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Can you summarize 12 CFR Part 209?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > FEDERAL RESERVE BANK CAPITAL STOCK (REGULATION I)
Short Summary
This legal document, found in the Code of Federal Regulations, specifically in the section related to Federal Reserve Bank Capital Stock (Regulation I), governs the issuance and cancellation of Federal Reserve Bank stock, changes in the capital and surplus of member banks, and the payment of dividends to member banks. It applies to member banks of the Federal Reserve System, national banks in the process of organization, and state banks applying for membership. National banks and locally-incorporated banks located in United States dependencies and possessions are eligible but not required to apply for membership. The purpose of this part is to implement the provisions of the Federal Reserve Act related to these matters. The part also provides definitions for terms used, such as capital stock and surplus, dividend proration basis, and total consolidated assets.
Whom does it apply to?
Member banks of the Federal Reserve System, national banks in the process of organization, state banks applying for membership
What does it govern?
Issuance and cancellation of Federal Reserve Bank stock, changes in the capital and surplus of member banks, and the payment of dividends to member banks
What are exemptions?
National banks and locally-incorporated banks located in United States dependencies and possessions are eligible but not required to apply for membership
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
U.S. Federal Government