The following definitions apply
to this subpart:
(a) Director means an individual who serves on the board of directors
of a savings and loan holding company. This term does not include
an advisory director who:
(1) Is not elected by the shareholders;
(2) Is not authorized
to vote on any matters before the board of directors or any committee
of the board of directors;
(3) Provides only general policy advice
to the board of directors or any committee of the board of directors;
and
(4) Has not been
identified by the Board or Reserve Bank in writing as an individual
who performs the functions of a director, or who exercises significant
influence over, or participates in, major policymaking decisions of
the board of directors.
(b) Senior executive officer means an individual
who holds the title or performs the function of one or more of the
following positions (without regard to title, salary, or compensation):
president, chief executive officer, chief operating officer, chief
financial officer, chief lending officer, or chief investment officer. Senior executive officer also includes any other person identified
by the Board or Reserve Bank in writing as an individual who exercises
significant influence over, or participates in, major policymaking
decisions, whether or not hired as an employee.
(c) Troubled condition means:
(1) A savings and loan
holding company that has an unsatisfactory rating under the applicable
holding company rating system, or that is informed in writing
by the Board or Reserve Bank that it has an adverse effect on its
subsidiary savings association.
(2) A savings and loan holding company
that is subject to a capital directive, a cease-and-desist order,
a consent order, a formal written agreement, or a prompt corrective
action directive relating to the safety and soundness or financial
viability of the savings association, unless otherwise informed in
writing by the Board or Reserve Bank; or
(3) A savings and loan holding company
that is informed in writing by the Board or Reserve Bank that it is
in troubled condition based on information available to the Board
or Reserve Bank.
