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Federal R eserve Bank OF DALLAS ROBERT D. M C T E E H , J R . P R E S ID E N T D ALLAS, TE XAS A N p C H IE F E X E C U T IV E O F F IC E R March 31, 1995 75265-5906 Notice 95-32 TO: The Chief Executive Officer of each financial institution and others concerned in the Eleventh Federal Reserve District SUBJECT Slipsheet Amendments for Regulation DD (Truth in Savings), the Official Staff Commentary on Regulation DD, Regulation K (International Banking Operations), Regulations G, T, and U (Securities Credit Transactions) DETAILS The Board of Governors of the Federal Reserve System has published slipsheet amendments for Regulation DD, effective March 21, 1993, and September 23, 1994; the Official Staff Commentary on Regulation DD, effective Sep tember 23, 1994; Regulation K, effective January 1, 1995; and Regulations G, T, and U, effective October 11, 1991, and November 25, 1994. The slip sheets should be inserted in the appropriate section of your regulations binder. F or additional copies, bankers and others are encouraged to use one of the following toll-free num bers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; H ouston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San A ntonio Branch Intrastate (800) 292-5810. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) ENCLOSURES The revised slip sheets and a revised index for your regulations binder are enclosed. MORE INFORMATION For more information regarding Regulation DD or Regulations G, T, and U, please contact Eugene Coy (214) 922-6201. For more information regarding Regulation K, please contact Rick Neal, (214) 922-6272, at the Dallas Office, or Randy Steinley, (713) 652-9117, at the Houston Office. For additional copies of this Bank’s notice, the revised slip sheets, or the revised index, please contact the Public Affairs Department at (214) 922-5254. Sincerely yours, £>■ ■ Board of Governors of the Federal Reserve System A m endm ents to Regulation DD Truth in Savings January 1995* 1. E ffe c tiv e S e p te m b e r 23, 1994, se c tio n 230.2(a) is am en d ed by deleting the last sentence. 2. E ffe c tiv e S e p te m b e r 23, 1994, se c tio n 230.2(h) is a m en d ed by deleting the se c o n d sentence. 3 . E ffe c tiv e M a r c h 21, 1 9 9 3 , s e c tio n 230.4(c)(1) is am en d ed by extending both the m andatory com pliance date a n d ;-<? notice requirem ent date fro m M arch 21, 1993, to June 21, 1993. 4. E ffe c tiv e M a r c h 21, 1 9 9 3 , s e c tio n 230.5(a)(2)(ii) is a m ended by deleting the words “b y third p a r tie s ”. (2) Indoor signs. (i) Signs inside the prem ises o f a de pository institution (or the prem ises o f a deposit broker) are not subject to paragraphs (b), (c), (d), or (e)(1) o f th is s e c tio n u n le s s th e y face outside the prem ises and can reason ably be view ed by a consum er only from outside the prem ises. ' (ii) If a sign exem pt by this para g ra p h s ta te s a ra te o f re tu rn , it shall— (A ) State the rate as an “ annual percentage yield ,” using that term or the term “ A P Y .” T he sign shall not state any other rate, except that the interest rate m ay be stated in conjunction w ith the annual per centage yield to w hich it relates. (B ) C ontain a statem ent advising consum ers to contact an em ployee for further inform ation about appli cable fees and term s. 5. E ffective M arch 21, 1993, section 230.8(e) is revised to read as fo llo w s: (e) E xem ption f o r certain advertisem ents. (1) C ertain m edia. If an advertisem ent is m ade through one o f the follow ing m edia, it need not contain the inform a tion in paragraphs (c)(1), (c)(2), (c)(4), (c)(5), (c)(6)(ii), (d)(4), and (d)(5) o f this section: (i) b ro a d c a st o r e le c tro n ic m ed ia, such as television or radio; (ii) o u td o o r m e d ia , su c h a s b ill boards; or (iii) telephone response m achines. * A c o m p le te R e g u la tio n D D , as a m e n d e d e ffe c tiv e S e p te m b e r 2 3 , 1994, c o n s is ts o f — • th e p a m p h le t d a te d N o v e m b e r 1992 (se e in sid e c o v e r) and • th is slip sheet. Ite m s 1, 2 , a n d 19 a re new . T h e o th e r ite m s w e re in c lu d e d in th e J u ly 1993 s lip sheet. 