§ 192.515. Information to be filed with Federal banking agency prior to repurchase of shares.
228 words·~1 min read·
/us/cfr/t12/s§ 192.515·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Notice requirement. To repurchase stock in the first year following conversion, other than repurchases under § 192.510(a)(3) or (4), a savings association must file a written notice with the appropriate OCC licensing office if Federally chartered, and with the appropriate FDIC region if State-chartered. The savings association must provide the following information:
(1)The proposed repurchase program;
(2)The effect of the repurchases on the savings association's regulatory capital; and
(3)The purpose of the repurchases and, if applicable, an explanation of the extraordinary circumstances necessitating the repurchases.
(b)Filing of notice. A Federal savings association must file its notice with the appropriate OCC licensing office, and a State savings association must file its notice with the appropriate regional director of the FDIC, at least 10 calendar days before the savings association begins its repurchase program.
(c)Agency review. A savings association may not repurchase its shares if the appropriate Federal banking agency objects to the repurchase program. The appropriate Federal banking agency will not object to a repurchase program if:
(1)The repurchase program will not adversely affect the savings association's financial condition;
(2)The savings association submits sufficient information to evaluate the proposed repurchases;
(3)The savings association demonstrates extraordinary circumstances and a compelling and valid business purpose for the share repurchases; and
(4)The repurchase program would not be contrary to other applicable regulations.