[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: 12CFR215.22]

[Page 435-436]
 
                       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. 215.22  Report by executive officers and principal shareholders.

    (a) Annual report. If during any calendar year an executive officer 
or principal shareholder of a member bank or a related interest of such 
a person has outstanding an extension of credit from a correspondent 
bank of the member bank, the executive officer or principal shareholder 
shall, on or before January 31 of the following year, make a written 
report to the board of directors of the member bank.\5\
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    \5\ Persons reporting under this section are not required to include 
information on extensions of credit that are fully described in a report 
by a person they control or a person that controls them, provided they 
identify their relationships with such other person.
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    (b) Contents of report. The report required by this section shall 
include the following information:
    (1) The maximum amount of indebtedness of the executive officer or 
principal shareholder and of each of that person's related interests to 
each of the member bank's correspondent banks during the calendar year;
    (2) The amount of indebtedness of the executive officer or principal 
shareholder and of each of that person's related interests outstanding 
to each of the member bank's correspondent banks as of ten business days 
before the report required by this section is filed;\6\ and
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    \6\ If the amount of indebtedness outstanding to a correspondent 
bank ten days before the filing of the report is not available or cannot 
be readily ascertained, an estimate of the amount of indebtedness may be 
filed with the report, provided that the report is supplemented within 
the next 30 days with the actual amount of indebtedness.

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[[Page 436]]

    (3) A description of the terms and conditions (including the range 
of interest rates, the original amount and date, maturity date, payment 
terms, security, if any, and any other unusual terms or conditions) of 
each extension of credit included in the indebtedness reported under 
paragraph (b)(1) of this section.
    (c) Definitions. For the purposes of this section:
    (1) Indebtedness means an extension of credit, but does not include:
    (i) Commercial paper, bonds, and debentures issued in the ordinary 
course of business; and
    (ii) Consumer credit (as defined in 12 CFR 226.2(a)(12) in an 
aggregate amount of $5,000 or less from each of the member bank's 
correspondent banks, provided the indebtedness is incurred under terms 
that are not more favorable than those offered to the general public.
    (2) Maximum amount of indebtedness means, at the option of the 
reporting person, either (i) the highest outstanding indebtedness during 
the calendar year for which the report is made, or (ii) the highest end 
of the month indebtedness outstanding during the calendar year for which 
the report is made.
    (d) Retention of reports at member banks. The reports required by 
this section shall be retained at the member bank for a period of three 
years. The Reserve Bank or the Comptroller, as the case may be, may 
require these reports to be retained by the bank for an additional 
period of time. The reports filed under this section are not required by 
this regulation to be made available to the public and shall not be 
filed with the Reserve Bank or the Comptroller unless specifically 
requested.
    (e) Member bank's responsibility. Each member bank shall advise each 
of its executive officers and each of its principal shareholders (to the 
extent known by the bank) of the reports required by this section and 
make available to each of these persons a list of the names and 
addresses of the member bank's correspondent banks.

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