 providing, in part, that - , Any securities issued by International Bank for Reconstruction and Development (including any guaranty by the bank, whether or not limited in scope), and any securities guaranteed by the bank as to both principal and interest, shall be deemed to be exempted securities within the meaning of * * * paragraph (a)(12) of section 3 of the Securities Exchange Act of June 6, 1934, as amended (15 U.S.C. 78c). * * *., (b) In response to inquiries with respect to the applicability of the margin requirements of this part to securities issued or guaranteed by the International Bank for Reconstruction and Development, the Board has replied that, as a result of this enactment, securities issued by the Bank are now classified as exempted securities under \u00a7 220.2(e). Such securities are now in the same category under this part as are United States Government, State and municipal bonds. Accordingly, the specific percentage limitations prescribed by this part with respect to maximum loan value and margin requirements are no longer applicable thereto. ", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["220"], "part_title": ["PART 220 - CREDIT BY BROKERS AND DEALERS (REGULATION T)"], "section": ["220.108"], "section_title": ["\u00a7 220.108 International Bank Securities."]}}
{"text": "We may waive the prohibitions for entities other than individuals for good cause shown at our discretion when our need to contract for your services outweighs all relevant factors. The statute does not allow us to waive the prohibitions for individuals. ", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION (CONTINUED)"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY (CONTINUED)"], "part": ["366"], "part_title": ["PART 366 - MINIMUM STANDARDS OF INTEGRITY AND FITNESS FOR AN FDIC CONTRACTOR"], "section": ["366.7"], "section_title": ["\u00a7 366.7 Will the FDIC waive the prohibitions under \u00a7 366.3?"]}}
{"text": "(a) Calculating the numerator and denominator for single-family housing goals. Performance under each of the single-family housing goals shall be measured using a fraction that is converted into a percentage. Neither the numerator nor the denominator shall include Enterprise transactions or activities that are not mortgage purchases as defined by FHFA or that are specifically excluded as ineligible under \u00a7 1282.16(b)., (1) The numerator. The numerator of each fraction is the number of mortgage purchases of an Enterprise in a particular year that finance owner-occupied single-family properties that count toward achievement of a particular single-family housing goal., (2) The denominator. The denominator of each fraction is the total number of mortgage purchases of an Enterprise in a particular year that finance owner-occupied single-family properties. A separate denominator shall be calculated for purchase money mortgages and for refinancing mortgages., (b) Counting owner-occupied units. (1) Mortgage purchases financing owner-occupied single-family properties shall be evaluated based on the income of the mortgagors and the area median income at the time the mortgage was originated. To determine whether mortgages may be counted under a particular family income level, i.e., low- or very low-income, the income of the mortgagors is compared to the median income for the area at the time the mortgage was originated, using the appropriate percentage factor provided under \u00a7 1282.17., (2) Mortgage purchases financing owner-occupied single-family properties for which the income of the mortgagors is not available shall be included in the denominator for the single-family housing goals and subgoal, but such mortgages shall not be counted in the numerator of any single-family housing goal or subgoal., (c) Counting dwelling units for multifamily housing goal and subgoals. Performance under the multifamily housing goal and subgoals shall be measured by counting the number of dwelling units that count toward achievement of a particular housing goal or subgoal in all multifamily properties financed by mortgages purchased by an Enterprise in a particular year. Only dwelling units that are financed by mortgage purchases, as defined by FHFA, and that are not specifically excluded as ineligible under \u00a7 1282.16(b), may be counted for purposes of the multifamily housing goal and subgoals., (d) Counting rental units - (1) Use of rent. For purposes of counting rental units toward achievement of the multifamily housing goal and subgoals, mortgage purchases financing such units shall be evaluated based on rent and whether the rent is affordable to the income group targeted by the housing goal and subgoals. A rent is affordable if the rent does not exceed the maximum levels as provided in \u00a7 1282.19., (2) Affordability of rents based on housing program requirements. Where a multifamily property is subject to an affordability restriction under a housing program that establishes the maximum permitted income level for a tenant or a prospective tenant or the maximum permitted rent, the affordability of units in the property may be determined based on the maximum permitted income level or maximum permitted rent established under such housing program for those units. If using income, the maximum income level must be no greater than the maximum income level for each goal, adjusted for family or unit size as provided in \u00a7 1282.17 or \u00a7 1282.18, as appropriate. If using rent, the maximum rent level must be no greater than the maximum rent level for each goal, adjusted for unit size as provided in \u00a7 1282.19., (3) Unoccupied units. Anticipated rent for unoccupied units may be the market rent for similar units in the neighborhood as determined by the lender or appraiser for underwriting purposes. A unit in a multifamily property that is unoccupied because it is being used as a model unit or rental office may be counted for purposes of the multifamily housing goal and subgoals only if an Enterprise determines that the number of such units is reasonable and minimal considering the size of the multifamily property., (4) Timeliness of information. In evaluating affordability under the multifamily housing goal and subgoals, each Enterprise shall use tenant and rental information as of the time of mortgage acquisition., (e) Missing data or information for multifamily housing goal and subgoals. (1) Rental units for which bedroom data are missing shall be considered efficiencies for purposes of calculating unit affordability., (2) When an Enterprise lacks sufficient information to determine whether a rental unit in a property securing a multifamily mortgage purchased by an Enterprise counts toward achievement of the multifamily housing goal or subgoals because rental data is not available, an Enterprise's performance with respect to such unit may be evaluated using estimated affordability information by multiplying the number of rental units with missing affordability information in properties securing multifamily mortgages purchased by the Enterprise in each census tract by the percentage of all rental dwelling units in the respective tracts that would count toward achievement of each goal and subgoal, as determined by FHFA., (3) The estimation methodology in paragraph (e)(2) of this section may be used up to a nationwide maximum of 5 percent of the total number of rental units in properties securing multifamily mortgages purchased by the Enterprise in the current year. Multifamily rental units in excess of this maximum, and any units for which estimation information is not available, shall not be counted for purposes of the multifamily housing goal and subgoals., (f) Credit toward multiple goals. A mortgage purchase (or dwelling unit financed by such purchase) by an Enterprise in a particular year shall count toward the achievement of each housing goal for which such purchase (or dwelling unit) qualifies in that year., (g) Application of median income. For purposes of determining an area's median income under \u00a7\u00a7 1282.17 through 1282.19 and the definitions in \u00a7 1282.1, the area is:, (1) The metropolitan area, if the property which is the subject of the mortgage is in a metropolitan area; and, (2) In all other areas, the county in which the property is located, except that where the State non-metropolitan median income is higher than the county's median income, the area is the State non-metropolitan area., (h) Sampling not permitted. Performance under the housing goals for each year shall be based on a complete tabulation of mortgage purchases (or dwelling units) for that year; a sampling of such purchases (or dwelling units) is not acceptable.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["E"], "subchapter_title": ["SUBCHAPTER E - HOUSING GOALS AND MISSION"], "part": ["1282"], "part_title": ["PART 1282 - ENTERPRISE HOUSING GOALS AND MISSION"], "section": ["1282.15"], "section_title": ["\u00a7 1282.15 General counting requirements."]}}
{"text": "A qualified lender must:, (a) Disclose the effective interest rate and other information required by subparts B and C of this part clearly and conspicuously in writing, in a form that is easy to read and understand and that the borrower may keep; and, (b) Not combine the disclosures with any information not directly related to the information required by \u00a7\u00a7 617.7130 and 617.7135.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["617"], "part_title": ["PART 617 - BORROWER RIGHTS"], "section": ["617.7120"], "section_title": ["\u00a7 617.7120 How should a qualified lender present the disclosures to a borrower?"]}}
{"text": "The FDIC may sue any employer for any amount that the employer fails to withhold from wages owed and payable to its employee in accordance with this subpart. However, a suit will not be filed before the termination of the collection action involving a particular debtor, unless earlier filing is necessary to avoid expiration of any applicable statute of limitations. For purposes of this subpart, \u201ctermination of the collection action\u201d occurs when the agency has terminated collection action in accordance with the FCCS (31 CFR 903.1 through 903.5) or other applicable standards. In any event, termination of the collection action will have been deemed to occur if the FDIC has not received any payments to satisfy the debt from the particular debtor whose wages were subject to garnishment, in whole or in part, for a period of one (1) year. ", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - PROCEDURE AND RULES OF PRACTICE"], "part": ["313"], "part_title": ["PART 313 - PROCEDURES FOR COLLECTION OF CORPORATE DEBT, CRIMINAL RESTITUTION DEBT, AND CIVIL MONEY PENALTY DEBT"], "section": ["313.101"], "section_title": ["\u00a7 313.101 Right of action."]}}
{"text": "(a) Responsibility of FHFA as the creditor agency. (1) FHFA shall be responsible for:, (i) Arranging for a hearing upon proper request by a Federal employee;, (ii) Preparing the Notice of Intent consistent with the requirements of \u00a7 1208.21;, (iii) Obtaining hearing officials from other agencies pursuant to \u00a7 1208.23(b); and, (iv) Ensuring that each certification of debt pursuant to \u00a7 1208.24(b) is sent to a paying agency., (2) Upon completion of the procedures set forth in \u00a7\u00a7 1208.24 through 1208.26, FHFA shall submit to the employee's paying agency, if applicable, a certified debt claim and an installment agreement or other instruction on the payment schedule., (i) If the employee is in the process of separating from the Federal Government, FHFA shall submit its debt claim to the employee's paying agency for collection by lump-sum deduction from the employee's final check. The paying agency shall certify the total amount of its collection and furnish a copy of the certification to FHFA and to the employee., (ii) If the employee is already separated and all payments due from his or her former paying agency have been paid, FHFA may, unless otherwise prohibited, request that money due and payable to the employee from the Federal Government, including payments from the Civil Service Retirement and Disability Fund (5 CFR 831.1801) or other similar funds, be administratively offset to collect the debt., (iii) When an employee transfers to another paying agency, FHFA shall not repeat the procedures described in \u00a7\u00a7 1208.24 through 1208.26. Upon receiving notice of the employee's transfer, FHFA shall review the debt to ensure that collection is resumed by the new paying agency., (b) Responsibility of FHFA as the paying agency - (1) Complete claim. When FHFA receives a certified claim from a creditor agency, the employee shall be given written notice of the certification, the date salary offset will begin, and the amount of the periodic deductions. Deductions shall be scheduled to begin at the next officially established pay interval or as otherwise provided for in the certification., (2) Incomplete claim. When FHFA receives an incomplete certification of debt from a creditor agency, FHFA shall return the claim with notice that procedures under 5 U.S.C. 5514 and 5 CFR 550.1104 must be followed, and that a properly certified claim must be received before FHFA will take action to collect the debt from the employee's current pay account., (3) Review. FHFA is not authorized to review the merits of the creditor agency's determination with respect to the amount or validity of the debt certified by the creditor agency., (4) Employees who transfer from one paying agency to another agency. If, after the creditor agency has submitted the debt claim to FHFA, the employee transfers to another agency before the debt is collected in full, FHFA must certify the total amount collected on the debt as required by 5 CFR 550.1109. One copy of the certification shall be furnished to the employee and one copy shall be sent to the creditor agency along with notice of the employee's transfer. If FHFA is aware that the employee is entitled to payments from the Civil Service Retirement and Disability Fund or other similar payments, it must provide written notification to the agency responsible for making such payments that the debtor owes a debt (including the amount) and that the requirements set forth herein and in 5 CFR part 550, subpart K, have been met. FHFA must submit a properly certified claim to the new payment agency before a collection can be made.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - ORGANIZATION AND OPERATIONS"], "part": ["1208"], "part_title": ["PART 1208 - DEBT COLLECTION"], "section": ["1208.29"], "section_title": ["\u00a7 1208.29 Coordinating salary offset with other agencies."]}}
