Regulations last checked for updates: May 19, 2024

Title 12 - Banks and Banking last revised: May 16, 2024
§ 221.102 - Application to committed credit where funds are disbursed thereafter.

The Board has concluded that the date a commitment to extend credit becomes binding should be regarded as the date when the credit is extended, since:

(a) On that date the parties should be aware of law and facts surrounding the transaction; and

(b) Generally, the date of contract is controlling for purposes of margin regulations and Federal securities law, regardless of the delivery of cash or securities.

authority: 15 U.S.C. 78c,78g,78q,and
source: Reg. U, 63 FR 2827, Jan. 16, 1998, unless otherwise noted.
cite as: 12 CFR 221.102