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CFR › Title 12 › Chapter XII › Subchapter D › Part 1269 › Section 1269.4

12 CFR 1269.4 - Obligation to Bank under all standby letters of credit.

There is 1 rule appearing in the Federal Register for 12 CFR 1269. Select the tab below to view, or View eCFR (GPOAccess)
§ 1269.4
Obligation to Bank under all standby letters of credit.
(a) Obligation to reimburse. A Bank may issue or confirm a standby letter of credit only on behalf of a member or housing associate that has:
(1) Established with the Bank a cash account pursuant to §§ 1266.17(b)(2)(i)(B), 1266.17(d), or 969.2 of this title; and
(2) Assumed an unconditional obligation to reimburse the Bank for value given by the Bank to the beneficiary under the terms of the standby letter of credit by depositing immediately available funds into the account described in paragraph (a)(1) of this section not later than the date of the Bank's payment of funds to the beneficiary.
(b) Prompt action to recover funds. If a member or housing associate fails to fulfill the obligation described in paragraph (a)(2) of this section, the Bank shall take action promptly to recover the funds that such member or housing associate is obligated to repay.
(c) Obligation financed by advance. Notwithstanding the obligations and duties of the Bank and its member or housing associate under paragraphs (a) and (b) of this section, the Bank may, at its discretion, permit such member or housing associate to finance repayment of the obligation described in paragraph (a)(2) of this section by receiving an advance that complies with sections 10 or 10b of the Act (12 U.S.C. 1430, 1430(b)) and part 1266 of this title.
[63 FR 65699, Nov. 30, 1998, as amended at 65 FR 8265, Feb. 18, 2000; 65 FR 44431, July 18, 2000. Redesignated and amended at 67 FR 12853, Mar. 20, 2002; 75 FR 8240, Feb. 24, 2010; 75 FR 76623, Dec. 9, 2010]

Title 12 published on 2012-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2013-01-11; vol. 78 # 8 - Friday, January 11, 2013
    1. 78 FR 2319 - Relocation of Regulations
      GPO FDSys XML | Text
      FEDERAL HOUSING FINANCE AGENCY, FEDERAL HOUSING FINANCE BOARD
      Final rule.
      This rule is effective on February 11, 2013.
      12 CFR Subchapters D and F Through L

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
USC : Title 12 - BANKS AND BANKING

§ 1429 - Eligibility to secure advances

§ 1430 - Advances to members

§ 1430b - Advances to nonmember mortgagee; terms and conditions

§ 4511 - Establishment of the Federal Housing Finance Agency

§ 4513 - Duties and authorities of Director

Title 12 published on 2012-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 1269 after this date.

  • 2013-01-11; vol. 78 # 8 - Friday, January 11, 2013
    1. 78 FR 2319 - Relocation of Regulations
      GPO FDSys XML | Text
      FEDERAL HOUSING FINANCE AGENCY, FEDERAL HOUSING FINANCE BOARD
      Final rule.
      This rule is effective on February 11, 2013.
      12 CFR Subchapters D and F Through L