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	Ben's=20 Guide to U.S. Government

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Home=20 Page > Executive=20 Branch > Code of=20 Federal Regulations > Electronic Code of Federal = Regulations

e-CFR=20 Data is current as of April 23, 2008

Title 12:=20 Banks and Banking

Browse=20 Previous | Browse=20 Next

PART 362=97ACTIVITIES OF INSURED STATE BANKS AND INSURED = SAVINGS=20 ASSOCIATIONS

Section Contents

Subpart=20 A=97Activities of Insured State = Banks
=A7 362.1 &nbs= p; Purpose=20 and scope.
=A7 362.2 &nbs= p; Definitions.
=A7 362.3 &nbs= p; Activities=20 of insured State banks.
=A7 362.4 &nbs= p; Subsidiaries=20 of insured State banks.
=A7 362.5 &nbs= p; Approvals=20 previously granted.

Subpart=20 B=97Safety and Soundness Rules Governing Insured State Nonmember=20 Banks
=A7 362.6 &nbs= p; Purpose=20 and scope.
=A7 362.7 &nbs= p; Definitions.
=A7 362.8 &nbs= p; Restrictions=20 on activities of insured state nonmember banks affiliated with = certain=20 securities companies.

Subpart=20 C=97Activities of Insured State Savings=20 Associations
=A7 362.9 &nbs= p; Purpose=20 and scope.
=A7 362.10 &nb= sp; Definitions.
=A7 362.11 &nb= sp; Activities=20 of insured State savings associations.
=A7 362.12 &nb= sp; Service=20 corporations of insured State savings = associations.
=A7 362.13 &nb= sp; Approvals=20 previously granted.

Subpart=20 D=97Acquiring, Establishing, or Conducting New Activities Through = a=20 Subsidiary by an Insured Savings=20 Association
=A7 362.14 &nb= sp; Purpose=20 and scope.
=A7 362.15 &nb= sp; Acquiring=20 or establishing a subsidiary; conducting new activities through a=20 subsidiary.

Subpart=20 E=97Financial Subsidiaries of Insured State Nonmember=20 Banks
=A7 362.16 &nb= sp; Purpose=20 and scope.
=A7 362.17 &nb= sp; Definitions.
=A7 362.18 &nb= sp; Financial=20 subsidiaries of insured state nonmember banks.

Authority: 12 U.S.C. 1816, = 1818,=20 1819(a)(Tenth), 1828(j), 1828(m), 1828a, 1831a, 1831e, 1831w,=20 1843(l).

Source: 63 FR 66326, Dec. 1, = 1998,=20 unless otherwise noted.

Subpart A=97Activities of Insured State Banks

=20 top

=A7 362.1 Purpose and scope.

=20 top

(a) This subpart, along with the notice and application = procedures in=20 subpart G of part 303 of this chapter, implements the provisions = of=20 section 24 of the Federal Deposit Insurance Act (12 U.S.C. 1831a) = that=20 restrict and prohibit insured State banks and their subsidiaries = from=20 engaging in activities and investments that are not permissible = for=20 national banks and their subsidiaries. The phrase =93activity = permissible=20 for a national bank=94 means any activity authorized for national = banks=20 under any statute including the National Bank Act (12 U.S.C. 21 = et seq.=20 ), as well as activities recognized as permissible for a = national bank=20 in regulations, official circulars, bulletins, orders or written=20 interpretations issued by the Office of the Comptroller of the = Currency=20 (OCC).

(b) This subpart does not cover the following activities:

(1) Activities conducted other than =93as principal,=94 defined = for=20 purposes of this subpart as activities conducted as agent for a = customer,=20 conducted in a brokerage, custodial, advisory, or administrative = capacity,=20 or conducted as trustee, or in any substantially similar capacity. = For=20 example, this subpart does not cover acting solely as agent for = the sale=20 of insurance, securities, real estate, or travel services; nor = does it=20 cover acting as trustee, providing personal financial planning = advice, or=20 safekeeping services;

(2) Interests in real estate in which the real property is used = or=20 intended in good faith to be used within a reasonable time by an = insured=20 State bank or its subsidiaries as offices or related facilities = for the=20 conduct of its business or future expansion of its business or = used as=20 public welfare investments of a type permissible for national = banks;=20 and

(3) Equity investments acquired in connection with debts = previously=20 contracted (DPC) if the insured State bank does not hold the = property for=20 speculation and takes only such actions as would be permissible = for a=20 national bank's DPC. The bank must dispose of the property within = the=20 shorter of the period set by Federal law for national banks or the = period=20 allowed under State law. For real estate, national banks may not = hold DPC=20 for more than 10 years. For equity securities, national banks must = generally divest DPC as soon as possible consistent with obtaining = a=20 reasonable return.

(c) A subsidiary of an insured state bank may not engage in = real estate=20 investment activities that are not permissible for a subsidiary of = a=20 national bank unless the bank does so through a subsidiary of = which the=20 bank is a majority owner, is in compliance with applicable capital = standards, and the FDIC has determined that the activity poses no=20 significant risk to the appropriate deposit insurance fund. This = subpart=20 provides standards for majority-owned subsidiaries of insured = state banks=20 engaging in real estate investment activities that are not = permissible for=20 a subsidiary of a national bank.

(d) The FDIC intends to allow insured State banks and their=20 subsidiaries to undertake only safe and sound activities and = investments=20 that do not present significant risks to the Deposit Insurance = Fund and=20 that are consistent with the purposes of Federal deposit insurance = and=20 other applicable law. This subpart does not authorize any insured = State=20 bank to make investments or to conduct activities that are not = authorized=20 or that are prohibited by either State or Federal law.

[63 FR 66326, Dec. 1, 1998, as amended at 66 FR 1028, Jan. 5, = 2001; 71=20 FR 20527, Apr. 21, 2006]

=A7 362.2 Definitions.

=20 top

For the purposes of this subpart, the following definitions = will=20 apply:

(a) Bank, State bank, savings association, State savings=20 association, depository institution, insured depository = institution,=20 insured State bank, Federal savings association, and = insured State=20 nonmember bank shall each have the same respective meaning = contained=20 in section 3 of the Federal Deposit Insurance Act (12 U.S.C. = 1813).

(b) Activity means the conduct of business by a = state-chartered=20 depository institution, including acquiring or retaining an equity = investment or other investment.

(1) By a State bank or its holding company for which a notice = is=20 required to be filed with the FDIC, or the Board of Governors of = the=20 Federal Reserve System (FRB), pursuant to section 7(j) of the = Federal=20 Deposit Insurance Act (12 U.S.C. 1817(j)) except a transaction = that is=20 presumed to be an acquisition of control under the FDIC's or FRB's = regulations implementing section 7(j);

(2) As a result of which a State bank eligible for the = exception=20 described in =A7362.3(a)(2)(iii) is acquired by or merged into a = depository=20 institution that is not eligible for the exception, or as a result = of=20 which its holding company is acquired by or merged into a holding = company=20 which controls one or more bank subsidiaries not eligible for the=20 exception; or

(3) In which control of the State bank is acquired by a bank = holding=20 company in a transaction requiring FRB approval under section 3 of = the=20 Bank Holding Company Act (12 U.S.C. 1842), other than a one bank = holding=20 company formation in which all or substantially all of the shares = of the=20 holding company will be owned by persons who were shareholders of = the=20 bank.

(d) Company means any corporation, partnership, limited=20 liability company, business trust, association, joint venture, = pool,=20 syndicate or other similar business organization.

(e) Control means the power to vote, directly or = indirectly, 25=20 percent or more of any class of the voting securities of a = company, the=20 ability to control in any manner the election of a majority of a = company's=20 directors or trustees, or the ability to exercise a controlling = influence=20 over the management and policies of a company.

(f) Convert its charter means an insured State bank = undergoes=20 any transaction that causes the bank to operate under a different = form of=20 charter than it had as of December 19, 1991, except a change from = mutual=20 to stock form shall not be considered a charter conversion.

