12 CFR 337.5
§ 337.5 Exemption.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 337.5, § 337.5 Exemption, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/46728
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Full text
Check guaranty card programs, customer-sponsored credit card programs, and similar arrangements in which a bank undertakes to guarantee the obligations of individuals who are its retail banking deposit customers are exempted from § 337.2: Provided, however, That the bank establishes the creditworthiness of the individual before undertaking to guarantee his/her obligations and that any such arrangement to which a bank's principal shareholders, directors, or executive officers are a party be in compliance with applicable provisions of Federal Reserve Regulation O (12 CFR part 215).
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.