12 CFR 2.1
§ 2.1 Authority, purpose, and scope.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 2.1, § 2.1 Authority, purpose, and scope, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/42698
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Full text
(a) Authority. A national bank may provide credit life insurance to loan customers pursuant to 12 U.S.C. 24 (Seventh).
(b) Purpose. The purpose of this part is to set forth the principles and standards that apply to a national bank's provision of credit life insurance and the limitations that apply to the receipt of income from those sales by certain individuals and entities associated with the bank.
(c) Scope. This part applies to the provision of credit life insurance by any national bank employee, officer, director, or principal shareholder, and certain entities in which such persons own an interest of more than ten percent.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.