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Can you summarize 12 CFR Part 157?
COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY > DEPOSITS
Short Summary
The provided legal document content pertains to the deposit activities of Federal savings associations. It states that Federal savings associations can raise funds through accounts and issue evidence of accounts under specific regulations and their charter. State law applies to the deposit activities of Federal savings associations and their subsidiaries in the same manner as it applies to national banks and their subsidiaries. The document allows Federal savings associations to pay interest at any rate or anticipated rate of return on accounts, either in deposit or share form, as provided in their charter and the account’s terms. They can pay fixed or variable rates based on a specified schedule, index, or formula. The document also mentions that the holder of record can be treated as the account owner until the account is transferred on the records. It emphasizes the importance of establishing and maintaining deposit documentation practices and records to appropriately administer and monitor deposit-related activities. The records should adequately evidence ownership, balances, and all transactions involving each account. The format of maintaining records on deposit activities can be any that is consistent with standard business practices.
Whom does it apply to?
Federal savings associations and their subsidiaries
What does it govern?
Deposit activities of Federal savings associations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government