Shared National Credit
The Shared National Credit Program (SNC) was established in 1977 by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (collectively known as “regulatory agencies”) to provide an efficient and consistent review and classification of any large syndicated loan. A SNC is defined as any loan or commitment to extend credit, or group of commitments, aggregating $100 million or more at origination; and committed under a formal lending arrangement; and shared by three or more unaffiliated supervised institutions. Supervised institutions are any financial institution subject to regulation by one of the three regulatory agencies. A non-bank subsidiary of a holding company is considered a supervised institution. The regulatory agencies' review is conducted bi-annually, usually in the first and third quarters each year. Reporting entities must submit SNC data via the FRS eSNC reporting application.