Organizing a national bank or Federal savings association.

CFR · 2024-01-01 · US · Title 12

(a) (b) (c) (d) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (e) (ii) The OCC charters a Federal savings association under the authority of section 5 of the Home Owners' Loan Act, 12 U.S.C. 1464, which in an application to establish a Federal savings association requires the OCC to consider: (A) Whether the filers are persons of good character and responsibility; (B) Whether a necessity exists for the association in the community to be served; (C) Whether there is a reasonable probability of the association's usefulness and success; and (D) Whether the association can be established without undue injury to properly conducted existing local savings associations and home financing institutions. (iii) In determining whether to approve an application to establish a national bank or Federal savings association, the OCC verifies that the proposed national bank or Federal savings association has complied with the following requirements. A national bank or a Federal savings association must: (A) File either articles of association (for a national bank), or a charter and by-laws (for a Federal savings association) with the OCC; (B) In the case of an application to establish a national bank, file an organization certificate containing specified information with the OCC; (C) Ensure that all capital stock is paid in, or in the case of a Federal mutual savings association, ensure that at least a minimum amount of capital is paid in; and (D) Have at least five elected directors. (2) (3) (f) (i

official document · source cfr-2024 · id 12:§ 5.20