Site Map | Text Size:
|Home||About the OCC||News and Issuances||Publications||Tools and Forms||Topics|
Subject: Revisions to 12 CFR 215 (Regulation O)
Date: December 20, 2006
To: Chief Executive Officers and Compliance Officers of All National Banks, Department and Division Heads, and All Examining Personnel
Description: Repeal of Certain Reporting Requirements
On December 11, 2006, the Board of Governors of the Federal Reserve System published amendments to 12 CFR 215 (Regulation O) in the Federal Register removing certain reporting requirements regarding extensions of credit to bank insiders. 71 Federal Register 71472. These amendments implement section 601 of the Financial Services Regulatory Relief Act of 2006, which was signed into law on October 13. The sections of the regulation that have been removed are:
Accordingly, effective immediately, it is no longer necessary for national banks to file or obtain these reports.
Additionally, the Federal Financial Institutions Examination Council (FFIEC) is planning to make conforming changes to call report forms and to discontinue FFIEC Form 004 (the report of extensions of credit made to a bank's insiders by a correspondent bank). The FFIEC will notify financial institutions directly about these changes. These changes are expected to be effective before the next call report is due. The elimination of these reporting requirements does not limit the authority of the appropriate federal banking agencies to take enforcement action against an institution or its insiders for violations of insider lending restrictions.
The amendment to the regulation is attached for your information. If you have any questions about it, please contact the Bank Activities and Structure Division of the Law Department at (202) 874-5300.
Julie L. Williams