12 USC 1831i - Agency disapproval of directors and senior executive officers of insured depository institutions or depository institution holding companies

U.S Code last checked for updates: Apr 26, 2024

§ 1831i.

Agency disapproval of directors and senior executive officers of insured depository institutions or depository institution holding companies

(a)

Prior notice required

An insured depository institution or depository institution holding company shall notify the appropriate Federal banking agency of the proposed addition of any individual to the board of directors or the employment of any individual as a senior executive officer of such institution or holding company at least 30 days (or such other period, as determined by the appropriate Federal banking agency) before such addition or employment becomes effective, if—

(1)

the insured depository institution or depository institution holding company is not in compliance with the minimum capital requirement applicable to such institution or is otherwise in a troubled condition, as determined by such agency on the basis of such institution’s or holding company’s most recent report of condition or report of examination or inspection; or

(2)

the agency determines, in connection with the review by the agency of the plan required under section 1831o of this title or otherwise, that such prior notice is appropriate.

(b)

Disapproval by agency

(c)

Exception in extraordinary circumstances

(1)

In general

(2)

No effect on disapproval authority of agency

(d)

Additional information

Any notice submitted to an appropriate Federal banking agency with respect to an individual by any insured depository institution or depository institution holding company pursuant to subsection (a) shall include—

(1)

the information described in section 1817(j)(6)(A) of this title about the individual; and

(2)

such other information as the agency may prescribe by regulation.

(e)

Standard for disapproval

(f)

Definition regulations

(Sept. 21, 1950, ch. 967, § 2[32], as added Pub. L. 101–73, title IX, § 914(a), Aug. 9, 1989, 103 Stat. 484; amended Pub. L. 104–208, div. A, title II, § 2209, Sept. 30, 1996, 110 Stat. 3009–409.)

cite as: 12 USC 1831i