{"text": "Within a reasonable time in advance of an election, a Bank shall notify each member in its district of the commencement of the election process. Such notice shall include:, (a) Election announcement., (1) The number of member directorships designated for each voting state in the Bank district and the number of independent directorships for the Bank;, (2) The name of each incumbent Bank director, the name and location of the member at which each member director serves, and the name and location of the organization with which each independent director is affiliated, if any, and the expiration date of each Bank director's term of office;, (3) A brief statement describing the skills and experience the Bank believes are most likely to add strength to the board of directors, provided that the Bank previously has conducted the annual assessment permitted by \u00a7 1261.9 and the Bank has elected to provide the results of the assessment to the members;, (4) An attachment indicating the name, location, and FHFA ID number of every member in the member's voting state, and the number of votes each such member may cast for each directorship to be filled by such members, as determined in accordance with \u00a7 1261.6; and, (5) If a member directorship is to be filled by members in a State, a nominating certificate for those members., (b) Member directorship nominations. (1) Any member that is entitled to vote in the election may nominate an eligible individual to fill each available member directorship for its voting state by delivering to its Bank, prior to a deadline to be established by the Bank and set forth in the notice required in paragraph (a) of this section, a nominating certificate duly adopted by the member's governing body or by an individual authorized by the member's governing body to act on its behalf., (2) The nominating certificate shall include the name of the nominee and the name, location, and FHFA ID number of the member the nominee serves as an officer or director., (3) The Bank shall establish a deadline for delivery of nominating certificates, which shall be no earlier than 30 calendar days after the date on which the Bank delivers the notice required by paragraph (a) of this section, and the Bank shall not accept certificates received after that deadline. The Bank shall retain all accepted nominating certificates for at least two years after the date of the election., (c) Accepting member directorship nominations. Promptly after receipt of any nominating certificate, a Bank shall notify in writing any individual nominated for a member directorship. An individual may accept the nomination only by delivering to the Bank, prior to a deadline established by the Bank and set forth in its notice, an executed director eligibility certification form prescribed by FHFA. A Bank shall allow each nominee at least 30 calendar days after the date the Bank delivered the notice of nomination within which to deliver the executed form. A nominee may decline the nomination by so advising the Bank in writing, or by failing to deliver a properly executed director eligibility certification form prior to the deadline. Each Bank shall retain all information received under this paragraph for at least two years after the date of the election., (d) Independent directorship nominations. (1) Any individual who seeks to be an independent director of the board of directors of a Bank may deliver to the Bank, on or before the deadline set by the Bank for delivery of nominating certificates, an executed independent director application form prescribed by FHFA that demonstrates that the individual both is eligible and has either of the following qualifications:, (i) More than four years of experience representing consumer or community interests in banking services, credit needs, housing, or consumer financial protections; or, (ii) Knowledge of or experience in one or more of the areas set forth in paragraph (e) of this section., (2) Any other interested party may recommend to the Bank that it consider a particular individual as a nominee for an independent directorship, but the Bank shall not nominate any individual unless the individual has delivered to the Bank, on or before the date the Bank has set for delivery of nominating certificates, an executed independent director application form prescribed by FHFA. The application form prescribed by FHFA will provide a means by which an individual can indicate an intent to be considered for a public interest directorship. The board of directors of the Bank may consider any individual for any independent directorship nomination, provided it has determined that the individual is eligible and qualified, but the board shall nominate for a public interest directorship only an individual who indicates on the application form a desire to be considered for a public interest directorship. The board of directors of the Bank shall consult with the Bank's Advisory Council before nominating any individual for any independent directorship. Each Bank shall include in its bylaws the procedures it intends to use for the nomination and election of the independent directors, and shall retain all information received under this paragraph for at least two years after the date of the election., (3) Each Bank shall determine the number of public interest directorships to be included among its authorized independent directorships, provided that each Bank shall at all times have at least two such directorships, and shall announce that number to its members in the notice required by paragraph (a) of this section. In submitting nominations to its members, each Bank shall nominate at least as many individuals as there are independent directorships to be filled in that year's election., (e) Independent director qualifications. (1) Each independent director and each nominee for an independent directorship, other than a public interest directorship, shall have experience in, or knowledge of, one or more of the following areas: auditing and accounting, derivatives, financial management, organizational management, project development, risk management practices, and the law. Before nominating any individual for an independent directorship, other than a public interest directorship, the board of directors of a Bank shall determine that such knowledge or experience of the nominee is commensurate with that needed to oversee a financial institution with a size and complexity that is comparable to that of the Bank., (2) Each public interest independent director and each nominee for a public interest directorship shall have more than four years of experience representing consumer or community interests in banking services, credit needs, housing or consumer financial protection., (f) Eligibility verification. Using the information provided on member director eligibility forms prescribed by FHFA, each Bank shall verify that each nominee for each member directorship meets all the eligibility requirements for such directorship. Using the information provided on independent director application forms prescribed by FHFA, each Bank shall verify that each nominee for each public interest independent directorship and each other independent directorship meets all eligibility requirements and any knowledge or experience qualifications for such directorship, as set forth in the Bank Act and this subpart. Before announcing any independent director nominee, the Bank shall deliver to FHFA, for the Director's review, a copy of the independent director application forms executed by the individuals nominated for independent directorships. If within two weeks of such delivery FHFA provides comments to the Bank on any independent director nominee, the board of directors of the Bank shall consider the FHFA's comments in determining whether to proceed with those nominees or to reopen the nomination. ", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["D"], "subchapter_title": ["SUBCHAPTER D - FEDERAL HOME LOAN BANKS"], "part": ["1261"], "part_title": ["PART 1261 - FEDERAL HOME LOAN BANK DIRECTORS"], "section": ["1261.7"], "section_title": ["\u00a7 1261.7 Nominations for member and independent directorships."]}}
{"text": "(a) General. As a condition of Federal deposit insurance, all insured depository institutions must remain in a safe and sound condition., (b) Unsafe or unsound practice. Any insured depository institution which has less than its minimum leverage capital requirement is deemed to be engaged in an unsafe or unsound practice pursuant to section 8(b)(1) and/or 8(c) of the Federal Deposit Insurance Act (12 U.S.C. 1818(b)(1) and/or 1818(c)). Except that such an insured depository institution which has entered into and is in compliance with a written agreement with the FDIC or has submitted to the FDIC and is in compliance with a plan approved by the FDIC to increase its leverage capital ratio to such level as the FDIC deems appropriate and to take such other action as may be necessary for the insured depository institution to be operated so as not to be engaged in such an unsafe or unsound practice will not be deemed to be engaged in an unsafe or unsound practice pursuant to section 8(b)(1) and/or 8(c) of the Federal Deposit Insurance Act (12 U.S.C. 1818(b)(1) and/or 1818(c)) on account of its capital ratios. The FDIC is not precluded from taking action under section 8(b)(1), section 8(c) or any other enforcement action against an insured depository institution with capital above the minimum requirement if the specific circumstances deem such action to be appropriate., (c) Unsafe or unsound condition. Any insured depository institution with a ratio of tier 1 capital to total assets 10 that is less than two percent is deemed to be operating in an unsafe or unsound condition pursuant to section 8(a) of the Federal Deposit Insurance Act (12 U.S.C. 1818(a))., 10 For purposes of this paragraph (c), until January 1, 2015, the term total assets shall have the same meaning as provided in 12 CFR 325.2(x). As of January 1, 2015, the term total assets shall have the same meaning as provided in 12 CFR 324.401(g)., (1) An insured depository institution with a ratio of tier 1 capital to total assets of less than two percent which has entered into and is in compliance with a written agreement with the FDIC (or any other insured depository institution with a ratio of tier 1 capital to total assets of less than two percent which has entered into and is in compliance with a written agreement with its primary Federal regulator and to which agreement the FDIC is a party) to increase its tier 1 leverage capital ratio to such level as the FDIC deems appropriate and to take such other action as may be necessary for the insured depository institution to be operated in a safe and sound manner, will not be subject to a proceeding by the FDIC pursuant to 12 U.S.C. 1818(a) on account of its capital ratios., (2) An insured depository institution with a ratio of tier 1 capital to total assets that is equal to or greater than two percent may be operating in an unsafe or unsound condition. The FDIC is not precluded from bringing an action pursuant to 12 U.S.C. 1818(a) where an insured depository institution has a ratio of tier 1 capital to total assets that is equal to or greater than two percent.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["324"], "part_title": ["PART 324 - CAPITAL ADEQUACY OF FDIC-SUPERVISED INSTITUTIONS"], "section": ["324.4"], "section_title": ["\u00a7 324.4 Inadequate capital as an unsafe or unsound practice or condition."]}}
{"text": "(a) Increase for inadequate capitalization. The Director may, at his or her discretion, increase the amount of a semiannual payment allocated to a Regulated Entity that is not classified as adequately capitalized to pay additional estimated costs of regulation of that Regulated Entity., (b) Increase for enforcement activities. The Director may, at his or her discretion, adjust the amount of a semiannual payment allocated to a Regulated Entity to ensure that the Regulated Entity bears the estimated costs of enforcement activities under the Act related to that Regulated Entity., (c) Additional assessment for deficiencies. At any time, the Director may make and collect from any Regulated Entity an assessment, payable immediately or through increased semiannual payments, to cover the estimated amount of any deficiency for the semiannual period as a result of increased costs of regulation of a Regulated Entity due to its classification as other than adequately capitalized, or as a result of enforcement activities related to that Regulated Entity. Any amount remaining from such additional assessment and the semiannual payments at the end of any semiannual period during which such an additional assessment is made shall be deducted pro rata (based upon the amount of the additional assessments) from the assessment for the following semiannual period for that Regulated Entity.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - ORGANIZATION AND OPERATIONS"], "part": ["1206"], "part_title": ["PART 1206 - ASSESSMENTS"], "section": ["1206.4"], "section_title": ["\u00a7 1206.4 Increased costs of regulation."]}}