(g) Equity investment means an ownership interest in any = company; any membership interest that includes a voting right in = any=20 company; any interest in real estate; any transaction which in = substance=20 falls into any of these categories even though it may be = structured as=20 some other form of business transaction; and includes an equity = security.=20 The term =93equity investment=94 does not include any of the = foregoing if the=20 interest is taken as security for a loan.

(h) Equity security means any stock (other than = adjustable rate=20 preferred stock, money market (auction rate) preferred stock, or = other=20 newly developed instrument determined by the FDIC to have the = character of=20 debt securities), certificate of interest or participation in any=20 profit-sharing agreement, collateral-trust certificate, = preorganization=20 certificate or subscription, transferable share, investment = contract, or=20 voting-trust certificate; any security immediately convertible at = the=20 option of the holder without payment of substantial additional=20 consideration into such a security; any security carrying any = warrant or=20 right to subscribe to or purchase any such security; and any = certificate=20 of interest or participation in, temporary or interim certificate = for, or=20 receipt for any of the foregoing.

(i) Extension of credit, executive officer, director, = principal=20 shareholder, and related interest each has the same = respective=20 meaning as is applicable for the purposes of section 22(h) of the = Federal=20 Reserve Act (12 U.S.C. 375b) and =A7337.3 of this chapter.

(j) Institution shall have the same meaning as = =93state-chartered=20 depository institution.=94

(k) Majority-owned subsidiary means any corporation in = which the=20 parent insured State bank owns a majority of the outstanding = voting=20 stock.

(l) National securities exchange means a securities = exchange=20 that is registered as a national securities exchange by the = Securities and=20 Exchange Commission pursuant to section 6 of the Securities = Exchange Act=20 of 1934 (15 U.S.C. 78f) and the National Market System, i.e., the = top tier=20 of the National Association of Securities Dealers Automated = Quotation=20 System.

(m) Real estate investment activity means any interest = in real=20 estate (other than as security for a loan) held directly or = indirectly=20 that is not permissible for a national bank.

(n) Residents of the state includes individuals living = in the=20 State, individuals employed in the State, any person to whom the = company=20 provided insurance as principal without interruption since such = person=20 resided in or was employed in the State, and companies or = partnerships=20 incorporated in, organized under the laws of, licensed to do = business in,=20 or having an office in the State.

(o) Security has the same meaning as it has in part 344 = of this=20 chapter.

(p) Significant risk to the Deposit Insurance Fund shall = be=20 understood to be present whenever the FDIC determines there is a = high=20 probability that the Deposit Insurance Fund administered by the = FDIC may=20 suffer a loss. Such risk may be present either when an activity=20 contributes or may contribute to the decline in condition of a = particular=20 state-chartered depository institution or when a type of activity = is found=20 by the FDIC to contribute or potentially contribute to the = deterioration=20 of the overall condition of the banking system.

(q) State-chartered depository institution means any = State bank=20 or State savings association insured by the FDIC.

(r) Subsidiary means any company that is owned or = controlled=20 directly or indirectly by one or more insured depository = institutions.

(s) Tier one capital has the same meaning as set forth = in part=20 325 of this chapter for an insured State nonmember bank. For other = state-chartered depository institutions, the term =93tier one = capital=94 has=20 the same meaning as set forth in the capital regulations adopted = by the=20 appropriate Federal banking agency.

(t) Well-capitalized has the same meaning set forth in = part 325=20 of this chapter for an insured State nonmember bank. For other=20 state-chartered depository institutions, the term = =93well-capitalized=94 has=20 the same meaning as set forth in the capital regulations adopted = by the=20 appropriate Federal banking agency.

[63 FR 66326, Dec. 1, 1998, as amended at 66 FR 1028, Jan. 5, = 2001; 71=20 FR 20527, Apr. 21, 2006]

=A7 362.3 Activities of insured State=20 banks.

=20 top

(a) Equity investments =97(1) Prohibited equity = investments.=20 No insured State bank may directly or indirectly acquire or = retain as=20 principal any equity investment of a type that is not permissible = for a=20 national bank unless one of the exceptions in paragraph (a)(2) of = this=20 section applies.

(2) Exceptions. (i) Equity investment in = majority-owned=20 subsidiaries. An insured State bank may acquire or retain an = equity=20 investment in a subsidiary of which the bank is a majority owner, = provided=20 that the subsidiary is engaging in activities that are allowed = pursuant to=20 the provisions of or by application under =A7362.4(b).

(ii) Investments in qualified housing projects. An = insured State=20 bank may invest as a limited partner in a partnership, or as a=20 noncontrolling interest holder of a limited liability company, the = sole=20 purpose of which is to invest in the acquisition, rehabilitation, = or new=20 construction of a qualified housing project, provided that the = bank's=20 aggregate investment (including legally binding commitments) does = not=20 exceed, when made, 2 percent of total assets as of the date of the = bank's=20 most recent consolidated report of condition prior to making the=20 investment. For the purposes of this paragraph (a)(2)(ii), = Aggregate=20 investment means the total book value of the bank's investment = in the=20 real estate calculated in accordance with the instructions for the = preparation of the consolidated report of condition. Qualified = housing=20 project means residential real estate intended to primarily = benefit=20 lower income persons throughout the period of the bank's = investment=20 including any project that has received an award of low income = housing tax=20 credits under section 42 of the Internal Revenue Code (26 U.S.C. = 42) (such=20 as a reservation or allocation of credits) from a State or local = housing=20 credit agency. A residential real estate project that does not = qualify for=20 the tax credit under section 42 of the Internal Revenue Code will = qualify=20 under this exception if 50 percent or more of the housing units = are to be=20 occupied by lower income persons. A project will be considered = residential=20 despite the fact that some portion of the total square footage of = the=20 project is utilized for commercial purposes, provided that such = commercial=20 use is not the primary purpose of the project. Lower income = has the=20 same meaning as =93low income=94 and =93moderate income=94 as = defined for the=20 purposes of =A7345.12(n) (1) and (2) of this chapter.

(iii) Grandfathered investments in common or preferred = stock; shares=20 of investment companies. (A) General. An insured State = bank=20 that is located in a State which as of September 30, 1991, = authorized=20 investment in:

( 1 )( i ) Common or preferred stock listed on a = national=20 securities exchange (listed stock); or

( ii ) Shares of an investment company registered under = the=20 Investment Company Act of 1940 (15 U.S.C. 80a=961 et seq. ) = (registered shares); and

( 2 ) Which during the period beginning on September 30, = 1990,=20 and ending on November 26, 1991, made or maintained an investment = in=20 listed stock or registered shares, may retain whatever lawfully = acquired=20 listed stock or registered shares it held and may continue to = acquire=20 listed stock and/or registered shares, provided that the bank = files a=20 notice in accordance with section 24(f)(6) of the Federal Deposit=20 Insurance Act in compliance with =A7303.121 of this chapter and = the FDIC=20 processes the notice without objection under =A7303.122 of this = chapter.=20 Approval will be granted only if the FDIC determines that = acquiring or=20 retaining the stock or shares does not pose a significant risk to = the=20 Deposit Insurance Fund. Approval may be subject to whatever = conditions or=20 restrictions the FDIC determines are necessary or appropriate.

(B) Loss of grandfather exception. The exception for=20 grandfathered investments under paragraph (a)(2)(iii)(A) of this = section=20 shall no longer apply if the bank converts its charter or the bank = or its=20 parent holding company undergoes a change in control. If any of = these=20 events occur, the bank may retain its existing investments unless = directed=20 by the FDIC or other applicable authority to divest the listed = stock or=20 registered shares.

(C) Maximum permissible investment. A bank's aggregate=20 investment in listed stock and registered shares under paragraph=20 (a)(2)(iii)(A) of this section shall in no event exceed, when = made, 100=20 percent of the bank's tier one capital as measured on the bank's = most=20 recent consolidated report of condition (call report) prior to = making any=20 such investment. The lower of the bank's cost as determined in = accordance=20 with call report instructions or the market value of the listed = stock and=20 shares shall be used to determine compliance. The FDIC may = determine when=20 acting upon a notice filed in accordance with paragraph = (a)(2)(iii)(A)(=20 2 ) of this section that the permissible limit for any = particular=20 insured State bank is something less than 100 percent of tier one=20 capital.

