Exemptions.

CFR · 2024-01-01 · US · Title 12

(a) (i) The issuer holds the account that is debited; and (ii) The issuer, together with its affiliates, has assets of less than $10 billion as of the end of the calendar year preceding the date of the electronic debit transaction. (2) (3) (4)(i) (A) The assets of the issuer, together with its affiliates, as of the end of the calendar year 2019; and (B) The assets of the issuer, together with its affiliates, as of the end of the calendar year 2020. (ii) The relief provided under this paragraph (a)(4) does not apply to an issuer if the Board determines that permitting the issuer to determine its assets in accordance with that paragraph would not be commensurate with the asset profile of the issuer. When making this determination, the Board will consider all relevant factors, including the extent of asset growth of the issuer since December 31, 2019; the causes of such growth, including whether growth occurred as a result of mergers or acquisitions; whether such growth is likely to be temporary or permanent; whether the issuer has become involved in any additional activities since December 31, 2019; the asset size of any parent companies; and the type of assets held by the issuer. In making a determination pursuant to this paragraph (a)(4)(ii), the Board will apply notice and response procedures in the same manner and to the same extent as the notice and response procedures in 12 CFR 263.202. (b) (1) The electronic debit transaction is made using a debit card that has been prov

official document · source cfr-2024 · id 12:§ 235.5