Public welfare investment after-the-fact notice and prior approval procedures.

CFR · 2024-01-01 · US · Title 12

(a) (2) An eligible bank shall provide an after-the-fact notification of an investment, within 10 working days after it makes the investment, to the Community Affairs Department, Office of the Comptroller of the Currency, Washington, DC 20219. The after-the-fact notification may also be e-mailed to (3) The bank's after-the-fact-notice must include: (i) A description of the bank's investment; (ii) The amount of the investment; (iii) The percentage of the bank's capital and surplus represented by the investment that is the subject of the notice and by the bank's aggregate outstanding public welfare investments and commitments, including the investment that is the subject of the notice; and (iv) A statement certifying that the investment complies with the requirements of §§ 24.3 and 24.4. (4) A bank may satisfy the notice requirements of paragraph (3) of this section by completing form CD-1, attached as appendix 1 to this part. (5) A national bank that is not an eligible bank but that is at least adequately capitalized, and has a composite rating of at least 3 with improving trends under the Uniform Financial Institutions Rating System, may submit a letter to the Community Affairs Department requesting authority to submit after-the-fact notices of its investments. The Community Affairs Department considers these requests on a case-by-case basis. (6) Notwithstanding the provisions of this section, a bank may not submit an after-the-fact notice of an investment if: (i) The investm

official document · source cfr-2024 · id 12:§ 24.5