{"text": "(a) General. A mutual holding company shall operate under bylaws that contain provisions that comply with all requirements specified by the Board, the provisions of this section, the mutual holding company's charter, and all other applicable laws, rules, and regulations provided that, a bylaw provision inconsistent with the provisions of this section may be adopted with the approval of the Board. Bylaws may be adopted, amended or repealed by a majority of the votes cast by the members at a legal meeting or a majority of the mutual holding company's board of directors. Throughout this section, the term \u201ctrustee\u201d may be substituted for the term \u201cdirector\u201d as relevant., (b) The following requirements are applicable to mutual holding companies:, (1) Annual meetings of members. A mutual holding company shall provide for and conduct an annual meeting of its members for the election of directors and at which any other business of the mutual holding company may be conducted. Such meeting shall be held, as designated by its board of directors, at a location within the state that constitutes the principal place of business of the subsidiary savings association, or at any other convenient place the board of directors may designate, and at a date and time within 150 days after the end of the mutual holding company's fiscal year. At each annual meeting, the officers shall make a full report of the financial condition of the mutual holding company and of its progress for the preceding year and shall outline a program for the succeeding year., (2) Special meetings of members. Procedures for calling any special meeting of the members and for conducting such a meeting shall be set forth in the bylaws. The subject matter of such special meeting must be established in the notice for such meeting. The board of directors of the mutual holding company or the holders of 10 percent or more of the voting capital shall be entitled to call a special meeting. For purposes of this section, \u201cvoting capital\u201d means FDIC-insured deposits as of the voting record date., (3) Notice of meeting of members. Notice specifying the date, time, and place of the annual or any special meeting and adequately describing any business to be conducted shall be published for two successive weeks immediately prior to the week in which such meeting shall convene in a newspaper of general circulation in the city or county in which the principal place of business of the subsidiary savings association is located, or mailed postage prepaid at least 15 days and not more than 45 days prior to the date on which such meeting shall convene to each of its members of record at the last address appearing on the books of the mutual holding company. A similar notice shall be posted in a conspicuous place in each of the offices of the subsidiary savings association during the 14 days immediately preceding the date on which such meeting shall convene. The bylaws may permit a member to waive in writing any right to receive personal delivery of the notice. When any meeting is adjourned for 30 days or more, notice of the adjournment and reconvening of the meeting shall be given as in the case of the original meeting., (4) Fixing of record date. For the purpose of determining members entitled to notice of or to vote at any meeting of members or any adjournment thereof, or in order to make a determination of members for any other proper purpose, the bylaws shall provide for the fixing of a record date and a method for determining from the books of the subsidiary savings association the members entitled to vote. Such date shall be not more than 60 days or fewer than 10 days prior to the date on which the action, requiring such determination of members, is to be taken. The same determination shall apply to any adjourned meeting., (5) Member quorum. Any number of members present and voting, represented in person or by proxy, at a regular or special meeting of the members shall constitute a quorum. A majority of all votes cast at any meeting of the members shall determine any question, unless otherwise required by regulation. At any adjourned meeting, any business may be transacted that might have been transacted at the meeting as originally called. Members present at a duly constituted meeting may continue to transact business until adjournment., (6) Voting by proxy. Procedures shall be established for voting at any annual or special meeting of the members by proxy pursuant to the rules and regulations of the Board, including the placing of such proxies on file with the secretary of the mutual holding company, for verification, prior to the convening of such meeting. Proxies may be given telephonically or electronically as long as the holder uses a procedure for verifying the identity of the member. All proxies with a term greater than eleven months or solicited at the expense of the subsidiary savings association must run to the board of directors as a whole, or to a committee appointed by a majority of such board., (7) Communications between members. Provisions relating to communications between members shall be consistent with \u00a7 239.12. No member, however, shall have the right to inspect or copy any portion of any books or records of a mutual holding company containing:, (i) A list of depositors in or borrowers from the subsidiary savings association;, (ii) Their addresses;, (iii) Individual deposit or loan balances or records; or, (iv) Any data from which such information could be reasonably constructed., (8) Number of directors, membership. The bylaws shall set forth a specific number of directors, not a range. The number of directors shall be not fewer than five nor more than fifteen, unless a higher or lower number has been authorized by the Board. Each director of the mutual holding company shall be a member of the mutual holding company. Directors may be elected for periods of one to three years and until their successors are elected and qualified, but if a staggered board is chosen, provision shall be made for the election of approximately one-third or one-half of the board each year, as appropriate., (9) Meetings of the board. The board of directors shall determine the place, frequency, time, procedure for notice, which shall be at least 24 hours unless waived by the directors, and waiver of notice for all regular and special meetings. The meetings shall be under the direction of a chairman, appointed annually by the board; or in the absence of the chairman, the meetings shall be under the direction of the president. The board also may permit telephonic participation at meetings. The bylaws may provide for action to be taken without a meeting if unanimous written consent is obtained for such action. A majority of the authorized directors shall constitute a quorum for the transaction of business. The act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the board., (10) Officers, employees, and agents. (i) The bylaws shall contain provisions regarding the officers of the mutual holding company, their functions, duties, and powers. The officers of the mutual holding company shall consist of a president, one or more vice presidents, a secretary, and a treasurer or comptroller, each of whom shall be elected annually by the board of directors. Such other officers and assistant officers and agents as may be deemed necessary may be elected or appointed by the board of directors or chosen in such other manner as may be prescribed in the bylaws. Any two or more offices may be held by the same person, except the offices of president and secretary., (ii) All officers and agents of the mutual holding company, as between themselves and the mutual holding company, shall have such authority and perform such duties in the management of the mutual holding company as may be provided in the bylaws, or as may be determined by resolution of the board of directors not inconsistent with the bylaws. In the absence of any such provision, officers shall have such powers and duties as generally pertain to their respective offices. Any officer may be removed by the board of directors with or without cause, but such removal, other than for cause, shall be without prejudice to the contractual rights, if any, of the officer so removed., (iii) Any indemnification provision must provide that any indemnification is subject to applicable Federal law, rules, and regulations., (11) Vacancies, resignation or removal of directors. Members of the mutual holding company shall elect directors by ballot: Provided, that in the event of a vacancy on the board, the board of directors may, by their affirmative vote, fill such vacancy, even if the remaining directors constitute less than a quorum. A director elected to fill a vacancy shall be elected to serve only until the next election of directors by the members. The bylaws shall set out the procedure for the resignation of a director, which shall be by written notice or by any other procedure established in the bylaws. Directors may be removed only for cause as defined in \u00a7 239.41, by a vote of the holders of a majority of the shares then entitled to vote at an election of directors., (12) Powers of the board. The board of directors shall have the power:, (i) By resolution, to appoint from among its members and remove an executive committee and one or more other committees, which committees shall have and may exercise all the powers of the board between the meetings or the board; but no such committee shall have the authority of the board to amend the charter or bylaws, adopt a plan of merger, consolidation, dissolution, or provide for the disposition of all or substantially all the property and assets of the mutual holding company. Such committee shall not operate to relieve the board, or any member thereof, of any responsibility imposed by law;, (ii) To fix the compensation of directors, officers, and employees; and to remove any officer or employee at any time with or without cause;, (iii) To exercise any and all of the powers of the mutual holding company not expressly reserved by the charter to the members., (13) Nominations for directors. The bylaws shall provide that nominations for directors may be made at the annual meeting by any member and shall be voted upon, except, however, the bylaws may require that nominations by a member must be submitted to the secretary and then prominently posted in the principal place of business, at least 10 days prior to the date of the annual meeting. However, if such provision is made for prior submission of nominations by a member, then the bylaws must provide for a nominating committee, which, except in the case of a nominee substituted as a result of death or other incapacity, must submit nominations to the secretary and have such nominations similarly posted at least 15 days prior to the date of the annual meeting., (14) New business. The bylaws shall provide procedures for the introduction of new business at the annual meeting. Those provisions may require that such new business be stated in writing and filed with the secretary prior to the annual meeting at least 30 days prior to the date of the annual meeting., (15) Amendment. Bylaws may include any provision for their amendment that would be consistent with applicable law, rules, and regulations and adequately addresses its subject and purpose., (i) Amendments shall be effective:, (A) After approval by a majority vote of the authorized board, or by a majority of the vote cast by the members of the mutual holding company at a legal meeting; and, (B) After receipt of any applicable regulatory approval., (ii) When a mutual holding company fails to meet its quorum requirement, solely due to vacancies on the board, the bylaws may be amended by an affirmative vote of a majority of the sitting board., (16) Miscellaneous. The bylaws may also address the subject of age limitations for directors or officers as long as they are consistent with applicable Federal law, rules or regulations, and any other subjects necessary or appropriate for effective operation of the mutual holding company., (c) Form of filing - (1) Application requirement. (i) Any bylaw amendment shall be submitted to the appropriate Reserve Bank for approval if it would:, (A) Render more difficult or discourage a merger, proxy contest, the assumption of control by a mutual account holder of the mutual holding company, or the removal of incumbent management;, (B) Involve a significant issue of law or policy, including indemnification, conflicts of interest, and limitations on director or officer liability; or, (C) Be inconsistent with the requirements of this section or with applicable laws, rules, regulations, or the mutual holding company's charter., (ii) Applications submitted under paragraph (c)(1)(i) of this section are subject to the processing procedures at \u00a7 238.14 of this chapter., (iii) For purposes of this paragraph (c), bylaw provisions that adopt the language of the model bylaws contained in appendix C to this part, if adopted without change, and filed with Board within 30 days after adoption, are effective upon adoption. The Board may amend the model bylaws provided in appendix C to this part., (2) Filing requirement. If the proposed bylaw amendment does not implicate paragraph (c)(1) or (c)(3) of this section, then the mutual holding company shall submit the amendment to the appropriate Reserve Bank at least 30 days prior to the date the bylaw amendment is to be adopted by the mutual holding company., (3) Corporate governance procedures. A mutual holding company may elect to follow the corporate governance procedures of the laws of the state where the main office of the institution is located, provided that such procedures may be elected only to the extent not inconsistent with applicable Federal statutes, regulations, and safety and soundness, and such procedures are not of the type described in paragraph (c)(1)(i) of this section. If this election is selected, a mutual holding company shall designate in its bylaws the provision or provisions from the body of law selected for its corporate governance procedures, and shall file a copy of such bylaws, which are effective upon adoption, within 30 days after adoption. The submission shall indicate, where not obvious, why the bylaw provisions do not require an application under paragraph (c)(1)(i) of this section., (d) Effectiveness. Any bylaw amendment filed pursuant to paragraph (c)(2) of this section shall automatically be effective 30 days from the date of filing of such amendment, provided that the mutual holding company follows the requirements of its charter and bylaws in adopting such amendment, unless the Board notifies the mutual holding company prior to the expiration of the 30-day period that such amendment is rejected or that such amendment requires an application to be filed pursuant to paragraph (c)(1) of this section., (e) Availability of bylaws. A mutual holding company shall make available to its members at all times in the offices of each subsidiary savings association from which the mutual holding company draws members a true copy of its bylaws, including any amendments, and shall deliver such a copy to any member upon request.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["239"], "part_title": ["PART 239 - MUTUAL HOLDING COMPANIES (REGULATION MM)"], "section": ["239.15"], "section_title": ["\u00a7 239.15 Bylaws."]}}
