Management official interlocks
, 3-775 et seq.
See also Depository Institutions Management
Interlocks Act.
Adjacent cities, towns,
and villages; definition,
3-777;
3-812Rules and regulations
for,
3-809 et seq.
Advisory
directors, management officials,
3-845.4Affiliates
Nominal percentage
for,
3-813Agreement corporations,
interlocks with,
3-783;
3-806Anticompetitive effect
Regulatory-standards
exemption,
3-785Area median
income, definition,
3-776Assets
Assistant attorney general, functions and powers
as to,
3-809.1Attorney
general, functions and powers as to,
3-809.1Bank holding companies
Indebted transferees, interlocks with,
4-483Reestablishment, requests for,
4-485Subsidiaries, interlocks with,
4-476Grandfathered interlocks
Corporate form, changes in,
3-840.2Substantial identity with banks,
3-840.3Indebted transferees, interlocks with; divestiture,
4-483Manufacturing companies
which are bank holding companies, directors of as management officials,
3-845.2Prohibited interlocks,
3-855Reestablishment, requests
for; divestiture,
4-485Retention, divestiture,
4-480Subsidiaries, interlocks with; divestiture,
4-476Banks, substantial identity with bank holding
companies; grandfathered interlocks,
3-840.3Changes in circumstances
Corporate form, grandfathered interlocks,
3-840.2Grace period, nongrandfathered interlocks
Corporate form, changes in,
3-840.2Prohibited interlock, resulting in,
3-788Cities
Contiguous, definition,
3-777Clayton Antitrust Act, effect of Depository
Institutions Management Interlocks Act upon,
3-790;
3-827Community
Conservatorship, institution in; interlocks
with,
3-783;
3-806Contiguous cities, towns, and villages; definition,
3-777Corporate form, changes
in; grandfathered interlocks,
3-840.2Credit unions, permissible interlocks,
3-783;
3-806Organization
sponsoring,
3-824Critical
Safe and sound operations, to,
3-785Depository institution
Industrial
loan companies as,
3-838Offices of, definition,
3-779Depository institution affiliate,
3-777Depository organization, definition,
3-777Directors emeritus as honorary directors,
3-845Dual service of management
official with unaffiliated institution prohibited,
3-804;
3-805Exceptions,
3-806 et seq.
Exceptions—See Permissible
interlocks, this heading.
Federal Home Loan Banks, interlocks with,
3-783;
3-806Federal
Reserve Board orders, interlocks permitted by,
3-785;
3-824Financial-service
activities, management official functions relate to,
3-845.5Foreign banks, application of Depository
Institutions Management Interlocks Act to,
3-814Grandfathered relationships,
3-825Substantial identity
between banks and bank holding companies,
3-840.3Holding companies
Federal Reserve Bank approval authority,
8-121.99Honorary directors,
directors emeritus as; management officials,
3-845Industrial loan companies as depository institutions,
3-838Law firm partners
as directors,
3-845.1Liquidation,
institutions in; interlocks with,
3-783;
3-806Low-income area
Management-consignment exemption,
3-787Management officials
Billion-dollar
institution, of,
3-805Company as, for unaffiliated institution or company,
3-805Consignment, exemption,
3-787Dual service with
unaffiliated institution prohibited,
3-804;
3-805Emeritus, directors, as
honorary directors,
3-845Honorary directors, directors emeritus as,
3-845In position prior to November 10, 1978,
3-807Law firm partners as
directors,
3-845.1Manufacturing
company which is bank holding company, director of as,
3-845.2Service corporation directors as,
3-845.3Unaffiliated institution
or company in same area, of,
3-804Vice president, as representative or nominee of chairman,
3-845.6 Manufacturing company
which is bank holding company, director of as management official,
3-845.2Metropolitan statistical
area, relevant—See Relevant metropolitan
statistical area, this heading.
Minority organization, interlocks with
Management-consignment exemption,
3-787Moderate-income area
Management-consignment exemption,
3-787Newly chartered organization, interlocks with
Management-consignment
exemption,
3-787Nominal
percentage for affiliates,
3-813Nominee
Vice chairman
as chairman's,
3-845.6Office of depository institution, definition,
3-779;
3-803Percentage for affiliates,
nominal,
3-813Receivership, institutions in; interlocks with,
3-783;
3-806Regulation L,
3-775 et seq.
See also Regulation L.
Regulation LL,
4-750 et
seq.
See also Regulation LL.
Regulatory-standards exemption,
3-785Relevant metropolitan
statistical area
Offices in same, prohibitions,
3-782Representative
Vice chairman as chairman's,
3-845.6Safety and soundness
Official critical to,
3-785Troubled condition, institution in—See Failed- or failing-bank exception, this heading.
