Banking Regulation 7 Derivative Transactions in Lending Limits
230-RICR-40-10-1 INACTIVE RULE
| Title | 230 | Department of Business Regulation (includes the Office of the Health Insurance Commissioner) |
| Chapter | 40 | Banking |
| Subchapter | 10 | Lending |
| Part | 1 | Banking Regulation 7 Derivative Transactions in Lending Limits |
| Type of Filing | Adoption |
| Regulation Status | Inactive |
| Effective | 01/01/2013 to 01/01/2013 |
Regulation Authority:
R.I. Gen. Laws §§ 19-3-3(b) and 19-4-16
Purpose and Reason:
The Department of Business Regulation (“Department”) hereby proposes to adopt Banking Regulation 7, entitled Derivative Transactions in Lending Limits (“Regulation” or “Post-hearing Amended Regulation”) and makes this statement in accordance with R.I. Gen. Laws § 42-35-2.3. The purpose of BR 7 is to provide clarification, pursuant to Section 611 of the Dodd-Frank Act, that under R.I. Gen. Laws § 19-3-3, any Rhode Island state-chartered Financial Institution that engages in derivative transactions is required to take into consideration credit exposure to derivative transactions with respect to the lending limits in R.I. Gen. Laws § 19-3-3 and any other relevant applicable lending limits in Title 19 or Federal law. . The actions and information required by this Regulation are hereby declared to be necessary and appropriate to the public interest.
