Determination of appropriate Bank district for membership.

CFR · 2024-01-01 · US · Title 12

(a) (2) An institution eligible to become a member of a Bank under the Bank Act and this part may be a member of the Bank of a district adjoining the district in which the institution's principal place of business is located, if demanded by convenience and then only with the approval of FHFA. (b) (c) (i) At least 80 percent of the institution's accounting books, records, and ledgers are maintained, located or held in such designated State; (ii) A majority of meetings of the institution's board of directors and constituent committees are conducted in such designated State; and (iii) A majority of the institution's five highest paid officers have their place of employment located in such designated State. (2) Written notice of a designation made pursuant to paragraph (c)(1) of this section shall be sent to the Bank in the district containing the designated State, FHFA, and the institution. (3) The notice of designation made pursuant to paragraph (c)(1) of this section shall include the State designated as the principal place of business and the Bank of which the subject institution is eligible to be a member. (4) If the board of directors of the Bank in the district where the institution maintains its home office fails to make the designation requested by the member or applicant pursuant to paragraph (c)(1) of this section, then the member or applicant may request in writing that FHFA make the designation. (d) (2) In the event that the Banks involved fail to agree on a method o

official document · source cfr-2024 · id 12:§ 1263.18