{"text": "(a) Responsibilities of the board of directors. Your board of directors must adopt written policies for managing your non-program investment activities. Your board must also ensure that management complies with these policies and that appropriate internal controls are in place to prevent loss. At least annually, your board, or a designated committee of the board, must review the sufficiency of these investment policies. Any changes to the policies must be adopted by the board. You must report any changes to these policies to the OSMO within 10 business days of adoption., (b) Investment policies - general requirements. Your investment policies must address the purposes and objectives of investments, risk tolerance, delegations of authority, internal controls, due diligence, and reporting requirements. Moreover, your investment policies must fully address the extent of pre-purchase analysis that management must perform for various types, classes, and structure of investments. Furthermore, the policies must include reporting requirements and approvals needed for exceptions to the board's policies. Investment policies must be sufficiently detailed, consistent with, and appropriate for the amounts, types, and risk characteristics of your investments. You must document in the Corporation's records any analyses used in formulating your policies or amendments to the policies., (c) Investment policies - risk tolerance. Your investment policies must establish risk limits for the various types, classes, and sectors of eligible investments. These policies must include concentration limits to ensure prudent diversification of credit, market, and liquidity risks in the investment portfolio. Risk limits must be based on all relevant factors, including the Corporation's objectives, capital position, earnings, and quality and reliability of risk management systems. Your policies must identify the types and quantity of investments that you will hold to achieve your objectives and control credit, market, liquidity, and operational risks. Your policies must establish risk limits for the following types of risk:, (1) Credit risk. Your investment policies must establish:, (i) Credit quality standards, limits on counterparty risk, and risk diversification standards that limit concentrations in a single or related counterparty(ies), industry sectors, and asset classes or obligations with similar characteristics., (ii) Criteria for selecting brokers, dealers, and investment bankers (collectively, securities firms). You must buy and sell eligible investments with more than one securities firm. As part of your review of your investment policies required under paragraph (a) of this section, your board of directors, or a designated committee of the board, must review the criteria for selecting securities firms. Any changes to the criteria must be approved by the board., (iii) Collateral margin requirements on repurchase agreements. You must regularly mark the collateral to market and ensure appropriate controls are maintained over collateral held., (2) Market risk. Your investment policies must set market risk limits for specific types of investments and for the investment portfolio., (3) Liquidity risk. Your investment policies must describe the liquidity characteristics of eligible investments that you will hold to meet your liquidity needs and the Corporation's other objectives., (4) Operational risk. Investment policies must address operational risks, including delegations of authority and internal controls in accordance with paragraphs (d) and (e) of this section., (5) Concentration risk. Your investment policies must set risk diversification standards. Diversification parameters must be based on the carrying value of investments. You may not invest more than 10 percent of your Regulatory Capital in allowable investments issued by any single entity, issuer, or obligor. Only investments in obligations backed by U.S. Government agencies or GSEs may exceed the 10-percent limit., (d) Delegation of authority. All delegations of authority to specified personnel or committees must state the extent of management's authority and responsibilities for investments., (e) Internal controls. You must:, (1) Establish appropriate internal controls to detect and prevent loss, fraud, embezzlement, conflicts of interest, and unauthorized investments., (2) Establish and maintain a separation of duties between personnel who supervise or execute investment transactions and personnel who supervise or engage in all other investment-related functions., (3) Maintain records and management information systems that are appropriate for the level and complexity of your investment activities., (4) Implement an effective internal audit program to review, at least annually, your investment management functions, controls, processes, and compliance with FCA regulations. The scope of the annual review must be appropriate for the size, risk, and complexity of the investment portfolio., (f) Due diligence - (1) Pre-purchase analysis - (i) Objective, eligibility, and compliance with investment policies. Before you purchase an investment, you must conduct sufficient due diligence to determine whether the investment is eligible under \u00a7 652.20, is for an authorized purpose under \u00a7 652.15(a), and complies with your board-approved investment policies. You must document its eligibility, purpose, and investment policy compliance and your investment objective. Your investment policies must fully address the extent of pre-purchase analysis that management must perform for various types, classes, and structure of investments. Your board must approve your decision to hold an investment that does not comply with your written investment policy requirements., (ii) Valuation. Prior to purchase, you must verify the value of the investment (unless it is a new issue) with a source that is independent of the broker, dealer, counterparty or other intermediary to the transaction., (iii) Risk assessment. Your risk assessment must be documented and, at a minimum, include an evaluation of credit risk, market risk, and liquidity risk and the underlying collateral of the investment. You must conduct stress testing before you purchase any investment that is structured or that has uncertain cash flows, including all mortgage-backed securities or asset-backed securities. The stress testing must be commensurate with the risk and complexity of the investments and must comply with the requirements of paragraph (f)(4) of this section., (2) Monthly fair value determination. At least monthly, you must determine the fair market value of each investment in your portfolio and the fair market value of your whole investment portfolio., (3) Ongoing analysis of credit risk. You must establish and maintain processes to monitor and evaluate changes in the credit quality of each security and the whole investment portfolio on an ongoing basis., (4) Quarterly stress testing. (i) You must stress test your entire investment portfolio, including stress tests of all investments individually and stress tests of the portfolio as a whole, at the end of each quarter. The stress tests must enable you to determine that your investment securities, both individually and on a portfolio-wide basis, do not expose your capital, earnings, or liquidity to risks that exceed the risk tolerance specified in your investment policies. If your portfolio risk exceeds your investment policy limits, you must develop a plan to reduce risk and comply with your investment policy limits., (ii) Your stress tests must be comprehensive and appropriate for the risk profile of your investment portfolio and the Corporation. At a minimum, the stress tests must be able to measure the price sensitivity of investments over a range of possible interest rate/yield curve scenarios. The methodology that you use to analyze investment securities must be appropriate for the complexity, structure, and cash flows of the investments in your portfolio. You must rely to the maximum extent practicable on verifiable information to support all your assumptions, including prepayment and interest rate volatility assumptions, when you apply your stress tests. Your assumptions must be prudent and based on sound judgment, and you must document the basis for all assumptions that you use to evaluate the security and its underlying collateral. You must also document all subsequent changes in your assumptions., (5) Presale value verification. Before you sell an investment, you must verify its value with a source that is independent of the broker, dealer, counterparty, or other intermediary to the transaction., (g) Reports to the board of directors. At least quarterly, executive management must report on the following to the board of directors or a designated committee of the board:, (1) Plans and strategies for achieving the board's objectives for the investment portfolio;, (2) Whether the investment portfolio effectively achieves the board's objectives;, (3) The current composition, quality, and liquidity profile of the investment portfolio;, (4) The performance of each class of investments and the entire investment portfolio, including all gains and losses that you incurred during the quarter on individual securities that you sold before maturity and why they were liquidated;, (5) Potential risk exposure to changes in market interest rates as identified through quarterly stress testing and any other factors that may affect the value of your investment holdings;, (6) How investments affect your capital, earnings, and overall financial condition;, (7) Any deviations from the board's policies. These deviations must be formally approved by the board of directors.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["652"], "part_title": ["PART 652 - FEDERAL AGRICULTURAL MORTGAGE CORPORATION FUNDING AND FISCAL AFFAIRS"], "section": ["652.10"], "section_title": ["\u00a7 652.10 Investment management."]}}
{"text": "(a) Filling unexpired terms. (1) When a vacancy occurs on the board of directors of any Bank, the board of directors of the Bank shall elect, by a majority vote of the remaining Bank directors sitting as a board, an individual to fill the unexpired term of office of the vacant directorship, regardless of whether the remaining Bank directors constitute a quorum of the Bank's board of directors., (2) The board of directors of the Bank may fill an anticipated vacancy prior to the effective date of the vacancy, provided the board does so no sooner than the date of the regularly scheduled board meeting that occurs immediately prior to the effective date of the vacancy., (3) The board of directors shall elect only an individual who satisfies all the eligibility requirements in the Bank Act and in this subpart that applied to his or her predecessor and, for independent directorships, also satisfies any of the qualifications in the Bank Act or this subpart. If a Bank does not have at least two sitting public interest independent directors, the board of directors of the Bank shall designate the directorship as a public interest directorship and shall elect an individual who satisfies a public interest independent directorship qualification in the Bank Act or in this subpart., (b) Verifying eligibility. Prior to any election by the board of directors, the Bank shall obtain an executed member director eligibility certification form prescribed by FHFA from each individual being considered to fill a member directorship and an executed independent director application form prescribed by FHFA from each individual being considered to fill an independent directorship. Using the executed forms, each Bank shall verify each individual's eligibility and, as to independent directors, also shall verify the individual's qualifications. Before any independent director is elected by the board of directors of a Bank, the Bank shall deliver to FHFA for its review a copy of the application form of each individual being considered by the board. The Bank shall retain the information it receives in accordance with \u00a7 1261.7(c) and (d)., (c) Notification. Promptly after allowing the individual to assume the directorship, as provided in paragraph (b) of this section, a Bank shall notify FHFA and each member located in the Bank's district in writing of the following:, (1) For each member directorship filled by the board of a Bank, the name of the director, the name, location, and FHFA ID number of the member the director serves, the director's title or position with the member, the voting State that the director represents, and the expiration date of the director's term of office; and, (2) For each independent directorship filled by the board of a Bank, the name of the director, the name and location of the organization with which the director is affiliated, if any, the director's title or position with such organization, and the expiration date of the director's term of office. ", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["D"], "subchapter_title": ["SUBCHAPTER D - FEDERAL HOME LOAN BANKS"], "part": ["1261"], "part_title": ["PART 1261 - FEDERAL HOME LOAN BANK DIRECTORS"], "section": ["1261.14"], "section_title": ["\u00a7 1261.14 Vacant Bank directorships."]}}