Savings and loan associations
Holding companies, diversified—See Holding companies, this heading.
Managers; grandfathered interlocks, transfer of
rights,
3-840Prohibitions
as to,
3-820Savings associations,
interlocks with permissible,
3-806.3Service corporation owned by directors as management officials,
3-845.3Service corporation
directors as management officials,
3-845.3Standard Metropolitan Statistical Areas (SMSAs),
prohibitions as to,
3-821Towns
Contiguous, definition,
3-777Trust companies, interlocks with
prohibited,
3-855Unaffiliated
institution, dual service of management official with prohibited,
3-804;
3-805United States
Villages
Contiguous, definition,
3-777Women's organization, interlocks with
Management-consignment exemption,
3-787Member banks
—See also Federal Reserve System;
State member banks.
Dollar exchange created
by,
1-122Authority to permit,
delegated,
8-108.7Acquisitions—See Investments, this heading.
Affiliates—See also Affiliate–member bank relations.
Bank holding companies as,
1-308Bank holding companies as,
1-308Reports to Federal Reserve Banks
and Federal Reserve Board,
1-070 et seq.
Securities dealers, as; prohibited,
1-308Trust company affiliate issuing bonds,
3-414.9Transactions with,
restrictions,
3-1176.2 et seq.
Assets, low-quality; definition,
3-1175.5Bonds
Circulating notes, securing;
sale to Reserve Banks,
1-158 et seq.
Farm Credit Act, issued under; dealings in,
1-300Capital—See Capital, generally.
Capital stock of Reserve Banks—See Capital stock of Reserve Banks.
Consolidation—See Mergers and
consolidations, this heading.
Corporations
Certificates of member
banks not to represent stock in,
1-074Foreign banking, corporations engaged in not to become
members,
1-241Credit
Federal Reserve Bank—See Federal Reserve Banks.
Debentures
issued under Farm Credit Act, dealings in,
1-300Debt obligations, long-term; use of foreign
subsidiaries to sell,
3-706Definition
Bookkeeping violations, as to,
1-462Federal Reserve Act,
as to,
1-003Federal Reserve
Board hearings, rules of practice, as to,
8-085.2 Loans to officers, directors, and shareholders;
as to,
3-966Reserve requirements,
as to,
2-156Depositaries of public money,
1-068Deposit insurance—See Insured depository institutions.
Deposits
Depository institutions
without access to Federal Reserve advances, deposits with; limitations,
1-171Trust fund deposits
with nonmember banks,
3-1595Directors
Definition as to loans to,
3-963False certification of
checks, unlawful,
1-293Interest
rates on deposits, lower than prevailing rates prohibited,
1-190Penalties for violation,
1-262 et seq.
Loans to—See also Loans to officers, directors,
and shareholders of member banks.
Overdrafts by, not payable,
1-198.1Purchases from,
outside normal course of business prohibited,
1-188Penalties for,
1-262 et
seq.
Securities, approving purchases of,
3-1065Suspension or removal,
Federal Reserve Board rules of procedure,
8-086.9 et seq.;
8-101Violation
by or permitted by,
1-191Discounts
Interest rates charged on,
1-301Medium or agent, member
bank acting as for nonmember bank in applying for or receiving,
1-171Dividends on preferred
stock,
1-307Emergency, restrictions
on business in event of,
1-323Examination by Federal Reserve Board,
1-060;
1-061Examiner, offering
loan or gratuity to, as criminal offense,
1-451Export trading company, investment in; approval
authority,
8-106.3False certification
of checks unlawful,
1-067Directors or officers, by,
1-293Farm Credit Act, debentures issued under; dealings in,
1-300Federal Reserve Act,
definition as to,
1-003Federal Reserve Banks, dealings with
Board of
directors, nomination and election,
1-036 et
seq.
Classification of member banks for electing
class A and B directors,
1-036;
8-121.96Bonds securing circulation, purchase
from member banks,
1-158 et seq.
Credit—See Federal Reserve Banks.
Fees for services—See Fees.
Reports to by affiliates,
1-070 et seq.
Stock—See Capital stock of Reserve Banks.
Federal
Reserve Board—See also Federal
Reserve Board.
Members ineligible to serve member banks,
1-078Financial
subsidiaries—See Affiliate–member
bank relations; State member banks.
Fiscal
agents of the government,
1-068Foreign branches—See International banking operations, at Foreign branches of U.S. banking organizations.
