(a) Filing application. An application for the Board’s prior approval under section 238.11
shall be governed by the provisions of this section and shall be filed
with the appropriate Reserve Bank on the designated form.
(b) Request for confidential treatment. An
applicant may request confidential treatment for portions of its application
pursuant to 12 CFR 261.15.
(c) Public
notice.
(1) Newspaper publication.
(i) Location
of publication. In the case of each application, the applicant
shall publish a notice in a newspaper of general circulation, in the
form and at the locations specified in section 262.3 of the Rules
of Procedure (12 CFR 262.3) in this chapter;
(ii) Contents
of notice. A newspaper notice under this paragraph shall provide
an opportunity for interested persons to comment on the proposal for
a period of at least 30 calendar days;
(iii) Timing
of publication. Each newspaper notice published in connection
with a proposal under this paragraph shall be published no more than
15 calendar days before and no later than 7 calendar days following
the date that an application is filed with the appropriate Reserve
Bank.
(2) Federal Register Notice.
(i) Publication by Board. Upon receipt of an
application, the Board shall promptly publish notice of the proposal
in the Federal Register and shall provide an opportunity for
interested persons to comment on the proposal for a period of no more
than 30 days;
(ii) Request for advance publication. An applicant
may request that, during the 15-day period prior to filing an application,
the Board publish notice of a proposal in the Federal Register. A request for advance Federal Register Notice publication
shall be made in writing to the appropriate Reserve Bank and shall
contain the identifying information prescribed by the Board for Federal Register Notice publication.
(3) Waiver or
shortening of notice. The Board may waive or shorten the required
notice periods under this section if the Board determines that an
emergency exists requiring expeditious action on the proposal, or
if the Board finds that immediate action is necessary to prevent the
probable failure of an insured depository institution.
(d) Public comment.
(1) Timely comments. Interested persons may
submit information and comments regarding a proposal filed under this
subpart. A comment shall be considered timely for purposes of this
subpart if the comment, together with all supplemental information,
is submitted in writing in accordance with the Board’s Rules of Procedure
and received by the Board or the appropriate Reserve Bank prior to
the expiration of the latest public comment period provided in paragraph
(c) of this section.
(2) Extension of comment period.
(i) In
general. The Board may, in its discretion, extend the public
comment period regarding any proposal submitted under this subpart.
(ii) Requests in connection with obtaining application or notice. In the event that an interested person has requested a copy of a
notice or application submitted under this subpart, the Board may,
in its discretion and based on the facts and circumstances, grant
such person an extension of the comment period for up to 15 calendar
days.
(iii) Joint requests by interested person and applicant. The Board will grant a joint request by an interested person and
the applicant for an extension of the comment period for a reasonable
period for a purpose related to the statutory factors the Board must
consider under this subpart.
(3) Substantive
comment. A comment will be considered substantive for purposes
of this subpart unless it involves individual complaints, or raises
frivolous, previously-considered or wholly unsubstantiated claims
or irrelevant issues.
(e) Hearings. The Board may order a formal or informal hearing or
other proceeding on the application, as provided in section 262.3(i)(2)
of this chapter. Any request for a hearing (other than from the primary
supervisor) shall comply with section 262.3(e) in this chapter.
(f) Accepting application for processing. Within 7 calendar days after the Reserve Bank receives an application
under this section, the Reserve Bank shall accept it for processing
as of the date the application was filed or return the application
if it is substantially incomplete. Upon accepting an application,
the Reserve Bank shall immediately send copies to the Board and to
the primary banking supervisor of the savings association to be acquired
and to the Attorney General, and shall request from the Attorney General
a report on the competitive factors involved. The Reserve Bank or
the Board may request additional information necessary to complete
the record of an application at any time after accepting the application
for processing.
(g) Action on applications.
(1) Action under delegated authority. Except
as provided in paragraph (g)(4) of this section, unless the Reserve
Bank, upon notice to the applicant, refers the application to the
Board for decision because action under delegated authority is not
appropriate, the Reserve Bank shall approve an application under this
section:
(i) Not
earlier than the third business day following the close of the public
comment period; and
(ii) Not
later than the later of the fifth business day following the close
of the public comment period or the 30th calendar day after the acceptance
date for the application.
(2) Board action. The Board shall
act on an application under this section that is referred to it for
decision within 60 calendar days after the acceptance date for the
application, unless the Board notifies the applicant that the 60-day
period is being extended for a specified period and states the reasons
for the extension. The Board may, at any time, request additional
information that it believes is necessary for its decision.
(3) Approval
through failure to act.
(i) Ninety-one
day rule. An application shall be deemed approved if the Board
fails to act on the application within 91 calendar days after the
date of submission to the Board of the complete record on the application.
For this purpose, the Board acts when it issues an order stating that
the Board has approved or denied the application or notice, reflecting
the votes of the members of the Board, and indicating that a statement
of the reasons for the decision will follow promptly.
(ii) Complete
record. For the purpose of computing the commencement of the
91-day period, the record is complete on the latest of:
(A) The date of receipt by the Board of
an application that has been accepted by the Reserve Bank;
(B) The last day provided in any notice for
receipt of comments and hearing requests on the application or notice;
(C) The date of receipt by the Board
of the last relevant material regarding the application that is needed
for the Board’s decision, if the material is received from a source
outside of the Federal Reserve System; or
(D) The date of completion of any hearing or other proceeding.
(4) Expedited reorganization.
(i) In
general. The Board or the appropriate Reserve Bank shall act
on an application of a reorganization that meets the requirements
of section 238.15(f):
(A) Not earlier than the third business day following the close of
the public comment period; and
(B)
Not later than the fifth business day following the close of the public
comment period, except that the Board may extend the period for action
under this paragraph (g)(4) for up to 5 business days.
(ii) Acceptance
of notice in event expedited procedure not available. In the
event that the Board or the Reserve Bank determines that an application
filed pursuant to 238.15(f) does not meet one or more of the requirements
of section 238.15(f), paragraph (g)(4) of this section shall not apply
and the Board or Reserve Bank will act on the application according
to the other provisions of paragraph (g) of this section.
