FDIC Law, Regulations, Related Acts
2000 - Rules and Regulations
PART 346DISCLOSURE AND REPORTING OF CRA-RELATED AGREEMENTS
Authority: 12 U.S.C. 1831y.
§ 346.1 Purpose and scope of this part.
(a) General. This part implements section 711 of the Gramm-Leach-Bliley Act (12 U.S.C. 1831y). That section requires any nongovernmental entity or person, insured depository institution, or affiliate of an insured depository institution that enters into a covered agreement to--
(1) Make the covered agreement available to the public and the appropriate Federal banking agency; and
(2) File an annual report with the appropriate Federal banking agency concerning the covered agreement.
(b) Scope of this part. The provisions of this part apply to--
(1) State nonmember insured banks;
(2) Subsidiaries of state nonmember insured banks;
(3) Nongovernmental entities or persons that enter into covered agreements with any company listed in paragraphs (b)(1), (2), (4) and (5) of this section.
(4) State savings associations; and
(5) Subsidiaries of State savings associations.
(c) Relation to Community Reinvestment Act. This part does not affect in any way the Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.) or the FDIC's Community Reinvestment regulation found at 12 CFR part 345, or the FDIC's interpretations or administration of that Act or regulation.
(d) Examples. (1) The examples in this part are not exclusive. Compliance with an example, to the extent applicable, constitutes compliance with this part.
(2) Examples in a paragraph illustrate only the issue described in the paragraph and do not illustrate any other issues that may arise in this part.
§ 346.11 Other definitions and rules of construction used in this part.
(a) Affiliate. "Affiliate" means--
(1) Any company that controls, is controlled by, or is under common control with another company; and (2) For the purpose of determining whether an agreement is a covered agreement under § 346.2, an "affiliate" includes any company that would be under common control or merged with another company on consummation of any transaction pending before a Federal banking agency at the time--
(i) The parties enter into the agreement; and
(ii) The NGEP that is a party to the agreement makes a CRA communication, as described in § 346.3.
(b) Control. "Control" is defined in section 2(a) of the Bank Holding Company Act (12 U.S.C. 1841(a)).
(c) CRA affiliate. A "CRA affiliate" of an insured depository institution is any company that is an affiliate of an insured depository institution to the extent, and only to the extent, that the activities of the affiliate were considered by the appropriate Federal banking agency when evaluating the CRA performance of the institution at its most recent CRA examination prior to the agreement. An insured depository institution or affiliate also may designate any company as a CRA affiliate at any time prior to the time a covered agreement is entered into by informing the NGEP that is a party to the agreement of such designation.
(d) CRA public file. "CRA public file" means the public file maintained by an insured depository institution and described in 12 CFR 345.43.
(e) Executive officer. The term "executive officer" has the same meaning as in § 215.2(e)(1) of the Board of Governors of the Federal Reserve System's Regulation O (12 CFR 215.2(e)(1)).
(f) Federal banking agency; appropriate Federal banking agency. The terms "Federal banking agency" and "appropriate Federal banking agency" have the same meanings as in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(g) Fiscal year. (1) The fiscal year for a NGEP that does not have a fiscal year shall be the calendar year.
(2) Any NGEP, insured depository institution, or affiliate that has a fiscal year may elect to have the calendar year be its fiscal year for purposes of this part.
(h) Insured depository institution. "Insured depository institution" has the same meaning as in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) NGEP. "NGEP" means a nongovernmental entity or person.
(j) Nongovernmental entity or person--(1) General. A "nongovernmental entity or person" is any partnership, association, trust, joint venture, joint stock company, corporation, limited liability corporation, company, firm, society, other organization, or individual.
(2) Exclusions. A nongovernmental entity or person does not include--
(i) The United States government, a state government, a unit of local government (including a county, city, town, township, parish, village, or other general-purpose subdivision of a state) or an Indian tribe or tribal organization established under Federal, state or Indian tribal law (including the Department of Hawaiian Home Lands), or a department, agency, or instrumentality of any such entity;
(ii) A federally-chartered public corporation that receives Federal funds appropriated specifically for that corporation;
(iii) An insured depository institution or affiliate of an insured depository institution; or
(iv) An officer, director, employee, or representative (acting in his or her capacity as an officer, director, employee, or representative) of an entity listed in paragraphs (j)(2)(i) through (iii) of this section.
(k) Party. The term "party". The authority citation for part 405 continues to read as follows: With respect to a covered agreement means each NGEP and each insured depository institution or affiliate that entered into the agreement.
(l) Relevant supervisory agency. The "relevant supervisory agency" for a covered agreement means the appropriate Federal banking agency for--
(1) Each insured depository institution (or subsidiary thereof) that is a party to the covered agreement;
(2) Each insured depository institution (or subsidiary thereof) or CRA affiliate that makes payments or loans or provides services that are subject to the covered agreement; and
(3) Any company (other than an insured depository institution or subsidiary thereof) that is a party to the covered agreement.
(m) State savings association. "State savings association" has the same meaning as in section 3(b)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1813(b)(3)).
(n) Term of agreement. An agreement that does not have a fixed termination date is considered to terminate on the last date on which any party to the agreement makes any payment or provides any loan or other resources under the agreement, unless the relevant supervisory agency for the agreement otherwise notifies each party in writing.
[Codified to 12 C.F.R. § 346.11]