12 CFR 371.1 - Scope, purpose and applicability.

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§ 371.1 Scope, purpose and applicability.

(a)Scope. This part applies to insured depository institutions that are in a troubled condition as defined in § 371.2(f).

(b)Purpose. This part establishes recordkeeping requirements with respect to qualified financial contracts for insured depository institutions that are in a troubled condition.

(c)Applicability. An insured depository institution shall comply with this part within 60 days after written notification by the institution's appropriate Federal banking agency or the FDIC that it is in a troubled condition under § 371.2(f). The FDIC may, at its discretion, grant one or more extensions of time for compliance with this part. No single extension shall be for a period of more than 30 days. An insured depository institution may request an extension of time by submitting a written request to the FDIC at least 15 days prior to the deadline for its compliance with the requirements of this part. The written request for an extension must contain a statement of the reasons why the institution cannot comply by the deadline for compliance.

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

Title 12 published on 17-Jun-2017 04:33

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 371 after this date.

  • 2016-12-28; vol. 81 # 249 - Wednesday, December 28, 2016
    1. 81 FR 95496 - Recordkeeping Requirements for Qualified Financial Contracts
      GPO FDSys XML | Text
      Notice of proposed rulemaking.
      Comments must be received on or before February 27, 2017.
      12 CFR Part 371