{"text": "(a) General rules. (1) Conduct. Hearings shall be conducted in accordance with chapter 5 of title 5 and other applicable law and so as to provide a fair and expeditious presentation of the relevant disputed issues. Except as limited by this subpart, each party has the right to present its case or defense by oral and documentary evidence and to conduct such cross examination as may be required for full disclosure of the facts., (2) Order of hearing. FHFA counsel of record shall present its case-in-chief first, unless otherwise ordered by the presiding officer or unless otherwise expressly specified by law or regulation. FHFA counsel of record shall be the first party to present an opening statement and a closing statement and may make a rebuttal statement after the respondent's closing statement. If there are multiple respondents, respondents may agree among themselves as to the order of presentation of their cases, but if they do not agree, the presiding officer shall fix the order., (3) Examination of witnesses. Only one representative for each party may conduct an examination of a witness, except that in the case of extensive direct examination, the presiding officer may permit more than one representative for the party presenting the witness to conduct the examination. A party may have one representative conduct the direct examination and another representative conduct re-direct examination of a witness, or may have one representative conduct the cross examination of a witness and another representative conduct the re-cross examination of a witness., (4) Stipulations. Unless the presiding officer directs otherwise, all documents that the parties have stipulated as admissible shall be admitted into evidence upon commencement of the hearing., (b) Transcript. The hearing shall be recorded and transcribed. The transcript shall be made available to any party upon payment of the cost thereof. The presiding officer shall have authority to order the record corrected, either upon motion to correct, upon stipulation of the parties, or following notice to the parties upon the presiding officer's own motion.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - ORGANIZATION AND OPERATIONS"], "part": ["1209"], "part_title": ["PART 1209 - RULES OF PRACTICE AND PROCEDURE"], "section": ["1209.50"], "section_title": ["\u00a7 1209.50 Conduct of hearings."]}}
{"text": "(a) Grounds for issuance. A suspending official may issue a final suspension order with respect to a respondent proposed for suspension if, based solely on the written record, the suspending official determines that there is adequate evidence that:, (1) The respondent engaged in covered misconduct; and, (2) The covered misconduct is of a type that would be likely to cause significant financial or reputational harm to a regulated entity or otherwise threaten the safe and sound operation of a regulated entity., (b) Written record. The written record shall include any material submitted by the respondent and any material submitted by the regulated entities, as well as any other material that was considered by the suspending official in making the final determination, including any information related to the factors in paragraph (c) of this section. FHFA may independently obtain information relevant to the suspension determination for inclusion in the written record., (c) Factors that may be considered by the suspending official. In determining whether or not to issue a final suspension order with respect to the respondent where the grounds for suspension are satisfied, the suspending official may also consider any factors that the suspending official determines may be relevant in light of the circumstances of the particular case, including but not limited to:, (1) The actual or potential harm or impact that results or may result from the covered misconduct;, (2) The frequency of incidents or duration of the covered misconduct;, (3) Whether there is a pattern of prior covered misconduct;, (4) Whether and to what extent the respondent planned, initiated, or carried out the covered misconduct;, (5) Whether the respondent has accepted responsibility for the covered misconduct and recognizes its seriousness;, (6) Whether the respondent has paid or agreed to pay all criminal, civil and administrative penalties or liabilities for the covered misconduct, including any investigative or administrative costs incurred by the government, and has made or agreed to make full restitution;, (7) Whether the covered misconduct was pervasive within the respondent's organization;, (8) The kind of positions held by the individuals involved in the covered misconduct;, (9) Whether the respondent's organization took appropriate corrective action or remedial measures, such as establishing ethics training and implementing programs to prevent recurrence of the covered misconduct;, (10) Whether the respondent brought the covered misconduct to the attention of the appropriate government agency in a timely manner;, (11) Whether the respondent has fully investigated the circumstances surrounding the covered misconduct and, if so, made the result of the investigation available to the suspending official;, (12) Whether the respondent had effective standards of conduct and internal control systems in place at the time the covered misconduct occurred;, (13) Whether the respondent has taken appropriate disciplinary action against the individuals responsible for the covered misconduct; or, (14) Whether the respondent has had adequate time to eliminate the circumstances within the organization that led to the covered misconduct., (d) Deadline for decision. The suspending official shall make a determination on whether to issue a final suspension order with respect to the respondent within thirty (30) calendar days of the deadline given for the respondent's response in the notice of proposed suspension, unless the suspending official notifies the respondent in writing that additional time is needed., (e) Determination not to issue final suspension order. If the suspending official determines that suspension is not appropriate with respect to the respondent, the suspending official shall provide prompt written notice of that determination to the respondent, the regulated entity, and all of the other regulated entities., (f) Issuance of final suspension order - (1) General. If the suspending official makes a final determination to suspend the respondent, the suspending official shall issue a final suspension order to each regulated entity regarding the respondent., (2) Content of final suspension order. A final suspension order shall include:, (i) A statement of the suspension determination and supporting grounds, including a discussion of any relevant information submitted by the respondent or regulated entities;, (ii) Identification of each person and any affiliates thereof to which the suspension applies;, (iii) A description of the scope of the suspension, including the time period to which the suspension applies; and, (iv) A description of any limitations or qualifications that apply to the scope of the suspension, including modification of the conduct of covered transactions that may be engaged in with the respondent., (3) Notice to respondent required. The suspending official shall provide prompt written notice to the respondent of the final suspension order issued to the regulated entities with respect to such respondent., (4) Content of notice. The notice of a final suspension order shall include:, (i) A statement of the suspension determination and supporting grounds, including a discussion of any relevant information submitted by the respondent; and, (ii) A copy of the final suspension order., (g) Effective date. A final suspension order shall take effect on the date specified in the order, which shall be at least forty-five (45) calendar days after the date on which the order is signed by the suspending official.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - ENTITY REGULATIONS"], "part": ["1227"], "part_title": ["PART 1227 - SUSPENDED COUNTERPARTY PROGRAM"], "section": ["1227.6"], "section_title": ["\u00a7 1227.6 Final suspension order."]}}
{"text": "(a) Application for stock or deposit. Each national bank in process of organization,3 each nonmember state bank converting into a national bank, and each nonmember state bank applying for membership in the Federal Reserve System under Regulation H, 12 CFR part 208, shall file with the Federal Reserve Bank (Reserve Bank) in whose district it is located an application for stock (or deposit in the case of mutual savings banks not authorized to purchase Reserve Bank stock 4) in the Reserve Bank. This application for stock must state whether the applicant's total consolidated assets exceed $11,229,000,000. The bank shall pay for the stock (or deposit) in accordance with \u00a7 209.4 of this part., 3 A new national bank organized by the Federal Deposit Insurance Corporation under section 11(n) of the Federal Deposit Insurance Act (12 U.S.C. 1821(n)) should not apply until in the process of issuing stock pursuant to section 11(n)(15) of that act. Reserve Bank approval of such an application shall not be effective until the issuance of a certificate by the Comptroller of the Currency pursuant to section 11(n)(16) of that act., 4 A mutual savings bank not authorized to purchase Federal Reserve Bank stock may apply for membership evidenced initially by a deposit. (See \u00a7 208.3(a) of Regulation H, 12 CFR part 208.) The membership of the savings bank shall be terminated if the laws under which it is organized are not amended to authorize such purchase at the first session of the legislature after its admission, or if it fails to purchase such stock within six months after such an amendment., (b) Issuance of stock; acceptance of deposit. Upon authorization to commence business by the Comptroller of the Currency in the case of a national bank in organization or upon approval of conversion by the Comptroller of the Currency in the case of a state nonmember bank converting to a national bank, or when all applicable requirements have been complied with in the case of a state bank approved for membership, the Reserve Bank shall issue the appropriate number of shares by crediting the bank with the appropriate number of shares on its books. In the case of a national or state member bank in organization, such issuance shall be as of the date the bank opens for business. In the case of a mutual savings bank not authorized to purchase Reserve Bank shares, the Reserve Bank shall accept the deposit in place of issuing shares. The bank's membership shall become effective on the date of such issuance or acceptance., (c) Location of bank - (1) General rule. For purposes of this part, a national bank or a State bank is located in the Federal Reserve District that contains the location specified in the bank's charter or organizing certificate, or as specified by the institution's primary regulator, or if no such location is specified, the location of its head office, unless otherwise determined by the Board under paragraph (c)(2) of this section., (2) Board determination. If the location of a bank as specified in paragraph (c)(1) of this section, in the judgment of the Board of Governors of the Federal Reserve System (Board), is ambiguous, would impede the ability of the Board or the Reserve Banks to perform their functions under the Federal Reserve Act, or would impede the ability of the bank to operate efficiently, the Board will determine the Federal Reserve District in which the bank is located, after consultation with the bank and the relevant Reserve Banks. The relevant Reserve Banks are the Reserve Bank whose District contains the location specified in paragraph (c)(1) of this section and the Reserve Bank in whose District the bank is proposed to be located. In making this determination, the Board will consider any applicable laws, the business needs of the bank, the location of the bank's head office, the locations where the bank performs its business, and the locations that would allow the bank, the Board, and the Reserve Banks to perform their functions efficiently and effectively.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"], "part": ["209"], "part_title": ["PART 209 - FEDERAL RESERVE BANK CAPITAL STOCK (REGULATION I)"], "section": ["209.2"], "section_title": ["\u00a7 209.2 Banks desiring to become member banks."]}}
{"text": "(a) Each Bank annually shall provide to FHFA, on or before January 31, a Targeted Community Lending Plan., (b) Each Bank shall provide such other reports concerning its CICA programs as FHHA may request from time to time.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["E"], "subchapter_title": ["SUBCHAPTER E - HOUSING GOALS AND MISSION"], "part": ["1292"], "part_title": ["PART 1292 - COMMUNITY INVESTMENT CASH ADVANCE PROGRAMS"], "section": ["1292.6"], "section_title": ["\u00a7 1292.6 Reporting."]}}
{"text": "In orders approving the retention by a bank holding company of a 4(c)(8) subsidiary, the Board has stated that it would permit, without any specific regulatory approval, the formation of a wholly owned subsidiary of an approved 4(c)(8) company to engage in activities that such a company could itself engage in directly through a division or department. (Northwestern Financial Corporation, 65 Federal Reserve Bulletin 566 (1979).) Section 4(a)(2) of the Act provides generally that a bank holding company may engage directly in the business of managing and controlling banks and permissible nonbank activities, and in furnishing services directly to its subsidiaries. Even though section 4 of the Act generally prohibits the acquisition of shares of nonbanking organizations, the Board does not believe that such prohibition should apply to the formation by a holding company of a wholly-owned subsidiary to engage in activities that it could engage in directly. Accordingly, as a general matter, the Board will permit without any regulatory approval a bank holding company to form a wholly-owned subsidiary to perform servicing activities for subsidiaries that the holding company itself could perform directly or through a department or a division under section 4(a)(2) of the Act. The Board believes that permitting this type of subsidiary is not inconsistent with the nonbanking prohibitions of section 4 of the Act, and is consistent with the authority in section 4(c)(1)(C) of the Act, which permits a bank holding company, without regulatory approval, to form a subsidiary to perform services for its banking subsidiaries. The Board notes, however, that a servicing subsidiary established by a bank holding company in reliance on this interpretation will be an affiliate of the subsidiary bank of the holding company for the purposes of the lending restrictions of section 23A of the Federal Reserve Act. (12 U.S.C. 371c)", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["225"], "part_title": ["PART 225 - BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y)"], "section": ["225.141"], "section_title": ["\u00a7 225.141 Operations subsidiaries of a bank holding company."]}}
