(a) Definitions. For the purposes of this section, the following definitions
apply:
(1) Principal shareholder of a member bank means any
person (other than an insured bank, or a foreign bank as defined in 12 U.S.C.
3101(7), that, directly or indirectly, owns, controls, or has power to vote
more than 10 percent of any class of voting securities of the member bank.
The term includes a person that controls a principal shareholder (e.g., a
person that controls a bank holding company). Shares of a bank (including a
foreign bank), bank holding company, savings and loan holding company or
other company owned or controlled by a member of an individual’s immediate
family are presumed to be owned or controlled by the individual for the
purposes of determining principal shareholder status.
(2) Related interest means—
(i) any company controlled by a person; or
(ii) any political or campaign committee the funds or services of which will
benefit a person or that is controlled by a person. For the purpose of this
section, a related interest does not include a bank or a foreign bank (as
defined in 12 USC 3101(7)).
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(b) Public disclosure.
(1) Upon receipt of a written request from the public, a member bank
shall make available the names of each of its executive officers and each of
its principal shareholders to whom, or to whose related interests, the member
bank had outstanding as of the end of the latest previous quarter of the
year, an extension of credit that, when aggregated with all other outstanding
extensions of credit at such time from the member bank to such person and to
all related interests of such person, equaled or exceeded 5 percent of the
member bank’s capital and unimpaired surplus or $500,000, whichever amount is
less. No disclosure under this paragraph is required if the aggregate amount
of all extensions of credit outstanding at such time from the member bank to
the executive officer or principal shareholder of the member bank and to all
related interests of such a person does not exceed $25,000.
(ii) A member bank is not required to disclose the specific amounts of
individual extensions of credit.
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(c) Maintaining records. Each member bank shall maintain records of all requests for the
information described in paragraph (b) of this section and the disposition of
such requests. These records may be disposed of after two years from the date
of the request.
