§ 1831i. Agency disapproval of directors and senior executive officers of insured depository institutions or depository institution holding companies
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(a)Prior notice required An insured depository institution or depository institution holding company shall notify the appropriate Federal banking agency of the proposed addition of any individual to the board of directors or the employment of any individual as a senior executive officer of such institution or holding company at least 30 days (or such other period, as determined by the appropriate Federal banking agency) before such addition or employment becomes effective, if—
(1)the insured depository institution or depository institution holding company is not in compliance with the minimum capital requirement applicable to such institution or is otherwise in a troubled condition, as determined by such agency on the basis of such institution’s or holding company’s most recent report of condition or report of examination or inspection; or
(2)the agency determines, in connection with the review by the agency of the plan required under section 1831o of this title or otherwise, that such prior notice is appropriate.
(b)Disapproval by agency An insured depository institution or depository institution holding company may not add any individual to the board of directors or employ any individual as a senior executive officer if the appropriate Federal banking agency issues a notice of disapproval of such addition or employment before the end of the notice period, not to exceed 90 days, beginning on the date the agency receives notice of the proposed action pursuant to subsection (a).
(c)Exception in extraordinary circumstances
(1)In general Each appropriate Federal banking agency may prescribe by regulation conditions under which the prior notice requirement of subsection
(a)may be waived in the event of extraordinary circumstances.
(2)No effect on disapproval authority of agency Such waivers shall not affect the authority of each agency to issue notices of disapproval of such additions or employment of such individuals within 30 days after each such waiver.
(d)Additional information Any notice submitted to an appropriate Federal banking agency with respect to an individual by any insured depository institution or depository institution holding company pursuant to subsection
(a)shall include—
(1)the information described in section 1817(j)(6)(A) of this title about the individual; and
(2)such other information as the agency may prescribe by regulation.
(e)Standard for disapproval The appropriate Federal banking agency shall issue a notice of disapproval with respect to a notice submitted pursuant to subsection
(a)if the competence, experience, character, or integrity of the individual with respect to whom such notice is submitted indicates that it would not be in the best interests of the depositors of the depository institution or in the best interests of the public to permit the individual to be employed by, or associated with, the depository institution or depository institution holding company.
(f)Definition regulations Each appropriate Federal banking agency shall prescribe by regulation a definition for the terms “troubled condition” and “senior executive officer” for purposes of subsection (a).
(Sept. 21, 1950, ch. 967, § 2[32], as added Pub. L. 101–73, title IX, § 914(a), Aug. 9, 1989, 103 Stat. 484; amended Pub. L. 104–208, div. A, title II, § 2209, Sept. 30, 1996, 110 Stat. 3009–409.)
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Cited by 86 sections · top 55
U.S. Code
CFR
- § 5.51Changes in directors and senior executive officers of a national bank or Federal savings association.
- § 265.7Functions delegated to the Director of the Division of Supervision and Regulation.
- § 371.2Definitions.
- § 265.20Functions delegated to Federal Reserve Banks.
- § 225.1Authority, purpose, and scope.
- § 308.151Scope.
- § 238.75Standards for review.
- § 308.153Procedures where notice of disapproval issues pursuant to § 303.103(c) of this chapter.
- § 303.100Scope.
- § 238.71Purpose.
- § 308.152Grounds for disapproval of notice.
- § 238.1Authority, purpose and scope.
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statutes-at-large
- Public Law 101–73To reform, recapitalize, and consolidate the Federal deposit insurance system, to enhance the regulatory and enforcement powers of Federal financial institutions regulatory agencies, and for other purposes
- Public Law 104–207Waiving certain enrollment requirements with respect to any bill or joint resolution of the One Hundred Fourth Congress making genera) or continuing appropriations for fiscal year 1997
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10 references not yet in our index
- Sept. 21, 1950, ch. 967, § 2
- Pub. L. 101–73, title IX, § 914(a)
- 103 Stat. 484
- Pub. L. 104–208, div. A, title II, § 2209
- 110 Stat. 3009–409
- Pub. L. 104–208, § 2209(1)(A)
- Pub. L. 104–208, § 2209(1)(E)
- Pub. L. 104–208, § 2209(1)(C)
- Pub. L. 104–208, § 2209(1)(D)
- Pub. L. 104–208, § 2209(2)
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§ 1831i
Agency disapproval of directors and senior executive officers of insured depository institutions or depository institution holding companies
Fed. Reg.×62
C.F.R.×13
U.S.C.×8
Stat.×2
Stat. Comp.×1
ActSept. 21, 1950, ch. 967, § 2
Pub. L.Pub. L. 101–73, title IX, § 914(a)
Stat.103 Stat. 484
Pub. L.Pub. L. 104–208, div. A, title II, § 2209
Stat.110 Stat. 3009–409
Cites 11 · showing 6Cited by 86 across 5 sources