{"text": "(a) Notice of proposed reclassification based on unsafe or unsound condition or practice. When the NCUA Board proposes to reclassify a credit union or subject it to the supervisory actions applicable to the next lower net worth category pursuant to \u00a7\u00a7 702.102(b) and 702.202(d) of this chapter (each such action hereinafter referred to as \u201creclassification\u201d), the NCUA Board shall issue and serve on the credit union reasonable prior notice of the proposed reclassification. , (b) Contents of notice. A notice of intention to reclassify a credit union based on unsafe or unsound condition or practice shall state: , (1) The credit union's net worth ratio, current net worth category classification, and the net worth category to which the credit union would be reclassified; , (2) The unsafe or unsound practice(s) and/or condition(s) justifying reasons for reclassification of the credit union; , (3) The date by which the credit union must file a written response to the notice (including a request for a hearing), which date shall be no less than 14 calendar days from the date of service of the notice unless the NCUA Board determines that a shorter period is appropriate in light of the financial condition of the credit union or other relevant circumstances; and, (4) That a credit union which fails to - , (i) File a written response to the notice of reclassification, within the specified time period, shall be deemed to have waived the opportunity to respond, and to have consented to reclassification; , (ii) Request a hearing shall be deemed to have waived any right to a hearing; and , (iii) Request the opportunity to present witness testimony shall be deemed to have waived any right to present such testimony. , (c) Contents of response to notice. A credit union's response to a notice under paragraph (b) of this section must: , (1) Explain why it contends that the credit union should not be reclassified; , (2) Include any relevant information, mitigating circumstances, documentation, or other evidence in support of the credit union's position; , (3) If desired, request an informal hearing before the NCUA Board under this section; and, (4) If a hearing is requested, identify any witness whose testimony the credit union wishes to present and the general nature of each witness's expected testimony., (d) Order to hold informal hearing. Upon timely receipt of a written response that includes a request for a hearing, the NCUA Board shall issue an order commencing an informal hearing no later than 30 days after receipt of the request, unless the credit union requests a later date. The hearing shall be held in Alexandria, Virginia, or at such other place as may be designated by the NCUA Board, before a presiding officer designated by the NCUA Board to conduct the hearing and to recommend a decision., (e) Procedures for informal hearing. (1) The credit union may appear at the hearing through a representative or through counsel. The credit union shall have the right to introduce relevant documents and to present oral argument at the hearing. The credit union may introduce witness testimony only if expressly authorized by the NCUA Board or the presiding officer. Neither the provisions of the Administrative Procedure Act (5 U.S.C. 554-557) governing adjudications required by statute to be determined on the record nor the Uniform Rules of Practice and Procedure (12 CFR part 747) shall apply to an informal hearing under this section unless the NCUA Board orders otherwise., (2) The informal hearing shall be recorded, and a transcript shall be furnished to the credit union upon request and payment of the cost thereof. Witnesses need not be sworn, unless specifically requested by a party or by the presiding officer. The presiding officer may ask questions of any witness., (3) The presiding officer may order that the hearing be continued for a reasonable period following completion of witness testimony or oral argument to allow additional written submissions to the hearing record. , (4) Within 20 calendar days following the closing of the hearing and the record, the presiding officer shall make a recommendation to the NCUA Board on the proposed reclassification., (f) Time for final decision. Not later than 60 calendar days after the date the record is closed, or the date of receipt of the credit union's response in a case where no hearing was requested, the NCUA Board will decide whether to reclassify the credit union, and will notify the credit union of its decision. The decision of the NCUA Board shall be final. , (g) Request to rescind reclassification. Any credit union that has been reclassified under this section may file a written request to the NCUA Board to reconsider or rescind the reclassification, or to modify, rescind or remove any directives issued as a result of the reclassification. Unless otherwise ordered by the NCUA Board, the credit union shall remain reclassified, and subject to any directives issued as a result, while such request is pending., (h) Non-delegation. The NCUA Board may not delegate its authority to reclassify a credit union into a lower net worth category or to treat a credit union as if it were in a lower net worth category pursuant to \u00a7 702.102(b) or \u00a7 702.302(d) of this chapter.", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - REGULATIONS AFFECTING CREDIT UNIONS"], "part": ["747"], "part_title": ["PART 747 - ADMINISTRATIVE ACTIONS, ADJUDICATIVE HEARINGS, RULES OF PRACTICE AND PROCEDURE, AND INVESTIGATIONS"], "section": ["747.2003"], "section_title": ["\u00a7 747.2003 Review of order reclassifying a credit union on safety and soundness criteria."]}}
{"text": "(a) Adoption of conflict-of-interests policy. Each Bank shall adopt a written conflict-of-interests policy that applies to all members of its board of directors. At a minimum, the conflict-of-interests policy of each Bank shall:, (1) Require the directors to administer the affairs of the Bank fairly and impartially and without discrimination in favor of or against any member;, (2) Require independent directors to comply with \u00a7 1261.10(a);, (3) Prohibit the use of a director's official position for personal gain;, (4) Require directors to disclose actual or apparent conflicts of interests and establish procedures for addressing such conflicts;, (5) Require the establishment of internal controls to ensure that conflict-of-interests reports are made and filed and that conflict-of-interests issues are disclosed and resolved; and, (6) Establish procedures to monitor compliance with the conflict-of-interests policy., (b) Disclosure and recusal. A director shall disclose to the Bank's board of directors any financial interests he or she has, as well as any financial interests known to the director of any immediate family member or business associate of the director, in any matter to be considered by the Bank's board of directors and in any other business matter or proposed business matter involving the Bank and any other person or entity. A director shall disclose fully the nature of his or her interests in the matter and shall provide to the Bank's board of directors any information requested to aid in its consideration of the director's interest. A director shall refrain from considering or voting on any issue in which the director, any immediate family member, or any business associate has any financial interest., (c) Confidential Information. Directors shall not disclose or use confidential information they receive solely by reason of their position with the Bank to obtain any benefit for themselves or for any other individual or entity., (d) Gifts. No Bank director shall accept, and each Bank director shall discourage the director's immediate family members from accepting, any gift that the director believes or has reason to believe is given with the intent to influence the director's actions as a member of the Bank's board of directors, or where acceptance of such gift would have the appearance of intending to influence the director's actions as a member of the board. Any insubstantial gift would not be expected to trigger this prohibition., (e) Compensation. Directors shall not accept compensation for services performed for the Bank from any source other than the Bank for which the services are performed., (f) Definitions. For purposes of this section:, (1) Immediate family member means parent, sibling, spouse, child, or dependent, or any relative sharing the same residence as the director., (2) Financial interest means a direct or indirect financial interest in any activity, transaction, property, or relationship that involves receiving or providing something of monetary value, and includes, but is not limited to any right, contractual or otherwise, to the payment of money, whether contingent or fixed. It does not include a deposit or savings account maintained with a member, nor does it include a loan or extension of credit obtained from a member in the normal course of business on terms that are available generally to the public., (3) Business associate means any individual or entity with whom a director has a business relationship, including, but not limited to:, (i) Any corporation or organization of which the director is an officer or partner, or in which the director beneficially owns ten percent or more of any class of equity security, including subordinated debt;, (ii) Any other partner, officer, or beneficial owner of ten percent or more of any class of equity security, including subordinated debt, of any such corporation or organization; and, (iii) Any trust or other estate in which a director has a substantial beneficial interest or as to which the director serves as trustee or in a similar fiduciary capacity. ", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["D"], "subchapter_title": ["SUBCHAPTER D - FEDERAL HOME LOAN BANKS"], "part": ["1261"], "part_title": ["PART 1261 - FEDERAL HOME LOAN BANK DIRECTORS"], "section": ["1261.11"], "section_title": ["\u00a7 1261.11 Conflict-of-interests policy for Bank directors."]}}
{"text": "Any bank which refers any applicants to a controlled entity and which purchases any covered loan as defined in Regulation C of the Bureau of Consumer Financial Protection (12 CFR part 1003) originated by the controlled entity, as a condition to transacting any business with the controlled entity, shall require the controlled entity to enter into a written agreement with the bank. The written agreement shall provide that the entity shall:, (a) Comply with the requirements of \u00a7\u00a7 338.3, 338.4, and 338.7, and, if otherwise subject to Regulation C of the Bureau of Consumer Financial Protection (12 CFR part 1003), \u00a7 338.8;, (b) Open its books and records to examination by the Federal Deposit Insurance Corporation; and, (c) Comply with all instructions and orders issued by the Federal Deposit Insurance Corporation with respect to its home loan practices.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["338"], "part_title": ["PART 338 - FAIR HOUSING"], "section": ["338.9"], "section_title": ["\u00a7 338.9 Mortgage lending of a controlled entity."]}}
{"text": "A charge that any bank or labor organization, or agents or representatives of a bank or labor organization, has engaged in or is engaging in any act prohibited under \u00a7 269.6 of the policy or has failed to take any action required by \u00a7 269.6 of the policy may be filed by any party in interest, or its representative, within 60 days after the alleged violations or within 60 days after the charging party has become or should have become aware of the alleged violation. ", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["269b"], "part_title": ["PART 269b - CHARGES OF UNFAIR LABOR PRACTICES"], "section": ["269b.110"], "section_title": ["\u00a7 269b.110 Charges."]}}
{"text": "Within 15 days after service of the recommended decision, findings, conclusions, and proposed order, the applicant or counsel for NCUA may file with the NCUA Board written exceptions thereto. A supporting brief may also be filed. The NCUA Board shall render its decision within 60 days after the matter is submitted to it. The NCUA Board shall furnish copies of its decision and order to the parties. Judicial review of the NCUA Board's final decision and order may be obtained as provided in 5 U.S.C. 504(c)(2).", "meta": {"chapter": ["VII"], "chapter_title": ["CHAPTER VII - NATIONAL CREDIT UNION ADMINISTRATION"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - REGULATIONS AFFECTING CREDIT UNIONS"], "part": ["747"], "part_title": ["PART 747 - ADMINISTRATIVE ACTIONS, ADJUDICATIVE HEARINGS, RULES OF PRACTICE AND PROCEDURE, AND INVESTIGATIONS"], "section": ["747.615"], "section_title": ["\u00a7 747.615 Decision of the NCUA Board."]}}
