(a) Authority. This part is issued pursuant to sections 11(a), 22(g), and 22(h) of the Federal Reserve Act (12 U.S.C. 248(a), 375a, and 375b), 12 U.S.C. 1817(k), section 306 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (Pub. L. 102-242, 105 Stat. 2236 (1991)), section 11 of the Home Owners' Loan Act (12 U.S.C. 1468), and section 312(b)(2)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5412).
(b) Purpose and scope. (1) This part governs any extension of credit made by a member bank to an executive officer, director, or principal shareholder of the member bank, of any company of which the member bank is a subsidiary, and of any other subsidiary of that company.
(2) This part also applies to any extension of credit made by a member bank to a company controlled by such a person, or to a political or campaign committee that benefits or is controlled by such a person.
(3) This part also implements the reporting requirements of 12 U.S.C. 1817(k) concerning extensions of credit by a member bank to its executive officers or principal shareholders (or to the related interests of such persons).
(4) Extensions of credit made to an executive officer, director, or principal shareholder of a bank (or to a related interest of such person) by a correspondent bank also are subject to restrictions set forth in 12 U.S.C. 1972(2).
[Reg. O, 71 FR 71474, Dec. 11, 2006, as amended at 76 FR 56530, Sept. 13, 2011]
Notes of Decisions
Prodromos v. Everen Sec., Inc., 906 N.E.2d 599 (Ill. App. Ct. 2009).
“(West 2006)) and Regulation O ( 12 C.F.R. §215.1 et seq. (2008)), the unilateral and unauthorized transfer of bank funds to fund a loan, and the failure to provide loan and financial documentation to the board.”
In re TD Bank, N.A., 150 F. Supp. 3d 593 (D.S.C. 2015).
“’ This understanding of Regulation O is confirmed by 12 C.F.R. § 215.1 , which states that the ‘purpose and scope’ of Regulation O is to govern ‘any extension of credit made by a member bank to a company controlled by such a person----” Shaw, 2015 WL 6142903 at *4.”
Farrell v. Bank of Am., N.A., 224 F. Supp. 3d 1016 (S.D. Cal. 2016).
“12 C.F.R. § 215.1 (b). In relevant part, it provides that “an advance by means of an overdraft.”
Roque De La Fuente II v. Fed. Deposit Ins. Corp., in Its Corp. Capacity, 332 F.3d 1208 (9th Cir. 2003).
““Control” Under Regulation O The Board correctly found that De La Fuente “controlled” all of the loan recipients, and that the loans therefore violated the provisions of Regulation O, 12 C.F.R. § 215.1 -.13. Regulation O restricts the ability of member banks in the Federal…”
United States v. William Hoyle McCright Jr., 821 F.2d 226 (5th Cir. 1987).
“§ 375b(5); see 12 C.F.R. § 215.1 . Section 375b was just one part of a broad-reaching update of the Federal Reserve Act intended to respond to the many changes in the banking industry since the last major reform was made in the 1930s.”
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