(iv) Stock investment in insured depository institutions = owned=20 exclusively by other banks and savings associations. An = insured State=20 bank may acquire or retain the stock of an insured depository = institution=20 if the insured depository institution engages only in activities=20 permissible for national banks; the insured depository institution = is=20 subject to examination and regulation by a State bank supervisor; = the=20 voting stock is owned by 20 or more insured depository = institutions, but=20 no one institution owns more than 15 percent of the voting stock; = and the=20 insured depository institution's stock (other than directors' = qualifying=20 shares or shares held under or acquired through a plan established = for the=20 benefit of the officers and employees) is owned only by insured = depository=20 institutions.

(v) Stock investment in insurance companies =97(A) = Stock of=20 director and officer liability insurance company. An insured = State=20 bank may acquire and retain up to 10 percent of the outstanding = stock of a=20 corporation that solely provides or reinsures directors', = trustees', and=20 officers' liability insurance coverage or bankers' blanket bond = group=20 insurance coverage for insured depository institutions.

(B) Stock of savings bank life insurance company. An = insured=20 State bank located in Massachusetts, New York, or Connecticut may = own=20 stock in a savings bank life insurance company, provided that the = savings=20 bank life insurance company provides written disclosures to = purchasers or=20 potential purchasers of life insurance policies, other insurance = products,=20 and annuities that are consistent with the disclosures described = in the=20 Interagency Statement on the Retail Sale of Nondeposit Investment = Products=20 (FIL=969=9694,¹ February 17, 1994) or any = successor=20 requirement which indicates that the policies, products, and = annuities are=20 not FDIC insured deposits, are not guaranteed by the bank and are = subject=20 to investment risks, including possible loss of the principal = amount=20 invested.

¹ Financial institution letters (FILs) are available = in the=20 FDIC Public Information Center, room 100, 801 17th Street, N.W.,=20 Washington, D.C. 20429.

(b) Activities other than equity investments =97(1) = Prohibited=20 activities. An insured State bank may not directly or = indirectly=20 engage as principal in any activity, that is not an equity = investment, and=20 is of a type not permissible for a national bank unless one of the = exceptions in paragraph (b)(2) of this section applies.

(2) Exceptions =97(i) Consent obtained through = application.=20 An insured State bank that meets and continues to meet the = applicable=20 capital standards set by the appropriate Federal banking agency = may=20 conduct activities prohibited by paragraph (b)(1) of this section = if the=20 bank obtains the FDIC's prior written consent. Consent will be = given only=20 if the FDIC determines that the activity poses no significant risk = to the=20 Deposit Insurance Fund. Applications for consent should be filed = in=20 accordance with =A7303.121 of this chapter and will be processed = under=20 =A7303.122(b) of this chapter. Approvals granted under = =A7303.122(b) of this=20 chapter may be made subject to any conditions or restrictions = found by the=20 FDIC to be necessary to protect the Deposit Insurance Fund from = risk, to=20 prevent unsafe or unsound banking practices, and/or to ensure that = the=20 activity is consistent with the purposes of Federal deposit = insurance and=20 other applicable law.

(ii) Insurance underwriting =97(A) Savings bank life = insurance.=20 An insured State bank that is located in Massachusetts, New = York or=20 Connecticut may provide as principal savings bank life insurance = through a=20 department of the bank, provided that the department meets the = core=20 standards of paragraph (c) of this section or submits an = application in=20 compliance with =A7303.121 of this chapter and the FDIC grants its = consent=20 under the procedures in =A7303.122(b) of this chapter, and the = department=20 provides purchasers or potential purchasers of life insurance = policies,=20 other insurance products and annuities written disclosures that = are=20 consistent with the disclosures described in the Interagency = Statement on=20 the Retail Sale of Nondeposit Investment Products (FIL=969=9694, = February 17,=20 1994) and any successor requirement which indicates that the = policies,=20 products and annuities are not FDIC insured deposits, are not = guaranteed=20 by the bank, and are subject to investment risks, including the = possible=20 loss of the principal amount invested.

(B) Federal crop insurance. Any insured State bank that = was=20 providing insurance as principal on or before September 30, 1991, = which=20 was reinsured in whole or in part by the Federal Crop Insurance=20 Corporation, may continue to do so.

(C) Grandfathered insurance underwriting. A = well-capitalized=20 insured State bank that on November 21, 1991, was lawfully = providing=20 insurance as principal through a department of the bank may = continue to=20 provide the same types of insurance as principal to the residents = of the=20 State or States in which the bank did so on such date provided = that the=20 bank's department meets the core standards of paragraph (c) of = this=20 section, or submits an application in compliance with =A7303.121 = of this=20 chapter and the FDIC grants its consent under the procedures in=20 =A7303.122(b) of this chapter.

(iii) Acquiring and retaining adjustable rate and money = market=20 preferred stock. (A) An insured State bank's investment of up = to 15=20 percent of the bank's tier one capital in adjustable rate = preferred stock=20 or money market (auction rate) preferred stock does not represent = a=20 significant risk to the Deposit Insurance Fund. An insured State = bank may=20 conduct this activity without first obtaining the FDIC's consent, = provided=20 that the bank meets and continues to meet the applicable capital = standards=20 as prescribed by the appropriate Federal banking agency. The fact = that=20 prior consent is not required by this subpart does not preclude = the FDIC=20 from taking any appropriate action with respect to the activities = if the=20 facts and circumstances warrant such action.

(B) An insured State bank may acquire or retain other = instruments of a=20 type determined by the FDIC to have the character of debt = securities and=20 not to represent a significant risk to the Deposit Insurance Fund. = Such=20 instruments shall be included in the 15 percent of tier one = capital limit=20 imposed in paragraph (b)(2)(iii)(A) of this section. An insured = State bank=20 may conduct this activity without first obtaining the FDIC's = consent,=20 provided that the bank meets and continues to meet the applicable = capital=20 standards as prescribed by the appropriate Federal banking agency. = The=20 fact that prior consent is not required by this subpart does not = preclude=20 the FDIC from taking any appropriate action with respect to the = activities=20 if the facts and circumstances warrant such action.

(c) Core standards. For any insured State bank to be = eligible to=20 conduct insurance activities listed in paragraph (b)(2)(ii)(A) or = (C) of=20 this section, the bank must conduct the activities in a department = that=20 meets the following core separation and operating standards:

(1) The department is physically distinct from the remainder of = the=20 bank;

(2) The department maintains separate accounting and other = records;

(3) The department has assets, liabilities, obligations and = expenses=20 that are separate and distinct from those of the remainder of the=20 bank;

(4) The department is subject to State statute that requires = its=20 obligations, liabilities and expenses be satisfied only with the = assets of=20 the department; and

(5) The department informs its customers that only the assets = of the=20 department may be used to satisfy the obligations of the = department.

[63 FR 66326, Dec. 1, 1998, as amended at 71 FR 20527, Apr. 21, = 2006]

=A7 362.4 Subsidiaries of insured State=20 banks.

=20 top

(a) Prohibition. A subsidiary of an insured State bank = may not=20 engage as principal in any activity that is not of a type = permissible for=20 a subsidiary of a national bank, unless it meets one of the = exceptions in=20 paragraph (b) of this section.

(b) Exceptions =97(1) Consent obtained through = application.=20 A subsidiary of an insured State bank may conduct otherwise = prohibited=20 activities if the bank obtains the FDIC's prior written consent = and the=20 insured State bank meets and continues to meet the applicable = capital=20 standards set by the appropriate Federal banking agency. Consent = will be=20 given only if the FDIC determines that the activity poses no = significant=20 risk to the Deposit Insurance Fund. Applications for consent = should be=20 filed in accordance with =A7303.121 of this chapter and will be = processed=20 under =A7303.122(b) of this chapter. Approvals granted under = =A7303.122(b) of=20 this chapter may be made subject to any conditions or restrictions = found=20 by the FDIC to be necessary to protect the Deposit Insurance Fund = from=20 risk, to prevent unsafe or unsound banking practices, and/or to = ensure=20 that the activity is consistent with the purposes of Federal = deposit=20 insurance and other applicable law.

