---
kind: "section"
citation: "12 C.F.R. § 192.515"
title: "12"
number: "192.515"
heading: "Information to be filed with Federal banking agency prior to repurchase of shares."
url: "https://uscodex.org/cfr/12/192.515"
---

# §192.515. Information to be filed with Federal banking agency prior to repurchase of shares.

- (a) **Notice requirement.** To repurchase stock in the first year following conversion, other than repurchases under § [192.510(a)(3)](/cfr/12/192.510.md?p=a-3) or [(4)](/cfr/12/192.510.md?p=a-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:
  - (1) The proposed repurchase program;
  - (2) The effect of the repurchases on the savings association's regulatory capital; and
  - (3) The purpose of the repurchases and, if applicable, an explanation of the extraordinary circumstances necessitating the repurchases.
- (b) **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.
- (c) **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:
  - (1) The repurchase program will not adversely affect the savings association's financial condition;
  - (2) The savings association submits sufficient information to evaluate the proposed repurchases;
  - (3) The savings association demonstrates extraordinary circumstances and a compelling and valid business purpose for the share repurchases; and
  - (4) **The repurchase program would not be contrary to other applicable regulations.**

## Notes

### 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.