[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR250.248]

[Page 683-684]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 250--MISCELLANEOUS INTERPRETATIONS--Table of Contents
 
Sec. 250.248  Application of sections 23A and 23B of the Federal Reserve Act to intraday extensions of credit by insured depository institutions to their 
          affiliates.

    (a) Intraday extensions of credit by an insured depository 
institution to its affiliates are subject to the market terms 
requirement of section 23B(a)(1) of the Federal Reserve Act (12 U.S.C. 
371c-1(a)(1)).
    (b) An insured depository institution must establish and maintain 
policies and procedures reasonably designed to manage the credit 
exposure arising from its intraday extensions of credit to affiliates in 
a safe and sound manner. The policies and procedures must at a minimum 
provide for:
    (1) Monitoring and controlling the credit exposure arising from the 
institution's intraday extensions of credit to each affiliate and all 
affiliates in the aggregate; and
    (2) Ensuring that the institution's intraday extensions of credit to 
affiliates comply with section 23B.

[66 FR 24233, May 11, 2001]

[[Page 684]]


    Effective Date Note: At 67 FR 76622, Dec. 12, 2002, Sec. 250.248 was 
removed, effective Apr. 1, 2003.