Reclassification of an insured depository institution based on unsafe or unsound condition or practice.

CFR · 2024-01-01 · US · Title 12

(a) (A) The OCC determines that the insured depository institution is in an unsafe or unsound condition; or (B) The OCC deems the insured depository institution to be engaging in an unsafe or unsound practice and not to have corrected the deficiency. (ii) Any action pursuant to this paragraph (a)(1) is referred to in this subpart as “reclassification.” (2) (b) (1) A statement of the insured depository institution's capital measures and capital levels and the category to which the insured depository institution would be reclassified; (2) The reasons for reclassification of the insured depository institution; and (3) The date by which the insured depository institution subject to the notice of reclassification may file with the OCC a written response to the proposed reclassification and a request for a hearing, which must be at least 14 calendar days from the date of service of the notice unless the OCC determines that a shorter period is appropriate in light of the financial condition of the insured depository institution or other relevant circumstances. (c) (1) An explanation of why the insured depository institution is not in unsafe or unsound condition or otherwise should not be reclassified; and (2) Any other relevant information, mitigating circumstances, documentation, or other evidence in support of the position of the insured depository institution or company regarding the reclassification. (d) (e) (f) (g) (2) The informal hearing will be recorded and a transcript furn

official document · source cfr-2024 · id 12:§ 19.221