12 C.F.R. § 349.2 Definitions.
Title 12 - Banks and Banking
For the purposes of the reporting and disclosure requirements of this part 349, the following definitions apply: (a) Bank has the meanings provided in (1) 12 U.S.C. 1841(c), 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, and (2) 12 U.S.C. 1972(2)(H)(i). Notwithstanding the foregoing, with respect to disclosures made pursuant to paragraph (a)(1) of §349.4 and with respect to copies of requests maintained pursuant to paragraph (c) of §349.4, bank shall mean State nonmember bank as defined in 12 U.S.C. 1813(b), including a mutual savings bank as defined in 12 U.S.C. 1813(f). (b) Capital stock and unimpaired surplus shall have the meaning provided in §215.2(f) of Federal Reserve Board Regulation O, subpart A (12 CFR 215.2(f)). Notwithstanding the foregoing, with respect to mutual savings banks, the term total equity capital found in 12 CFR 215.2(f) shall mean total surplus accounts. (c) Company, control of a company or bank, executive officer,1 1 For the purposes of this part 349, executive officers of an insured State nonmember bank do not include an executive officer of a bank holding company of which such bank is a subsidiary or of any other subsidiary of the bank holding company, unless the executive officer is also an executive officer of the insured State nonmember bank. (d) Correspondent account is an account that is maintained by an insured State nonmember bank with another bank for the deposit or placement of funds. A correspondent account does not include: (1) Time deposits at prevailing market rates; or (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. (e) Correspondent bank means a bank that maintains one or more correspondent accounts for an insured State nonmember bank during a calendar year that in the aggregate exceed an average daily balance during that year of $100,000 or one-half of one percent of the insured State nonmember bank's total deposits (as reported in its first Consolidated Report of Condition during that calendar year), whichever amount is smaller. (f) Indebtedness means an extension of credit, but does not include: (1) Commercial paper, bonds, debentures and other types of marketable securities issued in the ordinary course of business; or (2) Consumer credit (as defined in 12 CFR 226.2(p)), in an aggregate amount of $5,000 or less from each of the insured State nonmember bank's correspondent banks, provided the indebtedness is incurred under terms that are not more favorable than those offered to the general public. (g) Maximum amount of indebtedness means, at the option of the reporting person, either (1) the highest outstanding indebtedness during the calendar year for which the report is made, or (2) the highest end of the month indebtedness outstanding during the calendar year for which the report is made. (h) For the purpose of this part 349, principal shareholder and related interest have the meanings provided in §215.10(a) of Federal Reserve Board Regulation O, subpart A (12 CFR 215.10(a)), except that the term principal shareholder is synonymous with the term stockholder of record as that term is used in the reporting provisions of 12 U.S.C. 1972(2)(G)(i). All references to the term member bank in §215.10(a) shall be deemed to refer to an insured State nonmember bank for the purposes of this part 349.
Title 12: Banks and Banking
PART 349—REPORTS AND PUBLIC DISCLOSURE OF INDEBTEDNESS OF EXECUTIVE OFFICERS AND PRINCIPAL SHAREHOLDERS TO A STATE NONMEMBER BANK AND ITS CORRESPONDENT BANKS
§ 349.2 Definitions.
