§101.2. Definitions and computation of time.
12 C.F.R. § 101.2
Definitions. As used in this part:
Covered savings association means a Federal savings association that has made an election that is in effect in accordance with § 101.3(b).
Effective date of the election— means, with respect to a Federal savings association, the date on which the Federal savings association's election to operate as a covered savings association takes effect pursuant to § 101.3(b).
Nonconforming subsidiary, asset, or activity.
With respect to a covered savings association—
Means any subsidiary, asset, or activity that is not permissible for a covered savings association or, if permissible, is being operated, held, or conducted in a manner that exceeds the limit applicable to a covered savings association; and
Includes an investment in a subsidiary or other entity that is not permissible for a covered savings association; and
With respect to a Federal savings association that has terminated an election to operate as a covered savings association:
Means any subsidiary, asset, or activity that is not permissible for a Federal savings association or, if permissible, is being operated, held, or conducted in a manner that exceeds the limit applicable to a Federal savings association; and
Includes an investment in a subsidiary or other entity that is not permissible for a Federal savings association.
Similarly located national bank— means, with respect to a covered savings association, a national bank that has its main office situated in the same location as the home office of the covered savings association.
Computation of time. The OCC will compute a period of days for purposes of this part in accordance with 12 CFR 5.12.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 93a, 1462a, 1463, 1464, 1464a, and 5412(b)(2)(B).
Source
Source: 84 FR 24005, May 24, 2019, unless otherwise noted.