Structure of the OF board of directors.

CFR · 2024-01-01 · US · Title 12

(a) (1) Each of the Bank presidents, (2) Five Independent Directors who— (i) Each shall be a citizen of the United States; (ii) As a group, shall have substantial experience in financial and accounting matters; and (iii) Shall not have any material relationship with a Bank, or the OF (directly or as a partner, shareholder, or officer of an organization), as determined under criteria set forth in a policy adopted by the OF board of directors. At a minimum, such policy shall provide that an Independent Director may not: (A) Be an officer, director, or employee of any Bank or member of a Bank, or have been an officer, director, or employee of a Bank or member of a Bank during the previous three years; (B) Be an officer or employee of the OF, or have been an officer or employee of the OF during the previous three years; or (C) Be affiliated with any consolidated obligations selling or dealer group under contract with OF, or hold shares or any other financial interest in any entity that is part of a consolidated obligations seller or dealer group in an amount greater than the lesser of $250,000 or 0.01% of the market capitalization of the seller or dealer group, or in an amount that exceeds $1,000,000 for all entities that are part of any consolidated obligations seller dealer group, combined. For purposes of this paragraph (a)(2)(iii)(C), a holding company of an entity that is part of a consolidated obligations seller or dealer group shall be deemed to be part of the consolidated

official document · source cfr-2024 · id 12:§ 1273.7