6. E ffective M arch 21, 1993, a p p e n d ix A, p a rt II is am ended by adding a new p a ra graph A heading after the seco n d p a ra graph; by corrrecting a ll fo u r fo rm u la s under paragraph A to a d d an open paren thesis a fte r the fir s t bracket; a n d by a d ding a new p a rt B a fte r exam ple (3), as fo llo w s: Part II. Annual Percentage Yield Earned for Periodic Statements * * * * * T h e a n n u a l p e rc e n ta g e y ield earn e d shall be calculated by using the follow ing form ulas ( “ A PY earn ed ” is used for con venience in the form ulas): 1 R egulation DD “ C o m pounding” is the num ber o f days in each com pounding period. A. G eneral F orm ula APY earned = 100 [(1 + Interest earned/ B alance )(365/D in!>r'od, ays e * * * * 1] * Exam ples: (i)* * * APY earned = 100 [(1 + 5.25/1,000),36™> - 1] APY earned = 6.58% A ssum e an institution calculates interest for the statem ent period using the dailybalance m ethod, pays a 5.00 percent inter est rate, com pounded annually, and pro v id e s p e r io d ic s ta te m e n ts fo r e a c h m onthly cycle. T he account has a daily balance o f $1,000 for a 30-day statem ent period. T he interest earned is $4.11 for the p e rio d , and the an n u al p e rce n ta g e y ield earned (using the special form ula above) is 5.00 percent: A PY E arned = 100 (2 ) * * * ([1 APY earned = 100 [(1 + 6.50/1,500)'-16M 01 - 1] APY earned = 5.40% - (3) * * * 1} A PY E arned = 5.00% APY earned = 100 [(1 + 21/2,000)<365/9n - 1] TRUTH IN SAVINGS ACT APY earned = 4.28% B. Special Formula f o r Use Where Periodic Statem ent Is Sent More Often Than the P eriod f o r Which In terest Is Com pounded In stitu tio n s th a t use the d a ily -b a la n c e m ethod to accrue interest and that issue periodic statem ents m ore often than the period for w hich interest is com pounded shall use the follow ing special form ula: The fo llo w in g sections were am en d ed by the H ousing a n d C om m unity D evelopm ent A ct o f 1992 (Pub. L. No. 102-550): 7. The fir s t sentence in section 263(a) is re vised to read as fo llo w s: (a) In general. E xcept as provided in sub sections (b) and (c), each advertisem ent, APY Earned = 100 * ([(1 * * / Interest earned \ \ ( \ B alance / I D ays in period / (C om pounding I \ 1 365/C om pounding - 1! T he follow ing definition applies for use in this form ula (all o ther term s are defined under part II): 8. Section 263 is am en d ed by adding a new p a ragraph (c), as fo llo w s, a n d redesignat ing the old paragraphs (c) a n d (d) as (d) a n d (e), respectively: (c) D isclosure required f o r on-prem ises displays. (1) T he d isclo su re req u irem en ts c o n tained in this section shall not apply to Regulation DD any sign (including a rate board) dis closing a rate or rates o f interest which is displayed on the prem ises o f the de p o s ito ry in s titu tio n i f s u c h sig n contains— (A ) the acco m p an y in g annual p e r centage yield; and (B ) a statem ent that the co n su m er sh o u ld re q u est fu rth e r in fo rm atio n from an em ployee o f the depository in stitution concerning the fees and term s a p p lic ab le to the a d v ertised account. (2) For purposes o f paragraph (1), a sign shall only be considered to be dis played on the prem ises o f a depository institution if the sign is designed to be view ed only from the interior o f the prem ises o f the depository institution. 9. The f ir s t se n te n c e o f se c tio n 2 6 5 is a m ended by changing the w ord "A c t" to ‘‘subtitle ”, 10. S e ctio n 266(e) is a m e n d ed to read as fo llo w s: (e) N otice to account holders as o f the effective date o f regulations. For any ac count for w hich the depository institution delivers an account statem ent on a quar terly or m ore frequent basis, the deposi tory institution shall include on or w ith the first regularly scheduled m ailing sent after the end o f the 6-m onth period begin ning o f the date o f publication o f regula tions issued by the B oard in final form , a statem ent that the account holder has the right to request an account schedule con taining the term s, charges, and interest rates o f the account, and that the account holder m ay w ish to request such an ac count schedule. 11. Section 267(a) a n d (c) are am ended by changing the w ord “A c t ” to “su b title ”. 