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.
Rulemaking Documents are organized by document type and are part of this rule’s rulemaking record (R.I. Gen. Laws § 42-35-2.3). If multiple documents of the same type are listed below, each is a unique document. If there are multiple Public Notice of Proposed Rulemaking documents, view each document to identify the most recently amended version, as it may be amended at any point during the Public Comment Period.