12 CFR 221.102
§ 221.102 Application to committed credit where funds are disbursed thereafter.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 221.102, § 221.102 Application to committed credit where funds are disbursed thereafter, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/44529
- Permanent ID
ys:prov:44529@1- SHA-256
2fabf13997b271d550ec7491b314a1cc7e19d00857eb14b2620b151ebeab5f18
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
The Board has concluded that the date a commitment to extend credit becomes binding should be regarded as the date when the credit is extended, since:
(a) On that date the parties should be aware of law and facts surrounding the transaction; and
(b) Generally, the date of contract is controlling for purposes of margin regulations and Federal securities law, regardless of the delivery of cash or securities.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.