§ 370.7. Accelerated implementation.
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/us/cfr/t12/s§ 370.7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)On a case-by-case basis, the FDIC may accelerate, upon notice, the implementation time frame for all or part of the requirements of this part for a covered institution that:
(1)Has a composite rating of 3, 4, or 5 under the Uniform Financial Institution's Rating System (CAMELS rating), or in the case of an insured branch of a foreign bank, an equivalent rating;
(2)Is undercapitalized, as defined under the prompt corrective action provisions of 12 CFR part 324; or
(3)Is determined by the appropriate federal banking agency or the FDIC in consultation with the appropriate federal banking agency to be experiencing a significant deterioration of capital or significant funding difficulties or liquidity stress, notwithstanding the composite rating of the covered institution by its appropriate federal banking agency in its most recent report of examination.
(b)In implementing this section, the FDIC must consult with the covered institution's appropriate federal banking agency and consider the complexity of the covered institution's deposit system and operations, extent of the covered institution's asset quality difficulties, volatility of the institution's funding sources, expected near-term changes in the covered institution's capital levels, and other relevant factors appropriate for the FDIC to consider in its role as insurer of the covered institution.
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- 12 CFR 324
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§ 370.7
Accelerated implementation.
Fed. Reg.×3
Cite12 CFR 324
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