How does a bank holding company elect to become a financial holding company?

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) State that the bank holding company elects to be a financial holding company; (2) Provide the name and head office address of the bank holding company and of each depository institution controlled by the bank holding company; (3) Certify that each depository institution controlled by the bank holding company is well capitalized as of the date the bank holding company submits its declaration; (4) Provide the capital ratios as of the close of the previous quarter for all relevant capital measures, as defined in section 38 of the Federal Deposit Insurance Act (12 U.S.C. 1831o), for each depository institution controlled by the company on the date the company submits its declaration; and (5) Certify that each depository institution controlled by the company is well managed as of the date the company submits its declaration. (c) (1) Any insured depository institution controlled by the bank holding company (except an institution excluded under paragraph (d) of this section) has not achieved at least a rating of “satisfactory record of meeting community credit needs” under the Community Reinvestment Act at the institution's most recent examination; or (2) Any depository institution controlled by the bank holding company is not both well capitalized and well managed. (d) (1) The bank holding company acquired the insured depository institution during the 12-month period preceding the filing of an election under paragraph (a) of this section; (2) The bank holding company ha

official document · source cfr-2024 · id 12:§ 225.82