(2) Grandfathered insurance underwriting subsidiaries. A = subsidiary of an insured State bank may:

(i) Engage in grandfathered insurance underwriting if the = insured State=20 bank or its subsidiary on November 21, 1991, was lawfully = providing=20 insurance as principal. The subsidiary may continue to provide the = same=20 types of insurance as principal to the residents of the State or = states in=20 which the bank or subsidiary did so on such date provided = that:

(A)( 1 ) The bank meets the capital requirements of = paragraph=20 (e) of this section; and

( 2 ) The subsidiary is an =93eligible subsidiary=94 as = described in=20 paragraph (c)(2) of this section; or

(B) The bank submits an application in compliance with = =A7303.121 of this=20 chapter and the FDIC grants its consent under the procedures in=20 =A7303.122(b) of this chapter.

(ii) Continue to provide as principal title insurance, provided = the=20 bank was required before June 1, 1991, to provide title insurance = as a=20 condition of the bank's initial chartering under State law and = neither the=20 bank nor its parent holding company undergoes a change in = control.

(iii) May continue to provide as principal insurance which is = reinsured=20 in whole or in part by the Federal Crop Insurance Corporation if = the=20 subsidiary was engaged in the activity on or before September 30,=20 1991.

(3) Majority-owned subsidiaries' ownership of equity = investments=20 that represent a control interest in a company. The FDIC has=20 determined that investment in the following by a majority-owned = subsidiary=20 of an insured State bank does not represent a significant risk to = the=20 Deposit Insurance Fund:

(i) Equity investment in a company engaged in real estate or = securities=20 activities authorized in paragraph (b)(5) of this section if the = bank=20 complies with the following restrictions and files a notice in = compliance=20 with =A7303.121 of this chapter and the FDIC processes the notice = without=20 objection under =A7303.122(a) of this chapter. The FDIC is not = precluded=20 from taking any appropriate action or imposing additional = requirements=20 with respect to the activity if the facts and circumstances = warrant such=20 action. If changes to the management or business plan of the = company at=20 any time result in material changes to the nature of the company's = business or the manner in which its business is conducted, the = insured=20 State bank shall advise the appropriate regional director (DSC) in = writing=20 within 10 business days after such change. Investment under this = paragraph=20 is authorized if:

(A) The majority-owned subsidiary controls the company;

(B) The bank meets the core eligibility criteria of paragraph = (c)(1) of=20 this section;

(C) The majority-owned subsidiary meets the core eligibility = criteria=20 of paragraph (c)(2) of this section (including any modifications = thereof=20 applicable under paragraph (b)(5)(i) of this section), or the = company is a=20 corporation meeting such criteria;

(D) The bank's transactions with the majority-owned subsidiary, = and the=20 bank's transactions with the company, comply with the investment = and=20 transaction limits of paragraph (d) of this section;

(E) The bank complies with the capital requirements of = paragraph (e) of=20 this section with respect to the majority-owned subsidiary and the = company; and

(F) To the extent the company is engaged in securities = activities=20 authorized by paragraph (b)(5)(ii) of this section, the bank and = the=20 company comply with the additional requirements therein as if the = company=20 were a majority-owned subsidiary.

(ii) Equity securities of a company engaged in the following=20 activities, if the majority-owned subsidiary controls the company = or the=20 company is controlled by insured depository institutions, and the = bank=20 meets and continues to meet the applicable capital standards as = prescribed=20 by the appropriate Federal banking agency. The FDIC consents that = a=20 majority-owned subsidiary may conduct such activity without first=20 obtaining the FDIC's consent. The fact that prior consent is not = required=20 by this subpart does not preclude the FDIC from taking any = appropriate=20 action with respect to the activity if the facts and circumstances = warrant=20 such action:

(A) Any activity that is permissible for a national bank, = including=20 such permissible activities that may require the company to = register as a=20 securities broker;

(B) Acting as an insurance agency;

(C) Engaging in any activity permissible for an insured State = bank=20 under =A7362.3(b)(2)(iii) to the same extent permissible for the = insured=20 bank thereunder, so long as instruments held under this paragraph=20 (b)(3)(ii)(C), paragraph (b)(7) of this section, and = =A7362.3(b)(2)(iii) in=20 the aggregate do not exceed the limit set by = =A7362.3(b)(2)(iii);

(D) Engaging in any activity permissible for a majority-owned=20 subsidiary of an insured State bank under paragraph (b)(6) of this = section=20 to the same extent and manner permissible for the majority-owned=20 subsidiary thereunder; and

(4) Majority-owned subsidiary's ownership of certain = securities that=20 do not represent a control interest =97(i) Grandfathered = investments=20 in common or preferred stock and shares of investment companies. = Any=20 insured State bank that has received approval to invest in common = or=20 preferred stock or shares of an investment company pursuant to=20 =A7362.3(a)(2)(iii) may conduct the approved investment activities = through a=20 majority-owned subsidiary of the bank without any additional = approval from=20 the FDIC provided that any conditions or restrictions imposed with = regard=20 to the approval granted under =A7362.3(a)(2)(iii) are met.

(ii) Bank stock. An insured State bank may indirectly = through a=20 majority-owned subsidiary organized for such purpose invest in up = to ten=20 percent of the outstanding stock of another insured bank.

(5) Majority-owned subsidiaries conducting real estate = investment=20 activities and securities underwriting. The FDIC has = determined that=20 the following activities do not represent a significant risk to = the=20 Deposit Insurance Fund, provided that the activities are conducted = by a=20 majority-owned subsidiary of an insured State bank in compliance = with the=20 core eligibility requirements listed in paragraph (c) of this = section; any=20 additional requirements listed in paragraph (b)(5) (i) or (ii) of = this=20 section; the bank complies with the investment and transaction = limitations=20 of paragraph (d) of this section; and the bank meets the capital=20 requirements of paragraph (e) of this section. The FDIC consents = that=20 these listed activities may be conducted by a majority-owned = subsidiary of=20 an insured State bank if the bank files a notice in compliance = with=20 =A7303.121 of this chapter and the FDIC processes the notice = without=20 objection under =A7303.122(a) of this chapter. The FDIC is not = precluded=20 from taking any appropriate action or imposing additional = requirements=20 with respect to the activities if the facts and circumstances = warrant such=20 action. If changes to the management or business plan of the=20 majority-owned subsidiary at any time result in material changes = to the=20 nature of the majority-owned subsidiary's business or the manner = in which=20 its business is conducted, the insured State bank shall advise the = appropriate regional director (DSC) in writing within 10 business = days=20 after such change. Such a majority-owned subsidiary may:

(i) Real estate investment activities. Engage in real = estate=20 investment activities. However, the requirements of paragraph = (c)(2) (ii),=20 (v), (vi), and (xi) of this section need not be met if the bank's=20 investment in the equity securities of the subsidiary does not = exceed 2=20 percent of the bank's tier one capital; the bank has only one = subsidiary=20 engaging in real estate investment activities; and the bank's = total=20 investment in the subsidiary does not include any extensions of = credit=20 from the bank to the subsidiary, any debt instruments issued by = the=20 subsidiary, or any other transaction originated by the bank that = is used=20 to benefit the subsidiary.

