C.F.R. » Title 12 » CHAPTER II—FEDERAL RESERVE SYSTEM › SUBCHAPTER A—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM › PART 215—LOANS TO EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS OF MEMBER BANKS (REGULATION O)

12 C.F.R. § 215.7

Extensions of credit outstanding on March 10, 1979

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(a) Any extension of credit that was outstanding on March 10, 1979, and that would, if made on or after March 10, 1979, violate § 215.4(c) of this part, shall be reduced in amount by March 10, 1980, to be in compliance with the lending limit in § 215.4(c) of this part. Any renewal or extension of such an extension of credit on or after March 10, 1979, shall be made only on terms that will bring the extension of credit into compliance with the lending limit of § 215.4(c) of this part by March 10, 1980. However, any extension of credit made before March 10, 1979, that bears a specific maturity date of March 10, 1980, or later, shall be repaid in accordance with its repayment schedule in existence on or before March 10, 1979.

(b) If a member bank is unable to bring all extensions of credit outstanding on March 10, 1979, into compliance as required by paragraph (a) of this section, the member bank shall promptly report that fact to the Comptroller of the Currency, in the case of a national bank, or to the appropriate Federal Reserve Bank, in the case of a State member bank, and explain the reasons why all the extensions of credit cannot be brought into compliance. The Comptroller or the Reserve Bank, as the case may be, is authorized, on the basis of good cause shown, to extend the March 10, 1980, date for compliance for any extension of credit for not more than two additional one-year periods.

Notes of Decisions
Cited in 3 cases, 2001–2002 · leading case: United States v. Fred De La Mata, 266 F.3d 1275 (11th Cir. 2001).
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United States v. Fred De La Mata, 266 F.3d 1275 (11th Cir. 2001). “” See 12 C.F.R. § 215.7 . Section 215.9 required the bank to report all insider loans to federal regulators on an annual basis.”
United States v. John Moran & Nora Moran, 312 F.3d 480 (1st Cir. 2002). “See 12 C.F.R. §§ 215.7 and 215.9. In November 1986, the Morans, Noke, Puente, Boersner, and a representative of Contractors Funding Corporation, a company specializing in construction inspection services, visited the Commonwealth Avenue and West Rutland Square project sites.”
United States v. Moran (1st Cir. 2002). “See 12 C.F.R. §§ 215.7 and 215.9. In November 1986, the Morans, Noke, Puente, Boersner, and a representative of Contractors Funding Corporation, a company 1 John Moran's interest was 20% of the share retained by Puente and Boersner, or 12% of the total profit interest.”
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