Loan approval responsibility.

§ 614.4460 Loan approval responsibility. Approval of the following loans is the responsibility of each district board of directors. The responsibility may be discharged by prior approval of such loans by the appropriate bank board, or establishment of a policy under which the authority to approve such loans is delegated to bank management (except paragraphs (d) and (e) of this section which cannot be delegated to management). If the approval of such loans is to be delegated to bank management, the loans are to be submitted promptly for post review by the bank board and a report disclosing all material facts relating to the credit relationship involved shall be submitted annually by bank management to the district board. (a) Loans to a member of the Farm Credit Administration Board. (b) Loans to a member of the district board. (c) Loans to a cooperative of which a member of a bank board of directors is a member of the board of directors, an officer, or employee. (d) Loans to the president of a Farm Credit bank. (e) Loans to employees of the Farm Credit Administration. (f) Loans where directors, officers or employees designated above: (1) Are to receive proceeds of the loan in excess of an amount prescribed by an appropriate bank board, or (2) Are stockholders or owners of equity in a legal entity to which the loan is to be made wherein they have a significant personal or beneficial interest in the loan proceeds thereof or the security, or (3) Are endorsers, guarantors or co-makers in excess of an amount prescribed by an appropriate bank board. [38 FR 27837, Oct. 9, 1973, as amended at 39 FR 29585, Aug. 16, 1974. Redesignated at 46 FR 51878, Oct. 22, 1981, and amended at 51 FR 41947, Nov. 20, 1986; 54 FR 1151, Jan. 12, 1989; 54 FR 50736, Dec. 11, 1989; 56 FR 2674, Jan. 24, 1991]