12 C.F.R. § 37.2

Definitions

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For purposes of this part:

(a) Actuarial method means the method of allocating payments made on a debt between the amount financed and the finance charge pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from, or any deficiency is added to, the unpaid balance of the amount financed.

(b) Bank means a national bank and a Federal branch or Federal agency of a foreign bank as those terms are defined in part 28 of this chapter.

(d) Contract means a debt] cancellation contract or a debt suspension agreement.

(e) Customer means an individual who obtains an extension of credit from a bank primarily for personal, family or household purposes.

(f) Debt cancellation contract means a loan term or contractual arrangement modifying loan terms under which a bank agrees to cancel all or part of a customer's obligation to repay an extension of credit from that bank upon the occurrence of a specified event. The agreement may be separate from or a part of other loan documents.

(g) Debt suspension agreement means a loan term or contractual arrangement modifying loan terms under which a bank agrees to suspend all or part of a customer's obligation to repay an extension of credit from that bank upon the occurrence of a specified event. The agreement may be separate from or a part of other loan documents. The term debt suspension agreement does not include loan payment deferral arrangements in which the triggering event is the borrower's unilateral election to defer repayment, or the bank's unilateral decision to allow a deferral of repayment.

(h) Open-end credit means consumer credit extended by a bank under a plan in which:

(1) The bank reasonably contemplates repeated transactions;

(2) The bank may impose a finance charge from time to time on an outstanding unpaid balance; and

(3) The amount of credit that may be extended to the customer during the term of the plan (up to any limit set by the bank) is generally made available to the extent that any outstanding balance is repaid.

(i) Residential mortgage loan means a loan secured by 1-4 family, residential real property.

Notes of Decisions

Cited in 10 cases (1 in the last 5 years), 2009–2021 · leading case: Philip Decohen v. Capital One, N.A., 703 F.3d 216 (4th Cir. 2012).

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Philip Decohen v. Capital One, N.A., 703 F.3d 216 (4th Cir. 2012). · cites it 3× “(quoting 12 C.F.R. § 37.2 (f)). Thus, the court concluded, the GAP agreement in the instant case was a “debt cancellation contract” for NBA purposes.”

West Virginia ex rel. McGraw v. JPMorgan Chase & Co., 842 F. Supp. 2d 984 (S.D.W. Va 2012). · cites it 3× “Cardholders pay for the plans through a monthly fee, assessed as a percentage of the balance of the enrolled credit account. See Complaint, ECF No.”

New Mexico ex rel. King v. Capital One Bank (USA) N.A., 980 F. Supp. 2d 1314 (D.N.M. 2013). · cites it 3× “” 12 C.F.R. § 37.2 (f). The regulation goes on to define a debt suspension agreement: Debt suspension agreement means a loan term or contractual arrangement modifying loan terms under which a bank agrees to suspend all or part of a customer’s obligation to repay an extension of…”

Arevalo v. Bank of Am. Corp., 850 F. Supp. 2d 1008 (N.D. Cal. 2011). “See 12 C.F.R. § 37.2 (f). The OCC regulations expressly state that DCCs “are governed by this part and applicable Federal law and regulations, and not .”

Spinelli v. Capital One Bank, 265 F.R.D. 598 (M.D. Fla. 2009). “See 12 C.F.R. § 37.2 (f), (g). The National Bank Act and the OCC’s implementing regulations provide that state law on the subject of Debt Agreements is subject to express preemption: such agreements are governed by 12 C.”

Hawaii ex rel. Louie v. JP Morgan Chase & Co., 907 F. Supp. 2d 1188 (D. Haw. 2012). “12 C.F.R. § 37.2 (f). A debt suspension agreement is defined as: a loan term or contractual arrangement modifying loan terms under which a bank agrees to suspend all or part of a customer's obligation to repay an extension of credit from that bank upon the occurrence of a…”

Hood v. JPMorgan Chase & Co., 958 F. Supp. 2d 681 (S.D. Miss. 2013). “12 C.F.R. § 37.2 (1) and (g), respectively.”

Gordon v. Kohl's Dep't Stores, Inc., 172 F. Supp. 3d 840 (E.D. Pa. 2016). “” 12 C.F.R. § 37.2 (f). While Plaintiffs have disputed in the context of this motion to dismiss that KAE is, in fact, a debt cancellation product, they are hoisted by their own petard in that they assert to the contrary in.”

Peters v. United States (Fed. Cir. 2021). · cites it 2× “§ 6503 ; (2) 12 C.F.R. § 37.2 ; and (3) 43 C.F.R. § 423.”

Peters v. United States (Fed. Cl. 2020). “§ 6503 ; 12 C.F.R. § 37.2 ; and 43 C.F.R. § 423.25 ), but none of the cited laws and regulations provide a basis for this court's jurisdiction over her claims, nor are they money-mandating provisions.”

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