Application and conditions for membership in the Federal Reserve System.

CFR · 2024-01-01 · US · Title 12

(a) (2) (3) (b) (1) (2) (3) (4) (c) (i) An eligible bank; and (ii) A bank that cannot be determined to be an eligible bank because it has not received CAMELS compliance or CRA ratings from a bank regulatory authority, if it is controlled by a bank holding company that meets the criteria for expedited processing under § 225.14(c) of Regulation Y (12 CFR 225.14(c)). (2) (i) The bank will offer banking services that are materially different from those currently offered by the bank, or by the affiliates of the proposed bank; (ii) The bank or bank holding company does not meet the criteria under § 208.3(c)(1); (iii) The application contains a material error or is otherwise deficient; or (iv) The application raises significant supervisory, compliance, policy or legal issues that have not been resolved, or a timely substantive adverse comment is submitted. A comment will be considered substantive unless it involves individual complaints, or raises frivolous, previously considered, or wholly unsubstantiated claims or irrelevant issues. (d) (2) (3) (e) (2) (f)

official document · source cfr-2024 · id 12:§ 208.3