|
[Main Tabs]
[Table of Contents - 2000]
[Index]
[Previous Page]
[Next Page]
[Search]
2000 - Rules and Regulations
Subpart G—Activities of Insured State
Banks
§ 303.120 Scope.
This subpart sets forth procedures for complying with notice and
application requirements contained in
subpart A of part 362 of
this chapter, governing insured state banks and their subsidiaries
engaging in activities which are not permissible for national banks and
their subsidiaries. This subpart sets forth procedures for complying
with notice and application requirements contained in
subpart B of part 362 of
this chapter, governing certain activities of insured state nonmember
banks, their subsidiaries, and certain affiliates. This subpart
also
{{12-31-02 p.2067}}sets forth procedures for
complying with the notice requirements contained in
subpart E of part 362 of
this chapter, governing subsidiaries of insured state nonmember banks
engaging in financial activities.
[Codified to 12 C.F.R.
§ 303.120]
§ 303.121 Filing procedures.
(a) Where to file. A notice or application required by
subpart A, subpart B, or subpart E of part 362 of this chapter shall be
submitted in writing to the appropriate FDIC office.
(b) Contents of filing. A complete letter notice or
letter application shall include the following information:
(1) Filings generally. (i) A brief description of the
activity and the manner in which it will be conducted;
(ii) The amount of the bank's existing or proposed direct or
indirect investment in the activity as well as calculations sufficient
to indicate compliance with any specific capital ratio or investment
percentage limitation detailed in subpart A, B, or E of part 362 of
this chapter;
(iii) A copy of the bank's business plan regarding the conduct
of the activity;
(iv) A citation to the state statutory or regulatory authority
for the conduct of the activity;
(v) A copy of the order or other document from the appropriate
regulatory authority granting approval for the bank to conduct the
activity if such approval is necessary and has already been granted;
(vi) A brief description of the bank's policy and practice with
regard to any anticipated involvement in the activity by a director,
executive office or principal shareholder of the bank or any related
interest of such a person; and
(vii) A description of the bank's expertise in the activity.
(2) [Reserved]
(3) Copy of application or notice filed with another
agency. If an insured state bank has filed an application or
notice with another federal or state regulatory authority which
contains all of the information required by paragraph (b)(1) of this
section, the insured state bank may submit a copy to the FDIC in lieu
of a separate filing.
(4) Additional information. The FDIC may request
additional information to complete processing.
[Codified to 12 C.F.R.
§ 303.121]
§ 303.122 Processing.
(a) Expedited processing. A notice filed by an insured
state bank seeking to commence or continue an activity under
§ 362.3(a)(2)(iii)(A)(2),
§ 362.4(b)(3)(i), or § 362.4(b)(5) of this chapter will be
acknowledged in writing by the FDIC and will receive expedited
processing, unless the applicant is notified in writing to the contrary
and provided a basis for that decision. The FDIC may remove the notice
from expedited processing for any of the reasons set forth in
§ 303.11(c)(2). Absent such removal, a notice processed under
expedited processing is deemed approved 30 days after receipt of a
complete notice by the FDIC (subject to extension for an additional 15
days upon written notice to the bank) or on such earlier date
authorized by the FDIC in writing.
(b) Standard processing for applications and notices that
have been removed from expedited processing. For an application
filed by an insured state bank seeking to commence or continue an
activity under § 362.3(a)(2)(iii)(A)(2), § 362.3(b)(2)(i),
§ 362.3(b)(2)(ii)(A), § 362.3(b)(2)(ii)(C), § 362.4(b)(1),
§ 362.4(b)(4), § 362.5(b)(2), or § 362.8(b) or seeking a waiver
or modification under § 362.18(e) or § 362.18(g)(3) of this chapter
or for notices which are not processed pursuant to the expedited
processing procedures, the FDIC will provide the insured State bank
with written notification of the final action as soon as the decision
is rendered. The FDIC will normally review and act in such cases within
60 days after receipt of a completed application or notice (subject to
extension for an additional 30 days upon written notice to the bank),
but failure of the FDIC to act prior to the expiration of these periods
does not constitute approval.
[Codified to 12 C.F.R. § 303.122]
{{12-31-02 p.2068}}
§§ 303.123--303.139 [Reserved]
[Main Tabs]
[Table of Contents - 2000]
[Index]
[Previous Page]
[Next Page]
[Search]
|
