WHAT THE LAW DOINCongress, in plain words

The law › Title 12, Banks and Banking › Chapter 3

12 U.S.C. 375b: Extensions of credit to executive officers, directors, and principal shareholders of member banks

Created in 1978 by Public Law 95-630. Changed by 6 later laws. No bill we track in this Congress changes it.

5 other sections of the Code cite this one, including 12 U.S.C. 1828, 12 U.S.C. 1831o, 12 U.S.C. 1843, 12 U.S.C. 1972, 15 U.S.C. 78m.

3 parts of federal rules cite it as their authority, written by Comptroller of the Currency, Department of the Treasury (1), Federal Reserve System (1), Federal Deposit Insurance Corporation (1).

This Congress

No bill we track in the 119th Congress changes this section.

    How it got here

    2010

    • Pub. L. 111–203 substituted "extends credit to a person by—" for "extends credit by making", inserted "(I) making" before "or renewing", substituted "which the person" for "which a person" and "the bank; or" for "the bank.", and added subcl. (II). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (9)

    1996

    • Pub. L. 104–208, §2211(a)(1), (2), designated existing provisions as subpar. (A), inserted heading, redesignated former subpars. (A) to (C) as cls. (i) to (iii), respectively, and adjusted margins. (Magnuson-Stevens Fishery Conservation and Management Act) Law text · (2)
    • Pub. L. 104–208, §2211(a)(3), added subpar. (B). Former subpar. (B) redesignated cl. (ii) of subpar. (A). (Magnuson-Stevens Fishery Conservation and Management Act) Law text · (2)
    • Pub. L. 104–208, §2211(a)(1), redesignated subpar. (C) as cl. (iii) of subpar. (A). (Magnuson-Stevens Fishery Conservation and Management Act) Law text · (2)
    • Pub. L. 104–208, §2211(b), amended heading and text of subpar. (B) generally. Prior to amendment, text read as follows: "The Board may, by regulation, make exceptions to subparagraph (A), except as that subparagraph makes applicable paragraph (2), for an executive officer or director o… (Magnuson-Stevens Fishery Conservation and Management Act) Law text · (8)

    1994

    • Pub. L. 103–325 designated existing provisions as subpar. (A), inserted heading, and added subpar. (B). · (8)

    1992

    • Pub. L. 102–550, §1605(a)(10), substituted "or" for "and" at end. · (6)
    • Pub. L. 102–550, §955(a), designated existing provisions as cl. (i), inserted heading, and added cl. (ii). · (9)
    • Pub. L. 102–550, §955(b), designated portion of existing provisions as cl. (i), realigned margin, substituted "; and" for period at end, and added cl. (ii). · (9)

    1991

    • Pub. L. 102–242, §306(a), amended section generally, substituting provisions relating to extensions of credit to executive officers, directors, and principal shareholders of member banks for provisions relating to prohibitions respecting loans and extensions of credit to executive officers and dire…
    • Pub. L. 102–242, §306(d)(2), inserted "(5)," after "(4),". · (1)
    • Pub. L. 102–242, §306(b), added subpar. (C). · (2)
    • Pub. L. 102–242, §306(c), inserted ", director," after "executive officer" in heading and text. · (4)
    • Pub. L. 102–242, §306(d)(1), added par. (5). · (5)
    • Pub. L. 102–242, §306(e), added par. (7). · (7)
    • Pub. L. 102–242, §306(f), struck out "bank holding" before "company of which the member". · (8)
    • Pub. L. 102–242, §306(g), added subpar. (E). · (9)
    • Pub. L. 102–242, §306(h), struck out last sentence of subpar. (F) which read as follows: "For purposes of paragraph (4), if a member bank has its main banking office in a city, town, or village with a population of less than 30,000, the preceding sentence shall apply with '18 percent' … · (9)

    1982

    • Pub. L. 97–320, §422, substituted "an amount prescribed in a regulation of the appropriate Federal banking agency" for "$25,000". · (2)
    • Pub. L. 97–320, §410(e), redesignated subpars. (D) to (G) as (C) to (F), respectively. Former subpar. (C), relating to definition of term "extension of credit", was struck out. · (6)

    Text, outline and history from the official U.S. Code (2024 edition) on GovInfo, published by the Office of the Law Revision Counsel. Changes made after that edition appear under This Congress.