{"text": "The Secretary of the Board (or the Secretary's delegee) is authorized:, (a) Procedure - (1) Extension of time period for public participation in proposed regulations. To extend, when appropriate under the Board's Rules of Procedure (12 CFR 262.2 (a) and (b)), the time period for public participation with respect to proposed regulations of the Board. , (2) Extension of time period in notices, orders, rules, or regulations. (i) To grant or deny requests to extend any time period in any notice, order, rule, or regulation of the Board relating to filing information, comments, opposition, briefs, exceptions, or other matters, in connection with any application, request or petition for the Board's approval, authority, determination, or permission, or any other action by the Board. , (ii) Notwithstanding \u00a7 265.3 of this part, no person claiming to be adversely affected by any such extension of time by the Secretary shall have the right to petition the Board or any Board member for review or reconsideration of the extension. , (3) Conforming citations and references in Board rules and regulations. (i) To conform references to administrative positions or units in Board rules and regulations with changes in the administrative structure of the Board and in the government and agencies of the United States. , (ii) To conform citations and references in Board rules and regulations with other regulatory or statutory changes adopted or promulgated by the Board or by the government or agencies of the United States. , (4) Technical corrections in Board rules and regulations. To make technical corrections, such as spelling, grammar, construction, and organization (including removal of obsolete provisions and consolidation of related provisions), to the Board's rules, regulations, and orders and other records of Board action but only with the concurrence of the Board's General Counsel. , (b) Availability of information - (1) FOIA requests. To make available, upon request, information in Board records and consider requests for confidential treatment of information in Board records under the Freedom of Information Act (5 U.S.C. 552) and under the Board's Rules Regarding Availability of Information (12 CFR part 261). , (2) Review of denial of access to Board records; FOIA. To review and determine an appeal of denial of access to Board records under the Freedom of Information Act (5 U.S.C. 552), the Privacy Act (5 U.S.C. 552a), and the Board's rules regarding such access (12 CFR parts 261 and 261a, respectively)., (3) Annual reports on Privacy Act. To approve annual reports required by the Privacy Act (5 U.S.C. 552a(p)) from the Board to the Office of Management and Budget for inclusion in the President's annual consolidated report to Congress. , (4) Report on prime rate of commercial banks. To determine and report, under 26 U.S.C. (IRC) 6621, to the Secretary of the Treasury the average predominant prime rate quoted by commercial banks to large businesses. , (c) Bank holding companies; Change in bank control; Mergers - (1) Reports on competitive factors in bank mergers. To furnish reports on competitive factors involved in a bank merger to the Comptroller of the Currency and the Federal Deposit Insurance Corporation under the provisions of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)); The Bank Holding Company Act (12 U.S.C. 1842(a), 1843(c)(14)); the Bank Service Corporation Act (12 U.S.C. 1865(a), (b), 1867(d)); the Change in Bank Control Act (12 U.S.C. 1817(j)); and the Federal Reserve Act (12 U.S.C. 321 et seq., 601-604a, 611 et seq.)., (2) Reserve Bank director interlocks. To take actions the Reserve Bank could take except for the fact that the Reserve Bank may not act because a director, senior officer, or principal shareholder of any holding company, bank, or company involved in the transaction is a director of that Reserve Bank or branch of the Reserve Bank. , (3) Application approval under section 5(d)(3) of the FDI Act. To approve applications pursuant to section 5(d)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1815(d)(3)), in those cases in which the appropriate Federal Reserve Bank concludes that, because of unusual considerations, or for other good cause, it should not take action., (d) International banking. (1) Reserved, (2) Acquisition of foreign company or U.S. company financing exports. To grant, under sections 25 and 25A of the Federal Reserve Act (12 U.S.C. 601 and 604) and section 4(c)(13) of the Bank Holding Company Act (12 U.S.C. 1843(c)(13)) and the Board's Regulations K and Y (12 CFR parts 211 and 225), specific consent to the acquisition, either directly or indirectly, by a member bank, an Edge or Agreement corporation, or a bank holding company of stock of a company chartered under the laws of a foreign country or a company chartered under the laws of a state of the United States that is organized and operated for the purpose of financing exports from the United States, and to approve any such acquisition that may exceed the limitations of section 25A of the Federal Reserve Act based on the company's capital and surplus, if all of the following conditions are met:, (i) The appropriate Reserve Bank and all relevant divisions of the Board's staff recommend approval;, (ii) No significant policy issue is raised on which the Board has not expressed its view;, (iii) The acquisition does not result, either directly or indirectly, in the bank, corporation, or bank holding company acquiring effective control of the company, except that this condition need not be met if:, (A) The company is to perform nominee, fiduciary, or other services incidental to the activities of a foreign branch or affiliate of the bank holding company, or corporation; or, (B) The stock is being acquired from the parent bank or bank holding company, or subsidiary Edge or Agreement corporation, as the case may be, and the selling parent or subsidiary holds the stock with the consent of the Board pursuant to Regulations K and Y (12 CFR parts 211 and 225)., (3) Reserved, (e) Member banks - (1) Waiver of penalty for early withdrawals of time deposits. To permit depository institutions to waive the penalty for early withdrawal of time deposits under section 19(j) of the Federal Reserve Act (12 U.S.C. 371b) and \u00a7 204.2 of Regulation D (12 CFR part 204) if the following conditions are met:, (i) The President declares an area of major disaster or emergency area pursuant to section 301 of the Disaster Relief Act of 1974 (42 U.S.C. 5141);, (ii) The waiver is limited to depositors suffering disaster or emergency related losses in the officially designated area; and, (iii) The appropriate Reserve Bank and all relevant divisions of the Board's staff recommend approval., (2) Reserved, (f) Location of institution. To determine the Federal Reserve District in which an institution is located pursuant to \u00a7 204.3(b)(2)(ii) of Regulation D (12 CFR part 204) or \u00a7 209.15(b) of Regulation I (12 CFR part 209) if:, (1) The relevant Federal Reserve Banks and the institution agree on the specific Reserve Bank in which the institution should hold stock or with which the institution should maintain reserve balances; and, (2) The agreed-upon location does not raise any significant policy issues.", "meta": {"chapter": ["II"], "chapter_title": ["CHAPTER II - FEDERAL RESERVE SYSTEM (CONTINUED)"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (CONTINUED)"], "part": ["265"], "part_title": ["PART 265 - RULES REGARDING DELEGATION OF AUTHORITY"], "section": ["265.5"], "section_title": ["\u00a7 265.5 Functions delegated to Secretary of the Board."]}}
{"text": "(a) General rule. (1) Limits on discovery. Subject to the limitations set out in paragraphs (a)(2), (b), (d), and (e) of this section, a party to a proceeding under this part may obtain document discovery by serving upon any other party in the proceeding a written request to produce documents. For purposes of such requests, the term \u201cdocuments\u201d may be defined to include records, drawings, graphs, charts, photographs, recordings, or data stored in electronic form or other data compilations from which information can be obtained or translated, if necessary, by the parties through detection devices into reasonably usable form (e.g., electronically stored information), as well as written material of all kinds., (2) Discovery plan. (i) In the initial scheduling conference held in accordance with \u00a7 1209.36, or otherwise at the earliest practicable time, the presiding officer shall require the parties to confer in good faith to develop and submit a joint discovery plan for the timely, cost-effective management of document discovery (including, if applicable, electronically stored information). The discovery plan should provide for the coordination of similar discovery requests by multiple parties, if any, and specify how costs are to be apportioned among those parties. The discovery plan shall specify the form of electronic productions, if any. Documents are to be produced in accordance with the technical specifications described in the discovery plan., (ii) Discovery in the proceeding may commence upon the approval of the discovery plan by the presiding officer. Thereafter, the presiding officer may interpret or modify the discovery plan for good cause shown or in his or her discretion due to changed circumstances., (iii) Nothing in paragraph (a)(2) of this section shall be interpreted or deemed to require the production of documents that are privileged or not reasonably accessible because of undue burden or cost, or to require any document production otherwise inconsistent with the limitations on discovery set forth in this part., (b) Relevance and scope. (1) A party may obtain document discovery regarding any matter not privileged that is materially relevant to the charges or allowable defenses raised in the pending proceeding., (2) The scope of available discovery shall be limited in accordance with subpart C of this part. Any request for the production of documents that seeks to obtain privileged information or documents not materially relevant under paragraph (b)(1) of this section, or that is unreasonable, oppressive, excessive in scope, unduly burdensome, cumulative, or repetitive of any prior discovery requests, shall be denied or modified., (3) A request for document discovery is unreasonable, oppressive, excessive in scope, or unduly burdensome - and shall be denied or modified - if, among other things, the request:, (i) Fails to specify justifiable limitations on the relevant subject matter, time period covered, search parameters, or the geographic location(s) or data repositories to be searched;, (ii) Fails to identify documents with sufficient specificity;, (iii) Seeks material that is duplicative, cumulative, or obtainable from another source that is more accessible, cost-effective, or less burdensome;, (iv) Calls for the production of documents to be delivered to the requesting party or his or her designee and fails to provide a written agreement by the requestor to pay in advance for the costs of production in accordance with \u00a7 1209.30, or otherwise fails to take into account costs associated with processing electronically stored information or any cost-sharing agreements between the parties;, (v) Fails to afford the responding party adequate time to respond; or, (vi) Fails to take into account retention policies or security protocols with respect to Federal information systems., (c) Forms of discovery. Discovery shall be limited to requests for production of documents for inspection and copying. No other form of discovery shall be allowed. Discovery by use of interrogatories is not permitted. This paragraph shall not be interpreted to require the creation of a document., (d) Privileged matter. (1) Privileged documents are not discoverable. (i) Privileges include the attorney-client privilege, work-product privilege, any government's or government agency's deliberative process privilege, and any other privileges provided by the Constitution, any applicable act of Congress, or the principles of common law., (ii) The parties may enter into a written agreement to permit a producing party to assert applicable privileges of a document even after its production and to request the return or destruction of privileged matter (claw back agreement). The parties shall file the claw back agreement with the presiding officer. To ensure the enforceability of the terms of any such claw back agreement, the presiding officer shall enter an order. Any party may petition the presiding officer for an order specifying claw back procedures for good cause shown., (2) No effect on examination authority. The limitations on discoverable matter provided for in this part are not intended and shall not be construed to limit or otherwise affect the examination, regulatory or supervisory authority of FHFA., (e) Time limits. All discovery matters, including all responses to discovery requests, shall be completed at least 20 days prior to the date scheduled for the commencement of the testimonial phase of the hearing. No exception to this discovery time limit shall be permitted, unless the presiding officer finds on the record that good cause exists for waiving the 20-day requirement of this paragraph., (f) Production. Documents must be produced as they are kept in the usual course of business, or labeled and organized to correspond with the categories in the request, or otherwise produced in a manner determined by mutual agreement between the requesting party and the party or non-party to whom the request is directed in accordance with this part.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["A"], "subchapter_title": ["SUBCHAPTER A - ORGANIZATION AND OPERATIONS"], "part": ["1209"], "part_title": ["PART 1209 - RULES OF PRACTICE AND PROCEDURE"], "section": ["1209.29"], "section_title": ["\u00a7 1209.29 Discovery."]}}
{"text": "(a) A bank or association chartered under title I or II of the Act may finance eligible borrower operations conducted wholly within its chartered territory regardless of the residence of the applicant., (b) A bank or association operating under title I or II of the Act may finance the operations of a borrower headquartered and operating in its territory even though the operation financed is conducted partially outside its territory, provided notice is given to all Farm Credit institutions providing similar credit in the territory(ies) in which the operations being financed are conducted. A bank or association operating under title I or II of the Act may lend to a borrower headquartered outside its territory to finance eligible borrower operations that are conducted partially within its territory and partially outside its territory only if the concurrence of Farm Credit institutions providing similar credit for the territories in which the operations are conducted is obtained., (c) A bank or association chartered under title I or II of the Act may finance eligible borrower operations conducted wholly outside its chartered territory, provided such loans are authorized by the policies of the bank and/or association involved, do not constitute a significant shift in loan volume away from the bank or association's assigned territory, and are made and administered in accordance with paragraphs (c)(1) and (c)(2) of this section., (1) If a loan is made to an eligible borrower whose operations are conducted wholly outside the chartered territory of the lending bank or association, the lending institution shall obtain concurrence of all Farm Credit institutions providing similar credit in the territory(ies) in which the operation being financed is conducted., (2) Loans to finance eligible borrower operations conducted wholly outside a bank's or association's territory shall be appropriately designated by the bank or association to provide adequate identification of the number and volume of such loans, which shall be monitored by the bank or association., (d) A bank or association chartered under title I or II of the Act may finance eligible borrower operations conducted wholly or partially outside its chartered territory through the purchase of loans from the Federal Deposit Insurance Corporation in compliance with \u00a7 614.4325(b)(3), provided:, (1) Notice is given to the Farm Credit System institution(s) chartered to serve the territory where the headquarters of the borrower's operation being financed is located; and, (2) After loan purchase, additional financing of eligible borrower operations complies with paragraphs (a), (b), and (c) of this section.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["614"], "part_title": ["PART 614 - LOAN POLICIES AND OPERATIONS"], "section": ["614.4070"], "section_title": ["\u00a7 614.4070 Loans and chartered territory - Farm Credit Banks, agricultural credit banks, Federal land bank associations, Federal land credit associations, production credit associations, and agricultural credit associations."]}}
