§192.515. Information to be filed with Federal banking agency prior to repurchase of shares.
12 C.F.R. § 192.515
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:
The proposed repurchase program;
The effect of the repurchases on the savings association's regulatory capital; and
The purpose of the repurchases and, if applicable, an explanation of the extraordinary circumstances necessitating the repurchases.
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.
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:
The repurchase program will not adversely affect the savings association's financial condition;
The savings association submits sufficient information to evaluate the proposed repurchases;
The savings association demonstrates extraordinary circumstances and a compelling and valid business purpose for the share repurchases; and
The repurchase program would not be contrary to other applicable regulations.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1462a, 1463, 1464, 1467a, 2901 et seq., 5412(b)(2)(B); 15 U.S.C. 78c, 78 l , 78m, 78n, 78w.
Source
Source: 85 FR 42643, July 14, 2020, unless otherwise noted.