A national lender otherwise Federal savings relationship may practice good tax collateral fund exchange pursuant to help you a dozen U
An income tax security funds purchase is the useful equivalent of a loan in the event the:
( an effective ) Taxation security financing purchases. S.C. 24(Seventh) and 1464 on condition that your order ‘s the functional equivalent of that loan, once the offered into the section (c) in the section, therefore the deal meets appropriate conditions from inside the part (d) of point. The authority to participate in taxation collateral financing purchases below that it area try pursuant to twelve U.S.C. 24(Seventh) and you will 1464 financing authority which can be independent regarding, and won’t limit, most other financing regulators available to national banking companies and you can Federal savings connectivity.
( step one ) Compatible OCC supervisory workplace form the brand new OCC place of work that is in charge towards oversight away from a national financial otherwise Federal discounts association, as described during the subpart A out of several CFR area cuatro;
( step 3 ) Income tax equity money exchange function a transaction in which a nationwide financial otherwise Federal savings organization provides equity resource to cover a good opportunity otherwise programs you to build taxation credit or any other income tax benefits and the entry to a collateral-centered framework lets new transfer of them credit or other taxation advantageous assets to the brand new national financial or Government discounts connection.