12. Section 269(a)(1), (3), a n d (4), a n d se c tion 269(b)(1) a n d (2) are am en d ed by changing the w ord “A c t ” to “su b title ”. 13. Section 269(a)(2) is am ended by changing the effective date o f the regulations fro m 6 m onths to 9 m onths a fte r publication o f the fin a l regulations. 14. Section 270(a), (b), a n d (c) are am ended by changing the w ord “A c t ” to “subtitle". 15. Section 271(a), (c)(1), (c)(2), (d), (g), (h)(1), (i)(l), a n d (i)(2) are am ended by changing the w ord “A c t" to “subtitle". 16. Section 272(a) a n d (b) are am ended by changing the w ord “A c t" to “su b title ”. 17. Section 273 is am ended by changing the w ord “A c t" to “su b title ”. 18. Section 274 is am ended by changing the w ord “A c t" to “subtitle". The fo llo w in g section was am ended by the R iegle C om m unity D evelopm ent a n d R egula tory Im provem ent A ct o f 1994 (Pub. L. No. 103-325): 19. Section 27 4 (1 ) is a m e n d ed to read as fo llo w s: (1) T he term “ a cco u n t” m eans any ac count intended for use by and generally used by consum ers prim arily for personal, fam ily, or household purposes that is of fe re d by a d e p o sito ry in stitu tio n into w hich a custom er deposits funds, includ ing dem and accounts, tim e accounts, ne g o tia b le o rd e r o f w ith d raw al accounts, and share draft accounts. 3 Board of Governors of the Federal Reserve System Amendments to the Official Staff Commentary on Regulation DD, Truth in Savings January 1995* 1. E ffective S e p te m b e r 23, 1994, c o m m en t 2(h)(5) is deleted. * T h e c o m p le te c o m m e n ta ry , a s a m e n d e d e ffe c tiv e S e p te m b e r 2 3 , 1994, c o n s is ts o f — • th e p a m p h le t d a te d O c to b e r 1 9 9 4 (se e in sid e c o v e r) a n d • th is s lip sh eet. Board of Governors of the Federal Reserve System Amendments to Regulation K International Banking Operations January 1995* 1. E ffe c tiv e J a n u a r y I. 1995, s e c tio n 2 1 1.21(e) is am ended to read as fo llo w s: (e) C hange the status o f an office m eans c o n v e rt a re p re se n ta tiv e office in to a branch or agency, or an agency into a branch, but does not include renew al o f the license o f an existing office. 2. E ffective January /, 1995, section 211.29 is added as follow s: SECTION 211.29— Applications by State-Licensed Branches and Agencies to Conduct Activities Not Permissible for Federal Branches (a) Sco p e. A s ta te -lic e n s e d b ra n c h or agency shall file w ith the Board a prior w ritten application for perm ission to en gage in or continue to engage in any type o f activity that— (1) is not p e rm issib le for a federal branch, pursuant to statute, regulation, official bulletin or circular, or order or interpretation issued in w riting by the Office o f the C om ptroller o f the C ur rency; or (2) is rendered im perm issible due to a subsequent change in statute, regula tion, official bulletin or circular, w ritten order or interpretation, or decision o f a court o f com petent jurisdiction. (b) E xceptions. N o application shall be re q u ire d by a sta te -lic en sed bran ch or agency to conduct any activity that is oth erw ise perm issible under applicable state and federal law or regulation and that— * A c o m p le te R e g u la tio n K, as a m e n d e d e ffe c tiv e Ja n u a ry 1, 1995, c o n s is ts o f — • the re g u la tio n p a m p h le t d a te d Ja n u a ry 1994 (se e in sid e co v e r) and • th is s lip sheet. (1) has been determ ined by the FDIC pursuant to 12 C FR 3 6 2 .4 (c )(iH ii)(A ) not to present a significant risk to the affected deposit insurance fund; (2) is p erm issible for a federally li censed branch but the O C C im poses a quantitative lim itation on the conduct o f such activity by the federal branch; (3) is conducted as agent rather than as principal, provided that the activity is one that could be conducted by a statec h artere d bank h e ad q u a rte red in the sam e state in w hich the b ra n ch or agency is licensed; or (4) any o ther activity that the B oard has determ ined m ay be conducted by any state-licensed branch or agency of a foreign bank w ithout further applica tion to the Board. (c) C ontents o f application. An applica tion subm itted pursuant to paragraph (a) o f this section shall be in letter form and shall contain the follow ing inform ation: (1) a brief description