12 CFR § 24.7

12 CFR · Banks and Banking

§ 24.7 — Examination, records, and remedial action.

12 CFR § 24.7

TitleTitle 12: Banks and Banking PartPart 24: Community and Economic Development Entities, Community Development Projects, and Other Public Welfare Investments

SourceeCFR (current through Apr 10, 2026)

This text of 12 C.F.R. § 24.7 (Examination, records, and remedial action.) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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12 C.F.R. § 24.7 (2026).

Text

§ 24.7 Examination, records, and remedial action.

(a)Examination. National bank investments under this part are subject to the examination provisions of 12 U.S.C. 481.

(b)Records. Each national bank shall maintain in its files information adequate to demonstrate that its investments meet the standards set out in § 24.3 of this part, including, where applicable, the criteria of § 25.23 of appendix G to 12 CFR part 25, and that the bank is otherwise in compliance with the requirements of this part.

(c)Remedial action. If the OCC finds that an investment under this part is in violation of law or regulation, is inconsistent with the safe and sound operation of the bank, or poses a significant risk to a Federal deposit insurance fund, the national bank shall take appropriate remedial actio

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§ 24.7 Examination, records, and remedial action.

(a) Examination. National bank investments under this part are subject to the examination provisions of 12 U.S.C. 481.

(b) Records. Each national bank shall maintain in its files information adequate to demonstrate that its investments meet the standards set out in § 24.3 of this part, including, where applicable, the criteria of § 25.23 of appendix G to 12 CFR part 25, and that the bank is otherwise in compliance with the requirements of this part.

(c) Remedial action. If the OCC finds that an investment under this part is in violation of law or regulation, is inconsistent with the safe and sound operation of the bank, or poses a significant risk to a Federal deposit insurance fund, the national bank shall take appropriate remedial action as determined by the OCC.

[61 FR 49660, Sept. 23, 1996, as amended at 68 FR 48777, Aug. 15, 2003; 89 FR 22067, Mar. 29, 2024]