[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: 12CFR215.11]

[Page 432-433]
 
                       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. 215.11  Disclosure of credit from member banks to executive officers and principal shareholders.

    (a) Definitions. For the purposes of this section, the following 
definitions apply:
    (1) Principal shareholder of a member bank means any person \4\ 
other than an insured bank, or a foreign bank as defined in 12 U.S.C. 
3101(7), that, directly or indirectly, owns, controls, or has power to 
vote more than 10 percent of any class of voting securities of the 
member bank. The term includes a person that controls a principal 
shareholder (e.g., a person that controls a bank holding company). 
Shares of a bank (including a foreign bank), bank holding company, or 
other company owned or controlled by a member of an individual's 
immediate family are presumed to be owned or controlled by the 
individual for the purposes of determining principal shareholder status.
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    \4\ The term ``stockholder of record'' appearing in 12 U.S.C. 
1972(2)(G) is synonymous with the term ``person.''
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    (2) Related interest means:
    (i) Any company controlled by a person; or

[[Page 433]]

    (ii) Any political or campaign committee the funds or services of 
which will benefit a person or that is controlled by a person. For the 
purpose of this section and subpart B of this part, a related interest 
does not include a bank or a foreign bank (as defined in 12 U.S.C. 
3101(7)).
    (b) Public disclosure. (1) Upon receipt of a written request from 
the public, a member bank shall make available the names of each of its 
executive officers and each of its principal shareholders to whom, or to 
whose related interests, the member bank had outstanding as of the end 
of the latest previous quarter of the year, an extension of credit that, 
when aggregated with all other outstanding extensions of credit at such 
time from the member bank to such person and to all related interests of 
such person, equaled or exceeded 5 percent of the member bank's capital 
and unimpaired surplus or $500,000, whichever amount is less. No 
disclosure under this paragraph is required if the aggregate amount of 
all extensions of credit outstanding at such time from the member bank 
to the executive officer or principal shareholder of the member bank and 
to all related interests of such a person does not exceed $25,000.
    (2) A member bank is not required to disclose the specific amounts 
of individual extensions of credit.
    (c) Maintaining records. Each member bank shall maintain records of 
all requests for the information described in paragraph (b) of this 
section and the disposition of such requests. These records may be 
disposed of after two years from the date of the request.

[Reg. O, 59 FR 8837, Feb. 24, 1994; 59 FR 37930, July 26, 1994]