o f the activity, including the m anner in w hich it will be conducted and an estim ate o f the ex pected d o lla r volum e associated w ith the activity; (2) an analysis o f the im pact o f the proposed activity on the condition o f the U.S. operations o f the foreign bank in general and o f the branch or agency in particular, including a copy, if avail able, o f any feasibility study, m anage m ent plan, financial projections, busi n e ss p la n , o r s im ila r d o c u m e n t concerning the conduct o f the activity; (3) a re s o lu tio n by the a p p lic a n t’s board o f directors or, if a resolution is not required pursuant to the applicant’s organizational docum ents, evidence o f approval by sen io r m anagem ent, au thorizing the conduct o f such activity and the filing o f this application; 1 Regulation K (4) if the activity is to be conducted by a state-licensed insured branch, a state m ent by the applicant o f w hether or not it is in com pliance with 12 CFR 346.19 and 346.20. Pledge o f A ssets, and A s set M aintenance, respectively; (5) if the activity is to be conducted by a state-licensed insured branch, state m ents by the applicant— (i) that it has com plied w ith all re quirem ents o f the Federal D eposit In surance C o rp o ratio n con cern in g an ap p licatio n to co n d u ct the activity and the status o f the application, in cluding a copy o f the F D IC ’s dispo sition o f such application, if avail able. and (iiy explaining w hy the activity will pose no significant risk to the deposit insurance fund; and (6) any o ther inform ation that the R e serve B ank deem s appropriate. (d) F actors considered in determ ination. (1) T he B oard shall consider the fol low ing factors in determ ining w hether a p ro p o se d a c tiv ity is c o n siste n t w ith sound banking practice: (A ) the types o f risks, if any, the ac tivity poses to the U.S. operations o f the foreign banking organization in general and the branch or agency in particular; (B ) if the activ ity poses any such risks, the m agnitude o f each risk; and (C ) if a risk is not de m inim is, the actual or proposed procedures to con trol and m inim ize the risk. (2) E ach o f the fa cto rs set forth in paragraph (d)(1) o f this section shall be e valuated in light o f the financial con dition o f the foreign bank in general and the branch or agency in particular and the volum e o f the activity. (e) A pp lica tio n procedures. A pplications pursuant to this section shall be filed with the responsible Reserve Bank for the for eign bank. An application shall not be deem ed com plete until it contains all the in fo rm a tio n re q u este d by the R eserve B ank and has been accepted. A pproval of such an application m ay be conditioned on the applicant’s agreem ent to conduct the activity subject to specific conditions or lim itations. ( 0 Divestiture o r cessation. (1) In the event that an a p p lican t's ap plication for perm ission to continue to conduct an activity is not approved by the Board or, if applicable, the FDIC, the applicant shall subm it a detailed w ritten plan o f divestiture or cessation o f the activity to the responsible Re serve Bank w ithin 60 days o f the disap proval. The divestiture or cessation plan shall describe in detail the m anner in w hich the applicant will divest itself o f or cease the activity and shall include a projected tim etable describing how long the divestiture or cessation is expected to take. D ivestitures or cessation shall be com plete w ithin one year from the date o f the disapproval, or w ithin such sh o rter period o f tim e as the B oard shall direct. (2) In the event that a foreign bank op e r a tin g a s ta te b ra n c h o r a g e n c y chooses not to apply to the B oard for perm ission to continue to conduct an activity that is not perm issible for a federal branch or w hich is rendered im perm issible due to a subsequent change in statute, regulation, official bulletin or circular, w ritten order or interpretation, or decision o f a court o f com petent j u risdiction. the foreign bank shall subm it a w ritten plan o f divestiture o r cessa tio n , in c o n fo rm a n c e w ith se c tio n 211.29(f)(1), o f this p a n within 60 days o f the effective date o f this part or of such change or decision. Board of Governors