(ii) Securities activities. Engage in the public sale,=20 distribution or underwriting of securities that are not = permissible for a=20 national bank under section 16 of the Banking Act of 1933 (12 = U.S.C. 24=20 Seventh), provided that the insured state nonmember bank lawfully=20 controlled or acquired the subsidiary and had an approved notice = or order=20 from the FDIC prior to November 12, 1999 and provided that the = following=20 additional conditions are, and continue to be, met:

(A) The state-chartered depository institution adopts policies = and=20 procedures, including appropriate limits on exposure, to govern = the=20 institution's participation in financing transactions underwritten = or=20 arranged by an underwriting majority-owned subsidiary;

(B) The state-chartered depository institution may not express = an=20 opinion on the value or the advisability of the purchase or sale = of=20 securities underwritten or dealt in by a majority-owned subsidiary = unless=20 the state-chartered depository institution notifies the customer = that the=20 majority-owned subsidiary is underwriting or distributing the=20 security;

(C) The majority-owned subsidiary is registered with the = Securities and=20 Exchange Commission, is a member in good standing with the = appropriate=20 self-regulatory organization, and promptly informs the appropriate = regional director (DSC) in writing of any material actions taken = against=20 the majority-owned subsidiary or any of its employees by the = State, the=20 appropriate self-regulatory organizations or the Securities and = Exchange=20 Commission; and

(D) The state-chartered depository institution does not = knowingly=20 purchase as principal or fiduciary during the existence of any=20 underwriting or selling syndicate any securities underwritten by = the=20 majority-owned subsidiary unless the purchase is approved by the=20 state-chartered depository institution's board of directors before = the=20 securities are initially offered for sale to the public.

(6) Real estate leasing. A majority-owned subsidiary of = an=20 insured State bank acting as lessor under a real property lease = which is=20 the equivalent of a financing transaction, meeting the lease = criteria of=20 paragraph (b)(6)(i) of this section and the underlying real estate = requirements of paragraph (b)(6)(ii) of this section, does not = represent a=20 significant risk to the Deposit Insurance Fund. A majority-owned=20 subsidiary may conduct this activity without first obtaining the = FDIC's=20 consent, provided that the bank meets and continues to meet the = applicable=20 capital standards as prescribed by the appropriate Federal banking = agency.=20 The fact that prior consent is not required by this subpart does = not=20 preclude the FDIC from taking any appropriate action with respect = to the=20 activity if the facts and circumstances warrant such action.

(i) Lease criteria =97(A) Capital lease. The = lease must=20 qualify as a capital lease as to the lessor under generally = accepted=20 accounting principles.

(B) Nonoperating basis. The bank and the majority-owned=20 subsidiary shall not, directly or indirectly, provide or be = obligated to=20 provide servicing, repair, or maintenance to the property, except = that the=20 lease may include provisions permitting the subsidiary to protect = the=20 value of the leased property in the event of a change in = circumstances=20 that increases the subsidiary's exposure to loss, or the = subsidiary may=20 take reasonable and appropriate action to salvage or protect the = value of=20 the leased property in such circumstances.

(ii) Underlying real property requirements =97(A) = Acquisition.=20 The majority-owned subsidiary may acquire specific real estate = to be=20 leased only after the subsidiary has entered into:

( 1 ) A lease meeting the requirements of paragraph = (b)(6)(i) of=20 this section;

( 2 ) A legally binding written commitment to enter into = such a=20 lease; or

( 3 ) A legally binding written agreement that = indemnifies the=20 subsidiary against loss in connection with its acquisition of the=20 property.

(B) Improvements. Any expenditures by the majority-owned = subsidiary to make reasonable repairs, renovations, and = improvements=20 necessary to render the property suitable to the lessee shall not = exceed=20 25 percent of the majority-owned subsidiary's full investment in = the real=20 estate.

(C) Divestiture. At the expiration of the initial lease=20 (including any renewals or extensions thereof), the majority-owned = subsidiary shall, as soon as practicable but in any event no less = than two=20 years, either:

( 1 ) Re-lease the property under a lease meeting the=20 requirement of paragraph (b)(6)(i)(B) of this section; or

( 2 ) Divest itself of all interest in the property.

(7) Acquiring and retaining adjustable rate and money market = preferred stock and similar instruments. The FDIC has = determined it=20 does not present a significant risk to the Deposit Insurance Fund = for a=20 majority-owned subsidiary of an insured State bank to engage in = any=20 activity permissible for an insured State bank under = =A7362.3(b)(2)(iii), so=20 long as instruments held under this paragraph, paragraph = (b)(3)(ii)(C) of=20 this section, and =A7362.3(b)(2)(iii) in the aggregate do not = exceed the=20 limit set by =A7362.3(b)(2)(iii). A majority-owned subsidiary may = conduct=20 this activity without first obtaining the FDIC's consent, provided = that=20 the bank meets and continues to meet the applicable capital = standards as=20 prescribed by the appropriate Federal banking agency. The fact = that prior=20 consent is not required by this subpart does not preclude the FDIC = from=20 taking any appropriate action with respect to the activity if the = facts=20 and circumstances warrant such action.

(c) Core eligibility requirements. If specifically = required by=20 this part or by FDIC order, any state-chartered depository = institution=20 that wishes to be eligible and continue to be eligible to conduct = as=20 principal activities through a subsidiary that are not permissible = for a=20 subsidiary of a national bank must be an =93eligible depository = institution=94=20 and the subsidiary must be an =93eligible subsidiary=94.

(1) A state-chartered depository institution is an =93eligible = depository=20 institution=94 if it:

(i) Has been chartered and operating for three or more years, = unless=20 the appropriate regional director (DSC) finds that the = state-chartered=20 depository institution is owned by an established, = well-capitalized,=20 well-managed holding company or is managed by seasoned = management;

(ii) Has an FDIC-assigned composite rating of 1 or 2 assigned = under the=20 Uniform Financial Institutions Rating System (UFIRS) (or such = other=20 comparable rating system as may be adopted in the future) as a = result of=20 its most recent Federal or State examination for which the FDIC = assigned a=20 rating;

(iii) Received a rating of 1 or 2 under the =93management=94 = component of=20 the UFIRS as assigned by the institution's appropriate Federal = banking=20 agency;

(iv) Has a satisfactory or better Community Reinvestment Act = rating at=20 its most recent examination conducted by the institution's = appropriate=20 Federal banking agency;

(v) Has a compliance rating of 1 or 2 at its most recent = examination=20 conducted by the institution's appropriate Federal banking agency; = and

(vi) Is not subject to a cease and desist order, consent order, = prompt=20 corrective action directive, formal or informal written agreement, = or=20 other administrative agreement with its appropriate Federal = banking agency=20 or chartering authority.

(2) A subsidiary of a state-chartered depository institution is = an=20 =93eligible subsidiary=94 if it:

(i) Meets applicable statutory or regulatory capital = requirements and=20 has sufficient operating capital in light of the normal = obligations that=20 are reasonably foreseeable for a business of its size and = character within=20 the industry;

(ii) Is physically separate and distinct in its operations from = the=20 operations of the state-chartered depository institution, provided = that=20 this requirement shall not be construed to prohibit the = state-chartered=20 depository institution and its subsidiary from sharing the same = facility=20 if the area where the subsidiary conducts business with the public = is=20 clearly distinct from the area where customers of the = state-chartered=20 depository institution conduct business with the institution. The = extent=20 of the separation will vary according to the type and frequency of = customer contact;

(iii) Maintains separate accounting and other business = records;

(iv) Observes separate business entity formalities such as = separate=20 board of directors' meetings;

(v) Has a chief executive officer of the subsidiary who is not = an=20 employee of the institution;

(vi) Has a majority of its board of directors who are neither = directors=20 nor executive officers of the state-chartered depository = institution;

(vii) Conducts business pursuant to independent policies and = procedures=20 designed to inform customers and prospective customers of the = subsidiary=20 that the subsidiary is a separate organization from the = state-chartered=20 depository institution and that the state-chartered depository = institution=20 is not responsible for and does not guarantee the obligations of = the=20 subsidiary;

(viii) Has only one business purpose within the types described = in=20 paragraphs (b)(2) and (b)(5) of this section;

(ix) Has a current written business plan that is appropriate to = the=20 type and scope of business conducted by the subsidiary;

(x) Has qualified management and employees for the type of = activity=20 contemplated, including all required licenses and memberships, and = complies with industry standards; and

(xi) Establishes policies and procedures to ensure adequate = computer,=20 audit and accounting systems, internal risk management controls, = and has=20 necessary operational and managerial infrastructure to implement = the=20 business plan.

