Agricultural loan loss amortization.

CFR · 2024-01-01 · US · Title 12

(a) (1) (i) The Reserve Bank in whose district the bank is located; or (ii) The Director of the Division of Banking Supervision and Regulation in cases in which the Reserve Bank cannot determine that the bank qualifies. (2) (3) (4) (i) Loans that finance agricultural production or are secured by farm land for purposes of Schedule RC-C of the FFIEC Consolidated Report of Condition or such other comparable schedule; (ii) Loans secured by farm machinery; (iii) Other loans that a bank proves to be sufficiently related to agriculture for classification as an agricultural loan by the Board; and (iv) The remaining unpaid balance of any loans described in paragraphs (a)(4) (i), (ii) and (iii) of this section that have been charged off since January 1, 1984, and that qualify for deferral under this section. (b)(1) Provided there is no evidence that the loss resulted from fraud or criminal abuse on the part of the bank, the officers, directors, or principal shareholders, a participating bank may amortize in its Reports of Condition and Income: (i) Any loss on a qualified agricultural loan that the bank would be required to reflect in its financial statements for any period between and including 1984 and 1991; or (ii) Any loss that the bank would be required to reflect in its financial statements for any period between and including 1983 and 1991 resulting from a reappraisal or sale of agriculturally-related other property. (2) Amortization under this section shall be computed over a pe

official document · source cfr-2024 · id 12:§ 208.23