[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: 12CFR215.21]

[Page 435]
 
                       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 B--Reports on Indebtedness of Executive Officers and Principal 
                   Shareholders to Correspondent Banks
 
Sec. 215.21  Definitions.

    For the purposes of this subpart, the following definitions apply 
unless otherwise specified:
    (a) Bank has the meaning given in 12 U.S.C. 1971 and 1972, and 
includes a branch or agency of a foreign bank, or a commercial lending 
company controlled by a foreign bank or by a company that controls a 
foreign bank, where the branch or agency is maintained in a State of the 
United States or in the District of Columbia or the commercial lending 
company is organized under State law.
    (b) Company, control of a company or bank, executive officer, 
extension of credit, immediate family, and person have the meanings 
provided in subpart A.
    (c) Correspondent account is an account that is maintained by a bank 
with another bank for the deposit or placement of funds. A correspondent 
account does not include:
    (1) Time deposits at prevailing market rates, and
    (2) An account maintained in the ordinary course of business solely 
for the purpose of effecting federal funds transactions at prevailing 
market rates or making Eurodollar placements at prevailing market rates.
    (d) Correspondent bank means a bank that maintains one or more 
correspondent accounts for a member bank during a calendar year that in 
the aggregate exceed an average daily balance during that year of 
$100,000 or 0.5 per cent of such member bank's total deposits (as 
reported in its first consolidated report of condition during that 
calendar year), which ever amount is smaller.
    (e) Principal shareholder and related interest have the meanings 
provided in Sec. 215.10 of Subpart A.

[Reg. O, 44 FR 67979, Nov. 28, 1979, as amended at 48 FR 42805, Sept. 
20, 1983; 59 FR 8842, Feb. 24, 1994]