---
kind: "section"
citation: "12 C.F.R. § 31.3"
title: "12"
number: "31.3"
heading: "Affiliate transactions requirements."
url: "https://uscodex.org/cfr/12/31.3"
---

# §31.3. Affiliate transactions requirements.

- (a) **General rule.** National banks and Federal savings associations shall comply with the provisions contained in [12 CFR part 223](/cfr/12/part223.md) (Regulation W).
- (b) **Enforcement.** The Comptroller of the Currency administers and enforces affiliate transactions requirements as they apply to national banks and Federal savings associations.
- (c) **Standard for exemptions.** The OCC may, by order, exempt transactions or relationships of a national bank or Federal savings association from the requirements of [section 23A](/cfr/12/23A.md) and section 11 of the Home Owners' Loan Act (HOLA), as applicable, and [12 CFR part 223](/cfr/12/part223.md) if:
  - (1) The OCC, jointly with the Federal Reserve Board, finds the exemption to be in the public interest and consistent with the purposes of [section 23A](/cfr/12/23A.md) or [section 11](/cfr/12/11.md) of the HOLA, as applicable; and
  - (2) The FDIC, within 60 days of receiving notice of such joint finding, does not object in writing to the finding based on a determination that the exemption presents an unacceptable risk to the Deposit Insurance Fund.
- (d) **Procedures for exemptions.** A national bank or Federal savings association may request an exemption from the requirements of [section 23A](/cfr/12/23A.md) or [section 11](/cfr/12/11.md) of the HOLA, as applicable, and [12 CFR part 223](/cfr/12/part223.md) for a national bank or Federal savings association by submitting a written request to the Deputy Comptroller for Licensing with a copy to the appropriate Federal Reserve Bank. Such a request must:
  - (1) Describe in detail the transaction or relationship for which the national bank or Federal savings association seeks exemption;
  - (2) Explain why the OCC should exempt the transaction or relationship;
  - (3) Explain how the exemption would be in the public interest and consistent with the purposes of [section 23A](/cfr/12/23A.md) or [section 11](/cfr/12/11.md) of the HOLA, as applicable; and
  - (4) **Explain why the exemption does not present an unacceptable risk to the Deposit Insurance Fund.**

## Notes

### Amendments

[82 FR 8109, Jan. 23, 2017]

### Authority

Authority: 12 U.S.C. 93a, 375a(4), 375b(3), 1463, 1467a(d), 1468, 1817(k), and 5412(b)(2)(B).

### Source

Source: 61 FR 54536, Oct. 21, 1996, unless otherwise noted.

### Amendments

[82 FR 8109, Jan. 23, 2017]