§ 1266.13. Special advances to savings associations.
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/us/cfr/t12/s§ 1266.13·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Eligible institutions.
(1)A Bank, upon receipt of a written request from the OCC, with respect to a federal savings association, or from the FDIC, with respect to a state chartered savings association, may make short-term advances to a savings association member pursuant to section 10(h) of the Bank Act (12 U.S.C. 1430(h)).
(2)Such request must certify that the savings association member:
(i)Is solvent but presents a supervisory concern to the OCC or FDIC, as appropriate, because of the member's financial condition; and
(ii)Has reasonable and demonstrable prospects of returning to a satisfactory financial condition.
(b)Terms and conditions. Advances made by a Bank to a member savings association under this section shall:
(1)Be subject to all applicable collateral requirements of the Bank, this part and section 10(a) of the Bank Act (12 U.S.C. 1430(a)); and
(2)Be at the interest rate applicable to advances of similar type and maturity that are made available to other members that do not pose such a supervisory concern. [58 FR 29469, May 20, 1993. Redesignated at 65 FR 8256, Feb. 18, 2000 and further redesignated at 65 FR 44430, July 18, 2000; 81 FR 76298, Nov. 2, 2016]
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§ 1266.13
Special advances to savings associations.
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