{"text": "(a) Information - (1) Information to the regulated entity or entities. If the Director determines, based on standards enunciated in this part, that a temporary increase in the minimum capital level is necessary, the Director will provide notice to the affected regulated entity or entities 30 days in advance of the date that the temporary minimum capital requirement becomes effective, unless the Director determines that an exigency exists that does not permit such notice or the Director determines a longer time period would be appropriate., (2) Information to the Government. The Director shall inform the Secretary of the Treasury, the Secretary of Housing and Urban Development, and the Chairman of the Securities and Exchange Commission of a temporary increase in the minimum capital level contemporaneously with informing the affected regulated entity or entities., (b) Comments. The affected regulated entity or entities may provide comments regarding or objections to the temporary increase to FHFA within 15 days or such other period as the Director determines appropriate under the circumstances. The Director may determine to modify, delay, or rescind the announced temporary increase in response to such comments or objection, but no further notice is required for the temporary increase to become effective upon the date originally determined by the Director., (c) Communication. The Director shall transmit notice of a temporary increase or rescission of a temporary increase in the minimum capital level in writing, using electronic or such other means as appropriate. Such communication shall set forth, at a minimum, the bases for the Director's determination, the amount of increase or decrease in the minimum capital level, the anticipated duration of such increase, and a description of the procedures for requesting a rescission of the temporary increase in the minimum capital level., (d) Written plan. In making a finding under this part, the Director may require a written plan to augment capital to be submitted on a timely basis to address the methods by which such temporary increase may be attained and the time period for reaching the new temporary minimum capital level., (e) Time frame for review of temporary increase for purpose of rescission. (1) Absent an earlier determination to rescind in whole or in part a temporary increase in the minimum capital level for a regulated entity or entities, the Director shall no less than every 12 months, consider the need to maintain, modify, or rescind such increase., (2) A regulated entity or regulated entities may at any time request in writing such review by the Director.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - ENTITY REGULATIONS"], "part": ["1225"], "part_title": ["PART 1225 - MINIMUM CAPITAL - TEMPORARY INCREASE"], "section": ["1225.3"], "section_title": ["\u00a7 1225.3 Procedures."]}}
{"text": "(a) No waiver of privilege. The release of information under this part does not constitute a waiver by FHFA of any privilege, or of its right to control, supervise or impose limitations on the subsequent use and disclosure of any information concerning a Bank. To the extent that any information provided to a Bank or the Office of Finance pursuant to this part qualifies as non-public information under part 1214 of this chapter, that information shall continue to qualify as such and shall continue to be subject to the restrictions on disclosure set forth in part 1214, provided that a Bank shall not be deemed to have violated any provision of \u00a7 1214.3 of this chapter by disclosing in its filings with the SEC non-public information about another Bank that was obtained pursuant to this part if the disclosure is limited to a recital of the relevant factual content of the underlying information and the Bank has provided the notice required by paragraph (b) of this section., (b) Disclosures under the Federal securities laws. If a Bank determines in good faith that it is required by any applicable provision of the 1934 Act or of 17 CFR chapter II to disclose non-public information relating to another Bank that it has received pursuant to this part, it shall provide to FHFA and to the Bank to which the information pertains prior written notice of such determination and of the content and anticipated timing of the disclosure, which notice shall be provided as far in advance of the anticipated disclosure as is feasible under the circumstances., (c) Safeguarding of information. A Bank may use non-public information distributed pursuant to this part only for the purposes described in section 20A(a) of the Bank Act. Except as otherwise provided in this part, neither the Office of Finance, nor any Bank, nor any officer, director or employee thereof, may disclose or permit the use or disclosure of any non-public information regarding another Bank received pursuant to this part in any manner or for any purpose. Each Bank and the Office of Finance shall implement policies and procedures to prevent the improper disclosure of such information and to limit the access of its personnel to such information, which policies and procedures shall be no less stringent than those that apply to the entity's own confidential and supervisory information., (d) Information regarding the Office of Finance. A Bank president that receives any information regarding the Office of Finance in his or her capacity as a member of the board of directors of the Office of Finance may share the information with the board of directors of the Bank at which he or she is employed, as well as with the appropriate officers and employees of the Bank, subject to the limitations of this part.", "meta": {"chapter": ["XII"], "chapter_title": ["CHAPTER XII - FEDERAL HOUSING FINANCE AGENCY"], "subchapter": ["D"], "subchapter_title": ["SUBCHAPTER D - FEDERAL HOME LOAN BANKS"], "part": ["1260"], "part_title": ["PART 1260 - SHARING OF INFORMATION AMONG FEDERAL HOME LOAN BANKS"], "section": ["1260.5"], "section_title": ["\u00a7 1260.5 Control and disclosure of shared information."]}}
{"text": "(a) General requirement. A covered FSI must ensure that each covered QFC conforms to the requirements of \u00a7\u00a7 382.3 and 382.4 of this part., (b) Covered FSI. For purposes of this part a covered FSI means, (1) Any State savings association or State non-member bank (as defined in the Federal Deposit Insurance Act, 12 U.S.C. 1813(e)(2)) that is a direct or indirect subsidiary of:, (i) A global systemically important bank holding company that has been designated pursuant to \u00a7 252.82(a)(1) of the Federal Reserve Board's Regulation YY (12 CFR 252.82); or, (ii) A global systemically important foreign banking organization that has been designated pursuant to subpart I of 12 CFR part 252 (FRB Regulation YY), and, (2) Any subsidiary of a covered FSI other than:, (i) A subsidiary that is owned in satisfaction of debt previously contracted in good faith;, (ii) A portfolio concern that is a small business investment company, as defined in section 103(3) of the Small Business Investment Act of 1958 (15 U.S.C. 662), or that has received from the Small Business Administration notice to proceed to qualify for a license as a Small Business Investment Company, which notice or license has not been revoked; or, (iii) A subsidiary designed to promote the public welfare, of the type permitted under paragraph (11) of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24), including the welfare of low- to moderate-income communities or families (such as providing housing, services, or jobs)., (c) Covered QFCs. For purposes of this part, a covered QFC is:, (1) With respect to a covered FSI that is a covered FSI on January 1, 2018, an in-scope QFC that the covered FSI:, (i) Enters, executes, or otherwise becomes a party to on or after January 1, 2019; or, (ii) Entered, executed, or otherwise became a party to before January 1, 2019, if the covered FSI or any affiliate that is a covered entity, covered bank, or covered FSI also enters, executes, or otherwise becomes a party to a QFC with the same person or a consolidated affiliate of the same person on or after January 1, 2019., (2) With respect to a covered FSI that becomes a covered FSI after January 1, 2018, an in-scope QFC that the covered FSI:, (i) Enters, executes, or otherwise becomes a party to on or after the later of the date the covered FSI first becomes a covered FSI and January 1, 2019; or, (ii) Entered, executed, or otherwise became a party to before the date identified in paragraph (c)(2)(i) of this section with respect to the covered FSI, if the covered FSI or any affiliate that is a covered entity, covered bank or covered FSI also enters, executes, or otherwise becomes a party to a QFC with the same person or consolidated affiliate of the same person on or after the date identified in paragraph (c)(2)(i) of this section with respect to the covered FSI., (d) In-scope QFCs. An in-scope QFC is a QFC that explicitly:, (1) Restricts the transfer of a QFC (or any interest or obligation in or under, or any property securing, the QFC) from a covered FSI; or, (2) Provides one or more default rights with respect to a QFC that may be exercised against a covered FSI., (e) Rules of construction. For purposes of this part,, (1) A covered FSI does not become a party to a QFC solely by acting as agent with respect to the QFC; and, (2) The exercise of a default right with respect to a covered QFC includes the automatic or deemed exercise of the default right pursuant to the terms of the QFC or other arrangement., (f) Initial applicability of requirements for covered QFCs. (1) With respect to each of its covered QFCs, a covered FSI that is a covered FSI on January 1, 2018 must conform the covered QFC to the requirements of this part by:, (i) January 1, 2019, if each party to the covered QFC is a covered entity, covered bank, or covered FSI., (ii) July 1, 2019, if each party to the covered QFC (other than the covered FSI) is a financial counterparty that is not a covered entity, covered bank or covered FSI; or, (iii) January 1, 2020, if a party to the covered QFC (other than the covered FSI) is not described in paragraph (f)(1)(i) or (ii) of this section or if, notwithstanding paragraph (f)(1)(ii), a party to the covered QFC (other than the covered FSI) is a small financial institution., (2) With respect to each of its covered QFCs, a covered FSI that is not a covered FSI on January 1, 2018 must conform the covered QFC to the requirements of this part by:, (i) The first day of the calendar quarter immediately following 1 year after the date the covered FSI first becomes a covered FSI if each party to the covered QFC is a covered entity, covered bank, or covered FSI;, (ii) The first day of the calendar quarter immediately following 18 months from the date the covered FSI first becomes a covered FSI if each party to the covered QFC (other than the covered FSI) is a financial counterparty that is not a covered entity, covered bank or covered FSI; or, (iii) The first day of the calendar quarter immediately following 2 years from the date the covered FSI first becomes a covered FSI if a party to the covered QFC (other than the covered FSI) is not described in paragraph (f)(2)(i) or (ii) of this section or if, notwithstanding paragraph (f)(2)(ii), a party to the covered QFC (other than the covered FSI) is a small financial institution., (g) Rights of receiver unaffected. Nothing in this part shall in any manner limit or modify the rights and powers of the FDIC as receiver under the Federal Deposit Insurance Act or Title II of the Dodd-Frank Act, including, without limitation, the rights of the receiver to enforce provisions of the Federal Deposit Insurance Act or Title II of the Dodd-Frank Act that limit the enforceability of certain contractual provisions.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION (CONTINUED)"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY (CONTINUED)"], "part": ["382"], "part_title": ["PART 382 - RESTRICTIONS ON QUALIFIED FINANCIAL CONTRACTS"], "section": ["382.2"], "section_title": ["\u00a7 382.2 Applicability."]}}
{"text": "A nonqualified retirement plan that provides benefits in addition to those covered by other retirement plans for all employees and funded in whole or part by a Farm Credit institution.", "meta": {"chapter": ["VI"], "chapter_title": ["CHAPTER VI - FARM CREDIT ADMINISTRATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - FARM CREDIT SYSTEM"], "part": ["619"], "part_title": ["PART 619 - DEFINITIONS"], "section": ["619.9335"], "section_title": ["\u00a7 619.9335 Supplemental retirement plan or supplemental executive retirement plan."]}}
{"text": "(a) Membership in appraisal organizations. A State certified appraiser or a State licensed appraiser may not be excluded from consideration for an assignment for a federally related transaction solely by virtue of membership or lack of membership in any particular appraisal organization., (b) Competency. All staff and fee appraisers performing appraisals in connection with federally related transactions must be State certified or licensed, as appropriate. However, a State certified or licensed appraiser may not be considered competent solely by virtue of being certified or licensed. Any determination of competency shall be based upon the individual's experience and educational background as they relate to the particular appraisal assignment for which he or she is being considered.", "meta": {"chapter": ["III"], "chapter_title": ["CHAPTER III - FEDERAL DEPOSIT INSURANCE CORPORATION"], "subchapter": ["B"], "subchapter_title": ["SUBCHAPTER B - REGULATIONS AND STATEMENTS OF GENERAL POLICY"], "part": ["323"], "part_title": ["PART 323 - APPRAISALS"], "section": ["323.6"], "section_title": ["\u00a7 323.6 Professional association membership; competency."]}}