of the Federal Reserve Board Amendments to Regulations G, T, and U Securities Credit Transactions January 1995* REGULATION G 1. E ffective O ctober 11, 1991, section 207.1 is a m e n d ed b y d esig n a tin g the tex t o f paragraph (b) as paragraph (b)(1) and adding a new paragraph (b)(2) to read as fo llo w s: (2) T h :’, part does not apply to clearing agencies regulated by the Securities and Exchange C om m ission o r the C om m od"v Futures T rading C om m ission that accept deposits o f m argin stock in connection w ith— (i) the issuance of, or guarantee of, or the clearance o f transactions in, any se curity (including options on any secur ity, certificate o f deposit, securities in dex or foreign currency); or (ii) the guarantee o f contracts for the purchase or sale o f a com m odity for fu tu re d e liv e ry o r o p tio n s o n s u c h contracts. 2. E ffe ctiv e O c to b er 11, 1991, p a ra g ra p h (l)(l)(i) and (ii) a n d paragraph (3) o f se c tion 207.3 are revised to read as fo llo w s: (/) Transfers o f credit. (1) A transfer o f a credit betw een cus tom ers or lenders or betw een a lender and a bank shall not be considered a new extension o f credit if— (i) the original credit w as extended by a lender in com pliance w ith this part or w as extended by a bank in a * T h e c o m p le te set o f m arg in reg u la tio n s , as a m e n d e d e ffe c tiv e N o v e m b e r 2 5 , 1994, c o n s is ts o f— • th e re g u la tio n p a m p h le t d a te d M ay 1 9 9 0 ( se e in sid e c o v e r) a nd • th is s lip sheet. Ite m s 3 - 1 2 a n d 14 are new . T h e o th e r ite m s w ere in clu d e d in th e O c to b e r 1991 s lip sh eet. m an n er th at w ould h ave co m p lied w ith this part; (ii) the transfer is not m ade to evade this part o r part 221 o f this chapter; * * * * * (3) W hen a tra n s fe r is m ade betw een lenders o r betw een a lender and a bank, the transferee shall obtain a copy o f the Form FR G -3 or Form FR U -l originally filed w ith the transferor lender and retain the copy w ith its records o f the transferee account. If no form w as originally filed w ith the transferor, the transferee m ay ac cept in good faith a statem ent from the transferor describing the purpose o f the loan and the collateral securing it. REGULATION T 3. E ffe c tiv e N o v e m b e r 25, 1994, se c tio n 2 2 0 .1 (b ) is a m e n d e d by c h a n g in g the w ord “se v e n " to “e ig h t" in paragraph (1), and a new paragraph (3) is a dded as fo llo w s: (3) T his part does not apply to transac tions betw een a custom er and a broker or dealer registered only under section 15C o f the act. 4. E ffe c tiv e N o v e m b e r 25, 1994, se c tio n 220.2(h) is am ended to read as fo llo w s: (h) E xam ining authority m eans— (1) the national securities exchange or national securities association o f which a creditor is a m em ber; or (2) if a m em ber o f m ore than one selfregulatory organization, the organiza1 R egulations G, T, U tion designated by the SEC as the e x am ining authority for the creditor. 5. E ffective N ovem ber 25, 1994, a new se c tion 220.2(w ) is a dded as fo llo w s, a n d the existing paragraphs (w) through (aa) are redesignated as (x) through (bb): (w) P aym ent p e rio d m eans the num ber o f business days in the standard securities settlem ent cycle in the U nited States, as defined in SE C Rule 15c6-l under the act, plus tw o b u sin e ss days. U ntil Ju n e 1, 1995, paym ent period m eans seven busi ness days. 6. E ffe c tiv e N o v e m b e r 25, 1994, se c tio n 220.4(c)(3) is am en d ed to read as fo llo w s: (3) Time limits. (i) A m arg in c all shall be sa tisfie d w ithin one pay m en t p eriod a fte r the m a rg in d e fic ie n c y w a s c r e a te d o r increased. (ii) T he paym ent p eriod m ay be e x tended for one or m ore lim ited periods upon application by the creditor to its exam ining authority unless the exam in ing authority believes that the creditor is not acting in good faith or that the c reditor has not sufficiently determ ined that exceptional circum stances w arrant such action. A pplications shall be filed and acted upon prior to the end o f the paym ent period or the expiration o f any subsequent extension. 7. E ffe c tiv e N o v e m b e r 25, 1994, se c tio n 220.4(d) is am en d ed by changing $500 to $ 1,000. 