[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR215.1]

[Page 424]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 215--LOANS TO EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS OF MEMBER BANKS (REGULATION O)--Table of Contents
 
Subpart A--Loans by Member Banks to Their Executive Officers, Directors, 
                       and Principal Shareholders
 
Sec. 215.1  Authority, purpose, and scope.

    Source: Reg. O, 59 FR 8837, Feb. 24, 1994, unless otherwise noted.


    (a) Authority. This subpart is issued pursuant to sections 11(i), 
22(g), and 22(h) of the Federal Reserve Act (12 U.S.C. 248(i), 375a, and 
375b), 12 U.S.C. 1817(k), and section 306 of the Federal Deposit 
Insurance Corporation Improvement Act of 1991 (Pub. L. 102-242, 105 
Stat. 2236 (1991)).
    (b) Purpose and scope. This subpart A governs any extension of 
credit by a member bank to an executive officer, director, or principal 
shareholder of: The member bank; a bank holding company of which the 
member bank is a subsidiary; and any other subsidiary of that bank 
holding company. It also applies to any extension of credit by a member 
bank to: A company controlled by such a person; and a political or 
campaign committee that benefits or is controlled by such a person. This 
subpart A also implements the reporting requirements of 12 U.S.C. 375a 
concerning extensions of credit by a member bank to its executive 
officers and of 12 U.S.C. 1817(k) concerning extensions of credit by a 
member bank to its executive officers or principal shareholders, or the 
related interests of such persons.