Foreign companies, investment in; approval authority,
8-106.3Foreign operation
of, policy statement on availability of information on,
3-721Foreign subsidiaries,
use of to sell long-term debt obligations,
3-706Former, permitted to pass reserves through
correspondent,
2-307.5 Government depositaries,
1-068Government National Mortgage Association certificate of
guarantee, extension of credit for member bank affiliates,
3-1190Gratuity, offering to
bank examiner criminal offense,
1-451Acceptance of, criminal offense,
1-452Capital stock of Federal Reserve Banks, as to,
3-481Insular possessions, banks
in; as member banks,
1-174;
2-238.1Insured banks
See also Insured depository institutions.
Waiver of membership requirements,
1-065Interest on deposits
See also Interest
on deposits; Interest rates.
Employees'
deposits, lower-than-prevailing rates on prohibited,
1-190Interlocks
Management
officials—See Management
official interlocks.
Nonmember banks,
with—See Interlocks.
Investments
Affiliates'
obligations, in,
3-1175Export trading companies, in; approval authority,
8-106.3Foreign banks, in—See Foreign banking organizations.
Securities—See Securities, this heading.
State housing
corporations, in,
1-297.1Time extension for completion, approval authority,
8-121.3Liquidation, voluntary; capital stock
of Federal Reserve Banks,
3-463Loans by
Affiliates, to—See Affiliate–member bank
relations.
Bank examiner, offering to;
as criminal offense,
1-451Acceptance as criminal offense,
1-452Losses, allowance for,
3-1480 et
seq.
Methodologies and documentation,
3-1484Officers, directors,
and shareholders, to,
1-192 et seq.;
3-960 et seq.
See also Loans to officers, directors, and
shareholders of member banks.
Security
loans for others,
1-170Lotteries, prohibition against participation in,
1-076Mergers and consolidations—See Bank mergers and consolidations.
Mutual savings bank, admission to membership,
1-069National, conversion
of insured state bank into,
1-337Notes of, wrongful issuance and circulation,
1-462Obligations
Affiliates', investments in or loans on,
3-1175Long-term debt, use of foreign subsidiaries
to sell,
3-706Officers
Deposits of, interest rates lower than prevailing
rate prohibited,
1-190Penalties
for violations,
1-262 et seq.
False certification of checks, by; unlawful,
1-293See also Loans to officers, directors, and
shareholders of member banks.
Overdrafts
by, not payable,
1-198.1Violations by or permitted by,
1-191Preferred stock, dividends on,
1-307Promissory notes, advances on by Federal Reserve
Banks,
1-118Purchases
Directors, from; outside normal course of business
prohibited,
1-188Reports—See Reports.
Reserve requirements—See Reserve requirements.
Securities
Directors approving purchases of,
3-1065Investment
Loan secured
by; member bank as agent for nonbank entity,
1-170Securities dealers, relationships with,
1-308Trust company affiliate
issuing bonds,
3-414.9State
banks—See State member
banks.
State examiners, examination by,
1-061Stock
Capital, acquisition and retirement of,
3-1505Certificates not to represent stock
in other corporations,
1-074Dealing, restrictions on,
1-073Preferred, dividends on,
1-307Purchases of—See Investments, this heading.
Stockholders,
principal; loans to—See Loans to officers, directors, and shareholders of member banks.
Subsidiaries—See Affiliate–member bank relations.
Suspension by Federal Reserve Board for undue use
of credit,
1-028Trust fund
deposits with nonmember banks,
3-1595United States bonds securing circulating notes, application
to sell,
1-158Mortgages
—See also Home mortgage disclosure; Housing
finance; Real estate; Truth in lending.
Adjustable-rate
See also Truth
in lending, at Variable rates.
Payment-option, interagency guidance on risk management,
3-1579.45Servicers of securitized
mortgages, loss mitigation,
3-1579.455Workout arrangements, interagency statements
encouraging,
3-1579.453Application form, residential real estate loan,
6-072Assumptions—See also Truth in lending.
Rates, due-on-sale clauses; mortgage loans,
1-302.2Bank holding companies,
4-514Insurance underwriting,
on investments in real estate mortgages,
4-598Servicing exemption for mortgage companies,
4-196;
4-663Collateral
Dependence on to repay
loan, unsafe and unsound practice,
3-1579.45Federal Housing Administration mortgages with member
bank affiliates,
3-1124Companies
Bank holding companies
Liquidation of subsidiary, extension of credit,
4-511Nonbank interests, acquisition
of,
4-287Servicing exemption,
4-196Insured bank, investment
by in out-of-state mortgage company,
1-330.1Out-of-state, investment in by insured bank,
1-330.1Disclosures—See Truth in lending.
