---
kind: "section"
citation: "12 C.F.R. § 337.5"
title: "12"
number: "337.5"
heading: "Exemption."
url: "https://uscodex.org/cfr/12/337.5"
---

# §337.5. Exemption.


Check guaranty card programs, customer-sponsored credit card programs, and similar arrangements in which a bank undertakes to guarantee the obligations of individuals who are its retail banking deposit customers are exempted from [§ 337.2](/cfr/12/337.2.md): Provided, however, That the bank establishes the creditworthiness of the individual before undertaking to guarantee his/her obligations and that any such arrangement to which a bank's principal shareholders, directors, or executive officers are a party be in compliance with applicable provisions of Federal Reserve Regulation O ([12 CFR part 215](/cfr/12/part215.md)).


## Notes

### Amendments

[50 FR 10495, Mar. 15, 1985]

### Authority

Authority: 12 U.S.C. 375a(4), 375b, 1463, 1464, 1468, 1816, 1818(a), 1818(b), 1819, 1820(d), 1821(f), 1828(j)(2), 1831, 1831f, 1831g, 5412.

### Source

Source: 39 FR 29179, Aug. 14, 1974, unless otherwise noted.

### Amendments

[50 FR 10495, Mar. 15, 1985]