(d) Investment and transaction limits =97(1) General. = If=20 specifically required by this part or FDIC order, the following = conditions=20 and restrictions apply to an insured State bank and its = subsidiaries that=20 engage in and wish to continue to engage in activities which are = not=20 permissible for a national bank subsidiary.

(2) Investment limits =97(i) Aggregate investment in=20 subsidiaries. An insured state bank's aggregate investment in = all=20 subsidiaries conducting activities subject to this paragraph (d) = shall not=20 exceed 20 percent of the insured State bank's tier one = capital.

(ii) Definition of investment. (A) For purposes of this=20 paragraph (d), the term =93investment=94 means:

( 1 ) Any extension of credit to the subsidiary by the = insured=20 State bank;

( 2 ) Any debt securities, as such term is defined in = part 344=20 of this chapter, issued by the subsidiary held by the insured = State=20 bank;

( 3 ) The acceptance by the insured State bank of = securities=20 issued by the subsidiary as collateral for an extension of credit = to any=20 person or company; and

( 4 ) Any extensions of credit by the insured State bank = to any=20 third party for the purpose of making a direct investment in the=20 subsidiary, making any investment in which the subsidiary has an = interest,=20 or which is used for the benefit of, or transferred to, the=20 subsidiary.

(B) For the purposes of this paragraph (d), the term = =93investment=94 does=20 not include:

( 1 ) Extensions of credit by the insured State bank to = finance=20 sales of assets by the subsidiary which do not involve more than = the=20 normal degree of risk of repayment and are extended on terms that = are=20 substantially similar to those prevailing at the time for = comparable=20 transactions with or involving unaffiliated persons or = companies;

( 2 ) An extension of credit by the insured State bank = to the=20 subsidiary that is fully collateralized by government securities, = as such=20 term is defined in =A7344.3 of this chapter; or

( 3 ) An extension of credit by the insured State bank = to the=20 subsidiary that is fully collateralized by a segregated deposit in = the=20 insured State bank.

(3) Transaction requirements =97(i) Arm's length = transaction=20 requirement. With the exception of giving the subsidiary = immediate=20 credit for uncollected items received in the ordinary course of = business,=20 an insured State bank may not carry out any of the following = transactions=20 with a subsidiary subject to this paragraph (d) unless the = transaction is=20 on terms and conditions that are substantially the same as those=20 prevailing at the time for comparable transactions with = unaffiliated=20 parties:

(A) Make an investment in the subsidiary;

(B) Purchase from or sell to the subsidiary any assets = (including=20 securities);

(D) Pay compensation to a majority-owned subsidiary or any = person or=20 company who has an interest in the subsidiary; or

(E) Engage in any such transaction in which the proceeds = thereof are=20 used for the benefit of, or are transferred to, the = subsidiary.

(ii) Prohibition on purchase of low quality assets. An = insured=20 State bank is prohibited from purchasing a low quality asset from = a=20 subsidiary subject to this paragraph (d). For purposes of this = subsection,=20 =93low quality asset=94 means:

(A) An asset classified as =93substandard=94, =93doubtful=94, = or =93loss=94 or=20 treated as =93other assets especially mentioned=94 in the most = recent report=20 of examination of the bank;

(B) An asset in a nonaccrual status;

(D) An asset whose terms have been renegotiated or compromised = due to=20 the deteriorating financial condition of the obligor.

(iii) Insider transaction restriction. Neither the = insured State=20 bank nor the subsidiary subject to this paragraph (d) may enter = into any=20 transaction (exclusive of those covered by =A7337.3 of this = chapter) with=20 the bank's executive officers, directors, principal shareholders = or=20 related interests of such persons which relate to the subsidiary's = activities unless:

(A) The transactions are on terms and conditions that are = substantially=20 the same as those prevailing at the time for comparable = transactions with=20 persons not affiliated with the insured State bank; or

(B) The transactions are pursuant to a benefit or compensation = program=20 that is widely available to employees of the bank, and that does = not give=20 preference to the bank's executive officers, directors, principal=20 shareholders or related interests of such persons over other bank=20 employees.

(iv) Anti-tying restriction. Neither the insured State = bank nor=20 the majority-owned subsidiary may require a customer to either buy = any=20 product or use any service from the other as a condition of = entering into=20 a transaction.

(4) Collateralization requirements. (i) An insured State = bank is=20 prohibited from making an investment in a subsidiary subject to = this=20 paragraph (d) unless such transaction is fully-collateralized at = the time=20 the transaction is entered into. No insured State bank may accept = a low=20 quality asset as collateral. An extension of credit is fully=20 collateralized if it is secured at the time of the transaction by=20 collateral having a market value equal to at least:

(A) 100 percent of the amount of the transaction if the = collateral is=20 composed of:

( 1 ) Obligations of the United States or its = agencies;

( 2 ) Obligations fully guaranteed by the United States = or its=20 agencies as to principal and interest;

( 3 ) Notes, drafts, bills of exchange or bankers = acceptances=20 that are eligible for rediscount or purchase by the Federal = Reserve Bank;=20 or

( 4 ) A segregated, earmarked deposit account with the = insured=20 State bank;

(B) 110 percent of the amount of the transaction if the = collateral is=20 composed of obligations of any State or political subdivision of = any=20 State;

(C) 120 percent of the amount of the transaction if the = collateral is=20 composed of other debt instruments, including receivables; or

(D) 130 percent of the amount of the transaction if the = collateral is=20 composed of stock, leases, or other real or personal property.

(ii) An insured State bank may not release collateral prior to=20 proportional payment of the extension of credit; however, = collateral may=20 be substituted if there is no diminution of collateral = coverage.

(5) Investment and transaction limits extended to insured = State bank=20 subsidiaries. For purposes of applying paragraphs (d)(2) = through=20 (d)(4) of this section, any reference to =93insured State bank=94 = means the=20 insured State bank and any subsidiaries of the insured State bank = which=20 are not themselves subject under this part or FDIC order to the=20 restrictions of this paragraph (d).

(e) Capital requirements. If specifically required by = this part=20 or by FDIC order, any insured State bank that wishes to conduct or = continue to conduct as principal activities through a subsidiary = that are=20 not permissible for a subsidiary of a national bank must:

(1) Be well-capitalized after deducting from its tier one = capital the=20 investment in equity securities of the subsidiary as well as the = bank's=20 pro rata share of any retained earnings of the subsidiary;

(2) Reflect this deduction on the appropriate schedule of the = bank's=20 consolidated report of income and condition; and

(3) Use such regulatory capital amount for the purposes of the = bank's=20 assessment risk classification under part 327 of this chapter and = its=20 categorization as a =93well-capitalized=94, an =93adequately = capitalized=94, an=20 =93undercapitalized=94, or a =93significantly undercapitalized=94 = institution as=20 defined in =A7325.103(b) of this chapter, provided that the = capital=20 deduction shall not be used for purposes of determining whether = the bank=20 is =93critically undercapitalized=94 under part 325 of this = chapter.

[63 FR 66326, Dec. 1, 1998, as amended at 66 FR 1028, Jan. 5, = 2001; 71=20 FR 20527, Apr. 21, 2006]

=A7 362.5 Approvals previously = granted.

