National bank or Federal savings association ownership of property.

CFR · 2024-01-01 · US · Title 12

(a) (2) (i) Premises that are owned and occupied (or to be occupied, if under construction) by the national bank or Federal savings association, or its respective branches or consolidated subsidiaries; (ii) Real estate acquired and intended, in good faith, for use in future expansion; (iii) Parking facilities that are used by customers or employees of the national bank or Federal savings association, or its respective branches or consolidated subsidiaries; (iv) Residential property for the use of officers or employees of the national bank or Federal savings association who are: (A) Located in remote areas where suitable housing at a reasonable price is not readily available; or (B) Temporarily assigned to a foreign country, including foreign nationals temporarily assigned to the United States; and (v) Property for the use of national bank or Federal savings association officers, employees, or customers, or for the temporary lodging of such persons in areas where suitable commercial lodging is not readily available, provided that the purchase and operation of the property qualifies as a deductible business expense for Federal tax purposes. (3) (ii) A Federal savings association also may acquire and hold banking premises through a service corporation in accordance with 12 CFR 5.59. (b) (c) (2) (ii) A Federal savings association that invests in banking premises through a service corporation must comply with the quantitative limitations in 12 CFR 5.37(d) and, to the extent applic

official document · source cfr-2024 · id 12:§ 7.1024