(a) Applicability date. This section applies only to covered agreements
entered into after November 12, 1999.
(b) Disclosure of covered agreements to the public.
(1) Disclosure required. Each NGEP and each insured depository institution
or affiliate that enters into a covered agreement must promptly make
a copy of the covered agreement available to any individual or entity
upon request.
(2) Nondisclosure of confidential and proprietary
information permitted. In responding to a request for a covered
agreement from any individual or entity under paragraph (b)(1) of
this section, a NGEP, insured depository institution, or affiliate
may withhold from public disclosure confidential or proprietary information
that the party believes the relevant supervisory agency could withhold
from disclosure under the Freedom of Information Act (5 U.S.C. 552 et seq.) (FOIA).
(3) Information that must be disclosed. Notwithstanding paragraph (b)(2) of this section, a party must disclose
any of the following information that is contained in a covered agreement:
(i) the names and addresses of the parties to the agreement;
(ii) the amount of any
payments, fees, loans, or other consideration to be made or provided
by any party to the agreement;
(iii) any description of how the funds
or other resources provided under the agreement are to be used;
(iv) the term of the
agreement (if the agreement establishes a term); and
(v) any other information that the relevant
supervisory agency determines is not properly exempt from public disclosure.
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(4) Request for review of withheld information. Any individual or entity may request that the relevant supervisory
agency review whether any information in a covered agreement withheld
by a party must be disclosed. Any requests for agency review of withheld
information must be filed, and will be processed in accordance with,
the relevant supervisory agency’s rules concerning the availability
of information (see section 261.12 of the Board’s Rules Regarding
the Availability of Information (12 CFR 261.12)).
(5) Duration
of obligation. The obligation to disclose a covered agreement
to the public terminates 12 months after the end of the term of the
agreement.
(6) Reasonable copy and mailing fees. Each
NGEP and each insured depository institution or affiliate may charge
an individual or entity that requests a copy of a covered agreement
a reasonable fee not to exceed the cost of copying and mailing the
agreement.
(7) Use of CRA public file by insured depository
institution or affiliate. An insured depository institution and
any affiliate of an insured depository institution may fulfill its
obligation under this paragraph (b) by placing a copy of the covered
agreement in the insured depository institution’s CRA public
file if the institution makes the agreement available in accordance
with the procedures set forth in section 228.43 of appendix G to 12
CFR part 228.
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(c) Disclosure by NGEPs of covered agreements to
the relevant supervisory agency.
(1) Each NGEP that is a party to a covered
agreement must provide the following within 30 days of receiving a
request from the relevant supervisory agency—
(i) a complete
copy of the agreement; and
(ii) in the event the NGEP proposes
the withholding of any information contained in the agreement in accordance
with paragraph (b)(2) of this section, a public version of the agreement
that excludes such information and an explanation justifying the exclusions.
Any public version must include the information described in paragraph
(b)(3) of this section.
(2) The obligation of a NGEP to provide
a covered agreement to the relevant supervisory agency terminates
12 months after the end of the term of the covered agreement.
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(d) Disclosure by insured depository
institution or affiliate of covered agreements to the relevant supervisory
agency.
(1) In general. Within 60 days of the end of each calendar quarter, each insured
depository institution and affiliate must provide each relevant supervisory
agency with—
(i) (A) a complete
copy of each covered agreement entered into by the insured depository
institution or affiliate during the calendar quarter; and
(B) in the event the institution
or affiliate proposes the withholding of any information contained
in the agreement in accordance with paragraph (b)(2) of this section,
a public version of the agreement that excludes such information (other
than any information described in paragraph (b)(3) of this section) and
an explanation justifying the exclusions; or
(ii) a list of all covered
agreements entered into by the insured depository institution or affiliate
during the calendar quarter that contains—
(A) the name and
address of each insured depository institution or affiliate that is
a party to the agreement;
(B) the name and address of each NGEP that is a party to the agreement;
(C) the date the agreement
was entered into;
(D) the
estimated total value of all payments, fees, loans and other consideration
to be provided by the institution or any affiliate of the institution
under the agreement; and
(E) the date the agreement terminates.
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(2) Prompt filing of covered agreements contained in list required.
(i) If an insured depository institution
or affiliate files a list of the covered agreements entered into by
the institution or affiliate pursuant to paragraph (d)(1)(ii) of this
section, the institution or affiliate must provide any relevant supervisory
agency a complete copy and public version of any covered agreement
referenced in the list within seven calendar days of receiving a request
from the agency for a copy of the agreement.
(ii) The obligation of an insured depository
institution or affiliate to provide a covered agreement to the relevant
supervisory agency under this paragraph (d)(2) terminates 36 months
after the end of the term of the agreement.
(3) Joint filings. In the event that two or more insured depository
institutions or affiliates are parties to a covered agreement, the
insured depository institution(s) and affiliate(s) may jointly file
the documents required by this paragraph (d). Any joint filing must
identify the insured depository institution(s) and affiliate(s) for
whom the filings are being made.
