(a) Schedule for filing compliance
plan.
(1) In general. A state member bank shall file a written safety-and-soundness compliance
plan with the Board within 30 days of receiving a request for a compliance
plan pursuant to section 263.302(b), unless the Board notifies the
bank in writing that the plan is to be filed within a different period.
(2) Other plans. If a state member bank is obligated to file, or is currently operating
under, a capital-restoration plan submitted pursuant to section 38
of the FDI Act (12 U.S.C. 1831o), a cease-and-desist order entered
into pursuant to section 8 of the FDI Act, a formal or informal agreement,
or a response to a report of examination or report of inspection,
it may, with the permission of the Board, submit a compliance plan
under this section as part of that plan, order, agreement, or response,
subject to the deadline provided in paragraph (a)(1) of this section.
(b) Contents of plan. The compliance
plan shall include a description of the steps the state member bank
will take to correct the deficiency and the time within which those
steps will be taken.
(c) Review of safety-and-soundness
compliance plans. Within 30 days after receiving a safety-and-soundness
compliance plan under this subpart, the Board shall provide written
notice to the bank of whether the plan has been approved or seek additional
information from the bank regarding the plan. The Board may extend
the time within which notice regarding approval of a plan will be
provided.
8-096.24
(d) Failure to submit or implement a compliance
plan.
(1) Supervisory actions. If a state member bank fails to submit an acceptable plan within
the time specified by the Board or fails in any material respect to
implement a compliance plan, then the Board shall, by order, require
the bank to correct the deficiency and may take further actions provided
in section 39(e)(2)(B). Pursuant to section 39(e)(3), the Board may
be required to take certain actions if the bank commenced operations
or experienced a change in control within the previous 24-month period,
or the bank experienced extraordinary growth during the previous 18-month
period.
(2) Extraordinary
growth. For purposes of paragraph (d)(1) of this section, extraordinary
growth means an increase in assets of more than 7.5 percent during
any quarter within the 18-month period preceding the issuance of a
request for submission of a compliance plan, by a bank that is not
well capitalized for purposes of section 38 of the FDI Act. For purposes
of calculating an increase in assets, assets acquired through merger
or acquisition approved pursuant to the Bank Merger Act (12 U.S.C.
1828(c)) will be excluded.
(e) Amendment of compliance plan. A state member
bank that has filed an approved compliance plan may, after prior written
notice to and approval by the Board, amend the plan to reflect a change
in circumstance. Until such time as a proposed amendment has been
approved, the bank shall implement the compliance plan as previously
approved.
