Loans and Extensions of Credit Law and Legal Definition
According to 12 CFR 211.32 [Title 12 -- Banks and Banking; Chapter II -- Federal Reserve System; Subchapter A -- Board of Governors of the Federal Reserve System; Part 211 -- International Banking Operations (Regulation K); Subpart C -- Export Trading Companies], loans and extensions of credit means “all direct and indirect advances of funds to a person made on the basis of any obligation of that person to repay the funds.”
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