(a) In general. This subpart establishes single counterparty credit limits for a covered company. For purposes of this subpart, covered company means:

1. (i) A Category II savings and loan holding company; or
2. (ii) A Category III savings and loan holding company.

(b) Credit exposure limits.

1. (1) Section 238.152 establishes credit exposure limits for a covered company.
2. (2) A covered company is required to calculate its aggregate net credit exposure, gross credit exposure, and net credit exposure to a counterparty using the methods in this subpart.

(c) Applicability of this subpart.

1. (1) A covered company that becomes subject to this subpart must comply with the requirements of this subpart beginning on the first day of the ninth calendar quarter after it becomes a covered company, unless that time is accelerated or extended by the Board in writing.
2. (2) [Reserved]

(d) Cessation of requirements. Any company that becomes a covered company will remain subject to the requirements of this subpart unless and until it is not a Category II savings and loan holding company or a Category III savings and loan holding company.

Editorial Note:At 84 FR 59087, Nov. 1, 2019, subpart Q was added, and within that subpart, § 238.150 was added with incorrect paragraph coding in paragraph (a).