Banking Regulation 7 Derivative Transactions in Lending Limits


230-RICR-40-10-1 INACTIVE RULE

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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 View Active Rule
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.

There are no electronic rulemaking documents for rules filed prior to August 14, 2018. For rulemaking documents for rules filed prior to this date, please contact the appropriate agency's Rules Coordinator.