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Can you summarize 12 CFR Part 31?
COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY > EXTENSIONS OF CREDIT TO INSIDERS AND TRANSACTIONS WITH AFFILIATES
Short Summary
This legal document governs the requirements for affiliate transactions for national banks and Federal savings associations. It mandates compliance with 12 CFR part 223 (Regulation W). The Comptroller of the Currency administers and enforces these requirements. Exemptions from the requirements may be granted by the OCC and the Federal Reserve Board if certain conditions are met, and if the FDIC does not object within 60 days. To request an exemption, a written request must be submitted to the Deputy Comptroller for Licensing, describing the transaction or relationship, explaining why the exemption should be granted, and demonstrating that it is in the public interest and consistent with the purposes of the applicable sections of the Home Owners’ Loan Act. No specific penalties are mentioned in this document.
Whom does it apply to?
It applies to national banks, Federal savings associations, and their insiders.
What does it govern?
This legal document governs the requirements for affiliate transactions for national banks and Federal savings associations.
What are exemptions?
Exemptions from the requirements may be granted by the OCC and the Federal Reserve Board if certain conditions are met, and if the FDIC does not object within 60 days. To request an exemption, a written request must be submitted to the Deputy Comptroller for Licensing, describing the transaction or relationship, explaining why the exemption should be granted, and demonstrating that it is in the public interest and consistent with the purposes of the applicable sections of the Home Owners' Loan Act.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
U.S. Federal Government