General eligibility requirements.

CFR · 2024-01-01 · US · Title 12

(a) (1) It is duly organized under tribal law, or under the laws of any State or of the United States; (2) It is subject to inspection and regulation under the banking laws, or under similar laws, of any State or of the United States or, in the case of a CDFI, is certified by the CDFI Fund; (3) It makes long-term home mortgage loans; (4) Its financial condition is such that advances may be safely made to it; (5) The character of its management is consistent with sound and economical home financing; (6) Its home financing policy is consistent with sound and economical home financing; and (7) It has complied with any applicable requirement of paragraphs (b) and (c) of this section. (b) (c) (d) (e) (1) (A) After making or renewing the advance, its total outstanding advances to that captive would not exceed 40 percent of the captive's total assets; and (B) The new or renewed advance has a maturity date no later than February 19, 2021. (ii) A Bank shall terminate the membership of any captive described in paragraph (e)(1)(i) of this section no later than February 19, 2021, as provided under § 1263.27. After termination, the Bank shall require the liquidation of any outstanding indebtedness owed by, and the settlement of all other outstanding business transactions with, such terminated captive, and shall redeem or repurchase the Bank stock owned by the captive in accordance with § 1263.29; provided that the Bank may allow the captive to repay any outstanding advance made or last re

official document · source cfr-2024 · id 12:§ 1263.6