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(a) FDIC consent by order or notice. An insured State = bank that=20 previously filed an application or notice under part 362 in effect = prior=20 to January 1, 1999 (see 12 CFR part 362 revised as of January 1, = 1998),=20 and obtained the FDIC's consent to engage in an activity or to = acquire or=20 retain a majority-owned subsidiary engaging as principal in an = activity or=20 acquiring and retaining any investment that is prohibited under = this=20 subpart may continue that activity or retain that investment = without=20 seeking the FDIC's consent, provided that the insured State bank = and its=20 subsidiary, if applicable, continue to meet the conditions and=20 restrictions of the approval. An insured State bank which was = granted=20 approval based on conditions which differ from the requirements of = =A7362.4(c)(2), (d) and (e) will be considered to meet the = conditions and=20 restrictions of the approval relating to being an eligible = subsidiary,=20 meeting investment and transactions limits, and meeting capital=20 requirements if the insured State bank and subsidiary meet the=20 requirements of =A7362.4(c)(2), (d) and (e). If the majority-owned = subsidiary is engaged in real estate investment activities not = exceeding 2=20 percent of the tier one capital of a bank and meeting the other = conditions=20 of =A7362.4(b)(5)(i), the majority-owned subsidiary's compliance = with=20 =A7362.4(c)(2) under the preceding sentence may be pursuant to the = modifications authorized by =A7362.4(b)(5)(i). Once an insured = State bank=20 elects to comply with =A7362.4 (c)(2), (d), and (e), it may not = revert to=20 the corresponding provisions of the approval order.

(b) Approvals by regulation=97

(1)=96(5) [Reserved]

(6) Adjustable rate or money market preferred stock. An = insured=20 State bank owning adjustable rate or money market (auction rate) = preferred=20 stock pursuant to =A7362.4(c)(3)(v) in effect prior to January 1, = 1999 (see=20 12 CFR part 362 revised as of January 1, 1998), in excess of the = amount=20 limit in =A7362.3(b)(2)(iii) may continue to hold any overlimit = shares of=20 such stock acquired before January 1, 1999, until redeemed or = repurchased=20 by the issuer, but such stock shall be included as part of the = amount=20 limit in =A7362.3(b)(2)(iii) when determining whether the bank may = acquire=20 new stock thereunder.

(c) Charter conversions. (1) An insured State bank that = has=20 converted its charter from an insured state savings association = may=20 continue activities through a majority-owned subsidiary that were=20 permissible prior to the time it converted its charter only if the = insured=20 State bank receives the FDIC's consent. Except as provided in = paragraph=20 (c)(2) of this section, the insured State bank should apply under=20 =A7362.4(b)(1), submit any notice required under =A7362.4(b) (4) = or (5), or=20 comply with the provisions of =A7362.4(b) (3), (6), or (7) if = applicable, to=20 continue the activity.

(2) Exception for prior consent. If the FDIC had granted = consent=20 to the savings association under section 28 of the Federal Deposit = Insurance Act (12 U.S.C. 1831(e)) prior to the time the savings=20 association converted its charter, the insured State bank may = continue the=20 activities without providing notice or making application to the = FDIC,=20 provided that the bank and its subsidiary as applicable are in = compliance=20 with:

(i) The terms of the FDIC approval order; and

(ii) The provisions of =A7362.4(c)(2), (d), and (e) regarding = operating=20 as an =93eligible subsidiary=94, =93investment and transaction = limits=94, and=20 =93capital requirements'.

(3) Divestiture. An insured State bank that does not = receive=20 FDIC consent shall divest of the nonconforming investment as soon = as=20 practical but in no event later than two years from the date of = charter=20 conversion.

[63 FR 66326, Dec. 1, 1998, as amended at 66 FR 1028, Jan. 5,=20 2001]

Subpart B=97Safety and Soundness Rules Governing Insured State = Nonmember=20 Banks

=20 top

=A7 362.6 Purpose and scope.

=20 top

This subpart, along with the notice and application procedures = in=20 subpart G of part 303 of this chapter apply to certain banking = practices=20 that may have adverse effects on the safety and soundness of = insured state=20 nonmember banks. This subpart contains the required prudential = separations=20 between certain securities underwriting affiliates and insured = state=20 nonmember banks. The standards only will apply to affiliates of = insured=20 state nonmember banks that are not controlled by an entity that is = supervised by a federal banking agency.

[66 FR 1028, Jan. 5, 2001]

=A7 362.7 Definitions.

=20 top

For the purposes of this subpart, the following definitions = apply:

(a) Affiliate has the same meaning contained in section = 3 of the=20 Federal Deposit Insurance Act (12 U.S.C. 1813).

(b) Activity, company, control, equity security, insured = state=20 nonmember bank, security and subsidiary have the same meaning = as=20 provided in subpart A of this part.

[63 FR 66326, Dec. 1, 1998, as amended at 66 FR 1028, Jan. 5,=20 2001]

=A7 362.8 Restrictions on activities of = insured=20 state nonmember banks affiliated with certain securities=20 companies.

=20 top

(a) The FDIC has found that an unrestricted affiliation between = an=20 insured state nonmember bank and certain companies may have = adverse=20 effects on the safety and soundness of insured state nonmember = banks.

(b) An insured state nonmember bank is prohibited from becoming = or=20 remaining affiliated with any securities underwriting affiliate = company=20 that directly engages in the public sale, distribution or = underwriting of=20 stocks, bonds, debentures, notes, or other securities activity, of = a type=20 not permissible for a national bank directly, unless the company = is=20 controlled by an entity that is supervised by a federal banking = agency or=20 the state nonmember bank submits an application in compliance with = =A7303.121 of this chapter and the FDIC grants its consent under = the=20 procedure in =A7303.122(b) of this chapter, or the state nonmember = bank and=20 the securities underwriting affiliate company comply with the = following=20 requirements:

(1) The securities business of the affiliate is physically = separate and=20 distinct in its operations from the operations of the bank, = provided that=20 this requirement shall not be construed to prohibit the bank and = its=20 affiliate from sharing the same facility if the area where the = affiliate=20 conducts retail sales activity with the public is physically = distinct from=20 the routine deposit taking area of the bank;

(2) The affiliate conducts business pursuant to independent = policies=20 and procedures designed to inform customers and prospective = customers of=20 the affiliate that the affiliate is a separate organization from = the bank=20 and the state-chartered depository institution is not responsible = for and=20 does not guarantee the obligations of the affiliate;

(3) The bank adopts policies and procedures, including = appropriate=20 limits on exposure, to govern its participation in financing = transactions=20 underwritten by an underwriting affiliate;

(4) The bank does not express an opinion on the value or the=20 advisability of the purchase or sale of securities underwritten or = dealt=20 in by an affiliate unless it notifies the customer that the entity = underwriting, making a market, distributing or dealing in the = securities=20 is an affiliate of the bank; and

(5) The bank complies with the investment and transaction = limitations=20 in sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c = and=20 371c=961) with respect to the affiliate.

[66 FR 1028, Jan. 5, 2001]

Subpart C=97Activities of Insured State Savings = Associations

=20 top

=A7 362.9 Purpose and scope.

=20 top

(a) This subpart, along with the notice and application = procedures in=20 subpart H of part 303 of this chapter, implements the provisions = of=20 section 28 of the Federal Deposit Insurance Act (12 U.S.C. 1831e) = that=20 restrict and prohibit insured state savings associations and their = service=20 corporations from engaging in activities and investments of a type = that=20 are not permissible for Federal savings associations and their = service=20 corporations. The phrase =93activity permissible for a Federal = savings=20 association=94 means any activity authorized for Federal savings=20 associations under any statute including the Home Owners' Loan Act = (HOLA,=20 12 U.S.C. 1464 et seq. ), as well as activities recognized = as=20 permissible for a Federal savings association in regulations, = official=20 thrift bulletins, orders or written interpretations issued by the = Office=20 of Thrift Supervision (OTS), or its predecessor, the Federal Home = Loan=20 Bank Board.

(b) This subpart does not cover the following activities:

(1) Activities conducted by the insured state savings = association other=20 than =93as principal=94, defined for purposes of this subpart as = activities=20 conducted as agent for a customer, conducted in a brokerage, = custodial,=20 advisory, or administrative capacity, or conducted as trustee, or = in any=20 substantially similar capacity. For example, this subpart does not = cover=20 acting solely as agent for the sale of insurance, securities, real = estate,=20 or travel services; nor does it cover acting as trustee, providing = personal financial planning advice, or safekeeping services.

(2) Interests in real estate in which the real property is used = or=20 intended in good faith to be used within a reasonable time by an = insured=20 savings association or its service corporations as offices or = related=20 facilities for the conduct of its business or future expansion of = its=20 business or used as public welfare investments of a type and in an = amount=20 permissible for Federal savings associations.

