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Title 12

Displaying title 12, up to date as of 7/20/2026. Title 12 was last amended 7/16/2026.
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  1. Title 12 —Banks and Banking
  2. Chapter II —Federal Reserve System
  3. Subchapter A —Board of Governors of the Federal Reserve System
  4. Part 221   View Full Text
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Title 12Banks and BankingPart / Section
Chapter IIFederal Reserve System200 – 299
Subchapter ABoard of Governors of the Federal Reserve System200 – 269b
Part 221Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Regulation U)221.1 – 221.125
§ 221.1Authority, purpose, and scope.
§ 221.2Definitions.
§ 221.3General requirements.
§ 221.4Employee stock option, purchase, and ownership plans.
§ 221.5Special purpose loans to brokers and dealers.
§ 221.6Exempted transactions.
§ 221.7Supplement: Maximum loan value of margin stock and other collateral.
Interpretations221.101 – 221.125
§ 221.101Determination and effect of purpose of loan.
§ 221.102Application to committed credit where funds are disbursed thereafter.
§ 221.103Loans to brokers or dealers.
§ 221.104Federal credit unions.
§ 221.105Arranging for extensions of credit to be made by a bank.
§ 221.106Reliance in “good faith” on statement of purpose of loan.
§ 221.107Arranging loan to purchase open-end investment company shares.
§ 221.108Effect of registration of stock subsequent to making of loan.
§ 221.109Loan to open-end investment company.
§ 221.110Questions arising under this part.
§ 221.111Contribution to joint venture as extension of credit when the contribution is disproportionate to the contributor's share in the venture's profits or losses.
§ 221.112Loans by bank in capacity as trustee.
§ 221.113Loan which is secured indirectly by stock.
§ 221.114Bank loans to purchase stock of American Telephone and Telegraph Company under Employees' Stock Plan.
§ 221.115Accepting a purpose statement through the mail without benefit of face-to-face interview.
§ 221.116Bank loans to replenish working capital used to purchase mutual fund shares.
§ 221.117When bank in “good faith” has not relied on stock as collateral.
§ 221.118Bank arranging for extension of credit by corporation.
§ 221.119Applicability of plan-lender provisions to financing of stock options and stock purchase rights qualified or restricted under Internal Revenue Code.
§ 221.120Allocation of stock collateral to purpose and nonpurpose credits to same customer.
§ 221.121Extension of credit in certain stock option and stock purchase plans.
§ 221.122Applicability of margin requirements to credit in connection with Insurance Premium Funding Programs.
§ 221.123Combined credit for exercising employee stock options and paying income taxes incurred as a result of such exercise.
§ 221.124Purchase of debt securities to finance corporate takeovers.
§ 221.125Credit to brokers and dealers.
eCFR Content