12 CFR 614.4357 - Banks for cooperatives look-through notes.

§ 614.4357 Banks for cooperatives look-through notes.

Where a bank for cooperatives makes a loan to an eligible borrower that is secured by notes of individuals or business entities, the basic lending limits provided in § 614.4355 may be applied to each original notemaker rather than to the loan to the eligible borrower, if:

(a) Each note is current and carries a full recourse endorsement or unconditional guarantee by the borrower;

(b) The bank determines the financial condition, repayment capacity, and other credit factors of the loan to the original maker reasonably justify the credit granted by the endorser; and

(c) The loans are fully supported by documented loan files, which include, at a minimum:

(1) A credit report supporting the bank's finding that the financial condition, repayment capacity, and other factors of the maker of the notes being pledged justify the credit extended by the bank and/or endorser;

(2) A certification by a bank officer designated for that purpose by the loan or executive committee that the financial responsibility of the original notemaker has been evaluated by the loan committee and the bank is relying primarily on each such maker for the payment of the obligation; and

(3) Other credit information normally required of a borrower when making and administering a loan.

[ 58 FR 40321, July 28, 1993. Redesignated at 64 FR 34517, June 28, 1999]

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
U.S. Code: Title 12 - BANKS AND BANKING

§ 2011 - Establishment, charters, titles, branches

§ 2013 - General corporate powers

§ 2014 - Farm Credit Bank capitalization

§ 2015 - Lending authority

§ 2017 - Eligibility

§ 2018 - Security; terms

§ 2019 - Purposes for extensions of credit

§ 2071 - Organization and charters

§ 2073 - General corporate powers

§ 2074 - Production credit association capitalization

§ 2075 - Short- and intermediate-term loans; participation; other financial assistance; terms; conditions; interest; security

§ 2091 - Organizations; articles; charters; powers of the Farm Credit Administration

§ 2093 - General corporate powers

§ 2094 - Federal land bank association capitalization

§ 2097 - Liens on stock

§ 2121 - Establishment; titles; branches

§ 2122 - Corporate existence; general corporate powers

§ 2124 - Stock of banks for cooperatives

§ 2128 - Loans, commitments, and technical and financial assistance

§ 2129 - Eligibility

§ 2131 - Loans

§ 2141 - Charter, powers, and operation

§ 2149 - Lending limits

§ 2183 - Dissolution; voluntary or involuntary liquidation; mergers; receiverships or conservators

§ 2184 - Communications with stockholders

§ 2201 - Notice of action on application

§ 2202 - Reconsideration of actions

§ 2202a - Restructuring distressed loans

§ 2202c - Review of restructuring denials

§ 2202d - Protection of borrowers who meet all loan obligations

§ 2202e - Waiver of mediation rights by borrowers

§ 2206 - Participation loans

§ 2206a - Authority of Farm Credit Banks and direct lender associations to participate in loans to similar entities for risk management purposes

§ 2207 - Young, beginning, and small farmers and ranchers

§ 2211 - Establishment

§ 2212 - Powers of Farm Credit Administration

§ 2213 - Regulation and examination

§ 2214 - State laws

§ 2219a - Right of first refusal

§ 2219b - Application of uninsured accounts

§ 2243 - Powers of Board

§ 2244 - Chairman; responsibilities; governing standards

§ 2252 - Powers and duties

§ 2279a - Power to merge

12 U.S. Code § 2279a–2 - Powers of merged banks

§ 2279b - Transfer of lending authority

12 U.S. Code § 2279c–1 - Merger of associations

§ 2279f - Merger of similar banks

12 U.S. Code § 2279f–1 - Merger of similar associations

§ 2279aa - Definitions

12 U.S. Code § 2279aa–5 - Certification of agricultural mortgage marketing facilities

U.S. Code: Title 42 - THE PUBLIC HEALTH AND WELFARE
Statutes at Large
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