C.F.R. » Title 12 » CHAPTER I—COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY › PART 34—REAL ESTATE LENDING AND APPRAISALS › Subpart A—General

12 C.F.R. § 34.1

Purpose and scope

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(a) Purpose. The purpose of this part is to set forth standards for real estate-related lending and associated activities by national banks.

(b) Scope. This part applies to national banks and their operating subsidiaries as provided in 12 CFR 5.34. For the purposes of 12 U.S.C. 371 and subparts A and B of this part, loans secured by liens on interests in real estate include loans made upon the security of condominiums, leaseholds, cooperatives, forest tracts, land sales contracts, and construction project loans. Construction project loans are not subject to subparts A and B of this part, however, if they have a maturity not exceeding 60 months and are made to finance the construction of either:

(1) A building where there is a valid and binding agreement entered into by a financially responsible lender or other party to advance the full amount of the bank's loan upon completion of the building; or

(2) A residential or farm building.

Notes of Decisions
Cited in 5 cases, 2004–2020 · leading case: Wachovia Bank, N.A. v. Burke, 414 F.3d 305 (2d Cir. 2005).
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Wachovia Bank, N.A. v. Burke, 414 F.3d 305 (2d Cir. 2005). · cites it 4× “” 12 C.F.R. § 34.1 (a). Part 34 “applies to national banks and their operating subsidiaries as provided in 12 CFR 5.”
Nat'l City Bank of Indiana v. Turnbaugh, 367 F. Supp. 2d 805 (D. Maryland 2005). “21, does not mention operating subsidiaries, 12 C.F.R. § 34.1 (b) clarifies that 12 C.”
Wachovia Bank, N.A. v. Burke, 319 F. Supp. 2d 275 (D. Conn. 2004). “The OCC does so in 12 C.F.R. § 34.1 , which explicitly applies to “national banks and their operating subsidiaries,” and sets forth standards for real estate lending and associated activities by national banks.”
Hymes v. Bank of Am., N.A. (E.D.N.Y 2020). “However, Burke analogized those regulations to ones at issue in this case, concluding that “the combined effect of 12 C.F.R. § 34.1 (b) and § 34.4 is that state regulation of real estate lending by national bank operating subsidiaries may be preempted.”
Cantero v. Bank Of Am., N.A. (E.D.N.Y 2020). “However, Burke analogized those regulations to ones at issue in this case, concluding that “the combined effect of 12 C.F.R. § 34.1 (b) and § 34.4 is that state regulation of real estate lending by national bank operating subsidiaries may be preempted.”
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