12 C.F.R. § 215.21 Definitions.
Title 12 - Banks and Banking
For the purposes of this subpart, the following definitions apply unless otherwise specified: (a) Bank has the meaning given in 12 U.S.C. 1971 and 1972, and includes a branch or agency of a foreign bank, or a commercial lending company controlled by a foreign bank or by a company that controls a foreign bank, where the branch or agency is maintained in a State of the United States or in the District of Columbia or the commercial lending company is organized under State law. (b) Company, control of a company or bank, executive officer, extension of credit, immediate family, and person have the meanings provided in subpart A. (c) Correspondent account is an account that is maintained by a bank with another bank for the deposit or placement of funds. A correspondent account does not include: (1) Time deposits at prevailing market rates, and (2) An account maintained in the ordinary course of business solely for the purpose of effecting federal funds transactions at prevailing market rates or making Eurodollar placements at prevailing market rates. (d) Correspondent bank means a bank that maintains one or more correspondent accounts for a member bank during a calendar year that in the aggregate exceed an average daily balance during that year of $100,000 or 0.5 per cent of such member bank's total deposits (as reported in its first consolidated report of condition during that calendar year), which ever amount is smaller. (e) Principal shareholder and related interest have the meanings provided in §215.10 of Subpart A. [Reg. O, 44 FR 67979, Nov. 28, 1979, as amended at 48 FR 42805, Sept. 20, 1983; 59 FR 8842, Feb. 24, 1994]
Title 12: Banks and Banking
PART 215—LOANS TO EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS OF MEMBER BANKS (REGULATION O)
Subpart B—Reports on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks
§ 215.21 Definitions.