Due-on-sale clauses,
1-302.1 et seq.
Farm lands, on; by national banks,
1-208Federal agencies
as to mortgage loans,
1-302.5Federal Housing Administration mortgages, member bank–affiliate
relations; collateral,
3-1124Flood hazard areas, property in,
3-213 et seq.
High-cost
Prohibited acts or practices in connection with,
6-5972.2Home-equity plans—See Home-equity plans.
Insurance—See Mortgage insurance.
Interest-only,
interagency guidance on risk management,
3-1579.45 Interest rates
Introductory,
interagency guidance on risks of nontraditional mortgage products,
3-1579.45Usury—See Usury ceilings, this heading.
Lenders, definition as to mortgage loans,
1-302.1Loan, definition—See Definitions.
Member bank affiliates—See Affiliate–member bank relations.
Member banks, plan for employees; preferential lending,
3-1089.11 National banks
Real estate loan brokers, as,
1-121Nontraditional products,
interagency guidance on risk management,
3-1579.45Payment-option adjustable-rate,
interagency guidance on risk management,
3-1579.45Pool, obligations from; not deposits for purposes
of reserve requirements,
2-133Real property loans, definition as to mortgage loans,
1-302.1See also Real estate.
Reduced-documentation loans, risk management,
3-1579.45Residential manufactured homes, definition
as to mortgage loans,
1-302.1Residential real estate loans
See also Truth in lending, at Mortgages.
Originator, investment in by operations subsidiary of state member
bank permissible,
3-447.14Settlement procedures—See Real estate settlement procedures.
Reverse
mortgages—See Home-equity
plans.
Risk management, interagency advisory
on mortgage banking,
3-1579.41Securities, mortgage-backed and -related—See Securities.
Servicing
Assets, interagency advisory
on mortgage banking,
3-1579.41See also Real estate settlement procedures.
Banks not considered debt collectors, fair
debt collection practices,
6-1713Securitized mortgages, loss mitigation,
3-1579.455Settlement procedures—See Real estate settlement procedures.
State member banks, by; property in flood hazard areas,
3-213 et seq.
State statutes
Due-on-sale clauses, applicability under,
1-302.3Usury ceilings—See Usury ceilings, this heading.
Transfers of mortgage loans, due-on-sale clauses,
1-302.3Unauthorized issuance,
as criminal offense,
1-462Usury ceilings, state statutes; federal limitations on,
1-602 et seq.
Agricultural loans,
1-610 et seq.
Business loans,
1-610 et seq.
Effect on other law,
1-618Exceptions,
1-604 et seq.
Federal Home Loan
Bank Board authority as to,
1-609First-lien exceptions,
1-606Repeal of existing law,
1-619Variable-rate—See Truth in lending.
Workout
arrangements, interagency statement encouraging,
3-1579.453Servicers of securitized mortgages, loss mitigation,
3-1579.455Mutual funds
—See also Investment companies.
Affiliated banks, shares of money market mutual funds;
recordkeeping and confirmation rules,
3-447.02Bank holding companies
Advisors, investment and finance; acting as to,
4-611Capitalization, initial; providing,
4-612Bank interests, acquisition
of by corporations managing mutual funds,
4-270.3Bank providing both advice and financial support
to,
3-1579.42Borrowing
and lending securities by brokers and dealers,
5-610Brokers and dealers, credit by and to
Borrowing and lending securities by brokers and dealers,
5-610Liquidation of
shares for stock purchase,
5-615.951Prompt payment for shares,
5-506Collateral, shares as,
5-924Exempted securities
Margin accounts, purchase
of in,
5-650.61Money market
mutual funds—See Money market mutual
funds, this heading.
Corporations,
bank holding companies; acquisition of bank interests by corporations
managing mutual funds,
4-270.3Credit for purchase of,
5-924Brokers and dealers—See Brokers and dealers,
credit by and to, this heading.
Working capital, loans to replenish
used for purchase of shares,
5-818Depository institutions
Financial
support to institution-advised fund, providing,
3-1579.42Exempted securities—See Brokers and dealers, this
heading.
Insurance
Premium funding
programs
Order placed on same day as commitment
to extend credit,
5-917.6International banking, managing fund permissible in connection with,
3-542Member banks
Affiliations with; bank acting as trustee acquiring majority
of,
3-415.3Money laundering
Suspicious-activity reports,
3-1727.2 et seq.
Money market
mutual funds
Margin requirements,
5-443Recordkeeping and confirmation, state member
banks effecting transaction in,
3-447.02State member banks
Officers or employees
investing in,
3-273
