skip to main navigation skip to secondary navigation skip to content
Board of Governors of the Federal Reserve System
skip to content
Board of Governors of the Federal Reserve System

Supervisory Policy and Guidance Topics

Affiliate Transactions (Regulation W)

Section 23A of the Federal Reserve Act (12 USC 371c) is the primary statute governing transactions between a bank and its affiliates. Section 23A (1) designates the types of companies that are affiliates of a bank; (2) specifies the types of transactions covered by the statute; (3) sets the quantitative limitations on a bank’s covered transactions with any single affiliate, and with all affiliates combined; and (4) sets forth collateral requirements for certain bank transactions with affiliates.
Sections on this page:  

Policy Letters

Affiliate Transactions (Regulation W)

SR 14-6
Addendum to the Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure
SR 04-1
Interagency Policy on Banks/Thrifts Providing Financial Support to Funds Advised by the Banking Organization
SR 03-2
Adoption of Regulation W Implementing Sections 23A and 23B of the Federal Reserve Act
SR 98-6 (SPE)
Section 20 subsidiaries--Impact on Inspections Resulting from the Replacement of "Firewalls" with Operating Standards
 

Additional Resources

 

Manual References

  • Bank Holding Company Supervision Manual (Sections 2020.0 – 2020.7 and 2020.9)
    • Section 2020.0, "Intercompany Transactions–Introduction"
    • Section 2020.1, "Intercompany Transactions (Transactions Between Member Banks and Their Affiliates–Sections 23A and 23B of the Federal Reserve Act)"
  • Commercial Bank Examination Manual
    • Section 4050.1, "Transactions Between Member Banks and Their Affiliates"
    • Section 4052.1, "Bank-Related Organizations"
Last update: July 16, 2014