Definitions.

CFR · 2024-01-01 · US · Title 12

The following definitions apply to this subpart: (a) (1) Is not elected by the shareholders; (2) Is not authorized to vote on any matters before the board of directors or any committee of the board of directors; (3) Provides only general policy advice to the board of directors or any committee of the board of directors; and (4) Has not been identified by the Board or Reserve Bank in writing as an individual who performs the functions of a director, or who exercises significant influence over, or participates in, major policymaking decisions of the board of directors. (b) (c) (1) A savings and loan holding company that has an unsatisfactory rating under the applicable holding company rating system, or that is informed in writing by the Board or Reserve Bank that it has an adverse effect on its subsidiary savings association. (2) A savings and loan holding company that is subject to a capital directive, a cease-and-desist order, a consent order, a formal written agreement, or a prompt corrective action directive relating to the safety and soundness or financial viability of the (3) A savings and loan holding company that is informed in writing by the Board or Reserve Bank that it is in troubled condition based on information available to the Board or Reserve Bank.

official document · source cfr-2024 · id 12:§ 238.72