What happens if the state member bank or a depository institution affiliate fails to continue to meet certain requirements?

CFR · 2024-01-01 · US · Title 12

(a) (1) (2) (3) (i) State member bank must execute an agreement acceptable to the Board to comply with all applicable capital, management, asset and safeguard requirements; and (ii) Any relevant depository institution affiliate of the state member bank must execute an agreement acceptable to its appropriate Federal banking agency to comply with all applicable capital and management requirements. (4) (i) Explain the specific actions that the state member bank will take to correct all areas of noncompliance; (ii) Provide a schedule within which each action will be taken; and (iii) Provide any other information the Board may require. (5) (i) The Board may impose any limitations on the conduct or activities of the state member bank or any subsidiary of the bank as the Board determines to be appropriate under the circumstances and consistent with the purposes of section 121 of the Gramm-Leach-Bliley Act, including requiring the Board's prior approval for any financial subsidiary of the bank to acquire any company or engage in any additional activity; and (ii) The appropriate Federal banking agency for any relevant depository institution affiliate may impose any limitations on the conduct or activities of the depository institution or any subsidiary of that institution as the agency determines to be appropriate under the circumstances and consistent with the purposes of section 121 of the Gramm-Leach-Bliley Act. (6) (7) (b)

official document · source cfr-2024 · id 12:§ 208.74