Sharing national bank or Federal association space and employees.

CFR · 2024-01-01 · US · Title 12

(a) (1) Consistent with § 7.1024, lease excess space on national bank or Federal savings association premises to one or more other businesses (including other financial institutions); (2) Share space jointly held with one or more other businesses; or (3) Offer its services in space owned by or leased to other businesses. (b) (1) A national bank or Federal savings association employee may act as agent for the other business; or (2) An employee of the other business may act as agent for the national bank or Federal savings association. (c) (1) The other business is conspicuously, accurately, and separately identified; (2) Shared employees clearly and fully disclose the nature of their agency relationship to customers of the national bank or Federal savings association and of the other businesses so that customers will know the identity of the national bank, Federal savings association, or other business that is providing the product or service; (3) The arrangement does not constitute a joint venture or partnership with the other business under applicable State law; (4) All aspects of the relationship between the national bank or Federal savings association and the other business are conducted at arm's length, unless a special arrangement is warranted because the other business is a subsidiary of the national bank or Federal savings association; (5) Security issues arising from the activities of the other business on the premises are addressed; (6) The activities of the other bu

official document · source cfr-2024 · id 12:§ 7.3001