§ 238.72. Definitions.
344 words·~2 min read·
/us/cfr/t12/s§ 238.72·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The following definitions apply to this subpart:
(a)Director means an individual who serves on the board of directors of a savings and loan holding company. This term does not include an advisory director who:
(1)Is not elected by the shareholders;
(2)Is not authorized to vote on any matters before the board of directors or any committee of the board of directors;
(3)Provides only general policy advice to the board of directors or any committee of the board of directors; and
(4)Has not been identified by the Board or Reserve Bank in writing as an individual who performs the functions of a director, or who exercises significant influence over, or participates in, major policymaking decisions of the board of directors.
(b)Senior executive officer means an individual who holds the title or performs the function of one or more of the following positions (without regard to title, salary, or compensation): president, chief executive officer, chief operating officer, chief financial officer, chief lending officer, or chief investment officer. Senior executive officer also includes any other person identified by the Board or Reserve Bank in writing as an individual who exercises significant influence over, or participates in, major policymaking decisions, whether or not hired as an employee.
(c)Troubled condition means:
(1)A savings and loan holding company that has an unsatisfactory rating under the applicable holding company rating system, or that is informed in writing by the Board or Reserve Bank that it has an adverse effect on its subsidiary savings association.
(2)A savings and loan holding company that is subject to a capital directive, a cease-and-desist order, a consent order, a formal written agreement, or a prompt corrective action directive relating to the safety and soundness or financial viability of the savings association, unless otherwise informed in writing by the Board or Reserve Bank; or
(3)A savings and loan holding company that is informed in writing by the Board or Reserve Bank that it is in troubled condition based on information available to the Board or Reserve Bank.