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Can you summarize 12 CFR Chapter I?
Banks and Banking > COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY
Short Summary
The provided legal document content pertains to the establishment of safety and soundness standards for national banks, Federal savings associations, and Federal branches of foreign banks. It also applies to uninsured national banks, Federal branches and Federal agencies of foreign banks, and the subsidiaries of any national bank, Federal savings association, and Federal branch and Federal agency of a foreign bank (except brokers, dealers, persons providing insurance, investment companies, and investment advisers). The document ensures that national banks and Federal savings associations maintain safety and soundness in their operations. Additionally, it governs the preemption of state usury laws for Federally-related loans, stating that such state laws do not apply to loans secured by residential real property, stock in a residential cooperative housing corporation, or a residential manufactured home, made after March 31, 1980, as long as the loan contains the consumer safeguards required by 190.4 of this part. The document also specifies that state laws on prepayment charges, attorneys’ fees, late charges, or other provisions designed to protect borrowers are not preempted. Furthermore, it governs the inclusion and exercise of due-on-sale clauses in real property loans, applying to all lenders making such loans, including Federal savings associations and other lenders. The document reaffirms the authority of Federal savings associations to enforce due-on-sale clauses and confers comparable authority to other lenders. It outlines the requirements for lenders in the case of window-period loans, including the collection of credit information from successors or transferees of the borrower and the lender’s right to exercise a due-on-sale clause based on credit standards. The document provides exemptions for window-period loans and loans originated by national banks, Federal savings associations, and Federal credit unions. Lastly, the document governs the conversion of savings associations from mutual to stock form, applying to savings associations and their stakeholders. It outlines the process and requirements for conversion, including the use of prescribed forms, adherence to U.S. generally accepted accounting principles, and the possibility of forming a holding company or acquiring another insured depository institution. The document does not mention any specific exemptions or penalties for non-compliance.
Whom does it apply to?
National banks, Federal savings associations, Federal branches and Federal agencies of foreign banks, their subsidiaries, lenders making real property loans, savings associations and their stakeholders
What does it govern?
Establishment of safety and soundness standards for national banks, Federal savings associations, and Federal branches of foreign banks, preemption of state usury laws for Federally-related loans, inclusion and exercise of due-on-sale clauses in real property loans, and conversion of savings associations from mutual to stock form
What are exemptions?
Brokers, dealers, persons providing insurance, investment companies, investment advisers, state laws on prepayment charges, attorneys' fees, late charges, or other provisions designed to protect borrowers, window-period loans, loans originated by national banks, Federal savings associations, and Federal credit unions
What are the Penalties?
The document does not specify any specific penalties for non-compliance or violation of its provisions.
Jurisdiction
U.S. Federal Government