8. E ffe c tiv e N o v e m b e r 25, 1994, se c tio n 2 2 0 .8 (b )( 1 )(i) a n d (ii) is a m e n d e d by c h a n g in g the p h r a s e “se v e n b u sin e ss d a y s" to “one p a y m en t perio d ". 2 9. E ffe c tiv e N o v e m b e r 25, 1994, se c tio n 2 2 0 .8 (b ) ( 3 ) is a m e n d e d to r e a d as fo llo w s: (3) Shipm ent o f securities, extension. If any shipm ent o f securities is incidental to consum m ation o f a transaction, a creditor m ay extend the paym ent period by the num ber o f days required for shipm ent, but by not m ore than one additional paym ent period. 10. E ffe c tiv e N o v e m b e r 25, 1994, se c tio n 220.8(b)(4) is am en d ed by changing $500 to $1,000. 11. E ffe c tiv e N o v e m b e r 25, 1994, se c tio n 220.8(c)(2) is am en d ed to read as fo llo w s: (2) T he 90-day freeze shall not apply if (i) w ithin the p eriod specified in para graph (b)(1), full paym ent is received or any check or draft in paym ent has cleared * * * 12. E ffe c tiv e N o v e m b e r 25, 1994, se c tio n 220.8(d)(1) a n d (2) is am ended to read as fo llo w s: (1) U nless the c red ito r’s exam ining au thority believes that the c red ito r is not acting in good faith * * * (2) A pplications shall be filed and acted upon prior to the end o f the paym ent p e riod, o r in the case o f the purchase o f a foreign security w ithin the period speci fied in paragraph (b )(l)(ii) o f this section, o r th e e x p ira tio n o f any su b s e q u e n t extension. 13. E ffective O ctober 11, 1991, the section h e a d in g a n d p a ra g ra p h (b) o f sectio n 220.14 are revised to read as fo llo w s: R egulations G, T, U SECTION 220.14— Clearance of Securities, Options, and Futures (b) D eposit o f securities with a clearing agency. The provisions o f this part shall not apply to the deposit o f securities with an options or futures clearing agency for the purpose o f m eeting the deposit re quirem ents o f the agency if— (1) the clearing agency— (i) issu e s, g u a ra n te e s p e rfo rm a n ce on, or clears transaction in. any se curity (including options on any se curity, certificate o f deposit, securi ties index or foreign currency); or (ii) guarantees perform ance o f con tracts for the purchase or sale o f a com m odity for future delivery or o p tions on such contracts; (2) the clearin g agency is registered w ith the Securities and Exchange C om m ission or is the clearing agency for a contract m arket regulated by the C om m odity Futures T rading C om m ission; and (3) the deposit consists o f any m argin security and com plies w ith the rules of the clearing agency that have been ap proved by the Securities and Exchange C om m ission or the C om m odity Futures T rading C om m ission. 14. E ffective N ovem ber 25, 1994, a new se c tion 220.18 is added as follow s, a n d the existing section 220.18 is redesignated as section 220.19: SECTION 220.18— Government Securities Account In a g o v e rn m e n t se c u rities acc o u n t, a creditor may effect and finance transac tio n s in v o lv in g g o v e rn m e n t se c u ritie s, provided the transaction is not prohibited by section 15C o f the act or any rule thereunder. REGULATION U 15. E ffective O cto b er 11, 1991, p a ra g ra p h (l)(I)(i) a n d (ii) a n d paragraph (3) o f sec tion 221.3 are revised to read as follow s: (i) Transfers o f credit. (1) A transfer o f a credit betw een cus tom ers or banks or betw een a bank and a lender subject to part 207 o f this chapter shall not be considered a new extension o f credit if— (i) the original credit w as extended by a bank in com pliance w ith this part or by a lender subject to part 207 o f this chapter in a m anner that w ould have com plied w ith this part; (ii) the transfer is not m ade to evade this part o r part 207 o f this chapter; * * * * * (3) W hen a transfer is m ade betw een banks or betw een a bank and a lender subject to part 207 o f this chapter, the transferee shall obtain a copy o f the F orm FR U -l or Form FR G-3 origi nally filed w ith the transferor and retain the copy w ith its records o f the trans feree account. If no form was originally filed w ith the transferor, the transferee m ay accept in good faith a statem ent from the transferor describing the pur pose o f the loan and the collateral se curing it. 3