(3) Equity investments acquired in connection with debts = previously=20 contracted (DPC) if the insured savings association or its service = corporation takes only such actions as would be permissible for a = Federal=20 savings association's or its service corporation's DPC = holdings.

(c) The FDIC intends to allow insured state savings = associations and=20 their service corporations to undertake only safe and sound = activities and=20 investments that do not present significant risks to the Deposit = Insurance=20 Fund and that are consistent with the purposes of Federal deposit=20 insurance and other applicable law. This subpart does not = authorize any=20 insured state savings association to make investments or conduct=20 activities that are not authorized or that are prohibited by = either=20 Federal or state law.

[63 FR 66326, Dec. 1, 1998, as amended at 71 FR 20527, Apr. 21, = 2006]

=A7 362.10 Definitions.

=20 top

For the purposes of this subpart, the definitions provided in = =A7362.2=20 apply. Additionally, the following definitions apply to this = subpart:

(a) Affiliate has the same meaning as provided in = subpart B of=20 this part.

(b) Corporate debt securities not of investment grade = means any=20 corporate debt security that when acquired was not rated among the = four=20 highest rating categories by at least one nationally recognized=20 statistical rating organization. The term shall not include any = obligation=20 issued or guaranteed by a corporation that may be held by a = Federal=20 savings association without limitation as to percentage of assets = under=20 subparagraphs (D), (E), or (F) of section 5(c)(1) of HOLA (12 = U.S.C.=20 1464(c)(1) (D), (E), (F)).

(d) Qualified affiliate means, in the case of a stock = insured=20 state savings association, an affiliate other than a subsidiary or = an=20 insured depository institution. In the case of a mutual savings=20 association, =93qualified affiliate=94 means a subsidiary other = than an=20 insured depository institution provided that all of the savings=20 association's investments in, and extensions of credit to, the = subsidiary=20 are deducted from the savings association's capital.

(e) Service corporation means any corporation the = capital stock=20 of which is available for purchase by savings associations.

[63 FR 66326, Dec. 1, 1998, as amended at 66 FR 1029, Jan. 5,=20 2001]

=A7 362.11 Activities of insured State = savings=20 associations.

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(a) Equity investments =97(1) Prohibited investments. = No=20 insured state savings association may directly acquire or retain = as=20 principal any equity investment of a type, or in an amount, that = is not=20 permissible for a Federal savings association unless the exception = in=20 paragraph (a)(2) of this section applies.

(2) Exception: Equity investment in service corporations. = An=20 insured state savings association that is and continues to be in=20 compliance with the applicable capital standards as prescribed by = the=20 appropriate Federal banking agency may acquire or retain an equity = investment in a service corporation:

(i) Not permissible for a Federal savings association to the = extent the=20 service corporation is engaging in activities that are allowed = pursuant to=20 the provisions of or an application under =A7362.12(b); or

(ii) Of a type permissible for a Federal savings association, = but in an=20 amount exceeding the investment limits applicable to Federal = savings=20 associations, if the insured state savings association obtains the = FDIC's=20 prior consent. Consent will be given only if the FDIC determines = that the=20 amount of the investment in a service corporation engaged in such=20 activities does not present a significant risk to the Deposit = Insurance=20 Fund. Applications should be filed in accordance with =A7303.141 = of this=20 chapter and will be processed under =A7303.142(b) of this chapter. = Approvals=20 granted under =A7303.142(b) of this chapter may be made subject to = any=20 conditions or restrictions found by the FDIC to be necessary to = protect=20 the Deposit Insurance Fund from significant risk, to prevent = unsafe or=20 unsound practices, and/or to ensure that the activity is = consistent with=20 the purposes of Federal deposit insurance and other applicable = law.

(b) Activities other than equity investments =97(1) = Prohibited=20 activities. An insured state savings association may not = directly=20 engage as principal in any activity, that is not an equity = investment, of=20 a type not permissible for a Federal savings association, and an = insured=20 state savings association shall not make nonresidential real = property=20 loans in an amount exceeding that described in section 5(c)(2)(B) = of HOLA=20 (12 U.S.C. 1464(c)(2)(B)), unless one of the exceptions in = paragraph=20 (b)(2) of this section applies. This section shall not be read to = require=20 the divestiture of any asset (including a nonresidential real = estate=20 loan), if the asset was acquired prior to August 9, 1989; however, = any=20 activity conducted with such asset must be conducted in accordance = with=20 this subpart. After August 9, 1989, an insured state savings = association=20 directly or through a subsidiary (other than, in the case of a = mutual=20 savings association, a subsidiary that is a qualified affiliate), = may not=20 acquire or retain any corporate debt securities not of investment=20 grade.

(2) Exceptions =97(i) Consent obtained through = application.=20 An insured state savings association that meets and continues = to meet=20 the applicable capital standards set by the appropriate Federal = banking=20 agency may directly conduct activities prohibited by paragraph = (b)(1) of=20 this section if the savings association obtains the FDIC's prior = consent.=20 Consent will be given only if the FDIC determines that conducting = the=20 activity designated poses no significant risk to the Deposit = Insurance=20 Fund. Applications should be filed in accordance with =A7303.141 = of this=20 chapter and will be processed under =A7303.142(b) of this chapter. = Approvals=20 granted under =A7303.142(b) of this chapter may be made subject to = any=20 conditions or restrictions found by the FDIC to be necessary to = protect=20 the Deposit Insurance Fund from significant risk, to prevent = unsafe or=20 unsound practices, and/or to ensure that the activity is = consistent with=20 the purposes of Federal deposit insurance and other applicable = law.

(ii) Nonresidential realty loans permissible for a Federal = savings=20 association conducted in an amount not permissible. An insured = state=20 savings association that meets and continues to meet the = applicable=20 capital standards set by the appropriate Federal banking agency = may make=20 nonresidential real property loans in an amount exceeding the = amount=20 described in section 5(c)(2)(B) of HOLA, if the savings = association files=20 a notice in compliance with =A7303.141 of this chapter and the = FDIC=20 processes the notice without objection under =A7303.142(a) of this = chapter.=20 Consent will be given only if the FDIC determines that engaging in = such=20 lending in the amount designated poses no significant risk to the = Deposit=20 Insurance Fund.

(iii) Acquiring and retaining adjustable rate and money = market=20 preferred stock. (A) An insured state savings association's = investment=20 of up to 15 percent of the association's tier one capital in = adjustable=20 rate preferred stock or money market (auction rate) preferred = stock does=20 not represent a significant risk to the Deposit Insurance Fund. An = insured=20 state savings association may conduct this activity without first=20 obtaining the FDIC's consent, provided that the association meets = and=20 continues to meet the applicable capital standards as prescribed = by the=20 appropriate Federal banking agency. The fact that prior consent is = not=20 required by this subpart does not preclude the FDIC from taking = any=20 appropriate action with respect to the activities if the facts and = circumstances warrant such action.

(B) An insured state savings association may acquire or retain = other=20 instruments of a type determined by the FDIC to have the character = of debt=20 securities and not to represent a significant risk to the Deposit=20 Insurance Fund. Such instruments shall be included in the 15 = percent of=20 tier one capital limit imposed in paragraph (b)(2)(iii)(A) of this = section. An insured state savings association may conduct this = activity=20 without first obtaining the FDIC's consent, provided that the = association=20 meets and continues to meet the applicable capital standards as = prescribed=20 by the appropriate Federal banking agency. The fact that prior = consent is=20 not required by this subpart does not preclude the FDIC from = taking any=20 appropriate action with respect to the activities if the facts and = circumstances warrant such action.

(3) Activities permissible for a Federal savings association = conducted in an amount not permissible. Except as provided in=20 paragraph (b)(2)(ii) of this section, an insured state savings = association=20 may engage as principal in any activity, which is not an equity = investment=20 of a type permissible for a Federal savings association, in an = amount in=20 excess of that permissible for a Federal savings association, if = the=20 savings association meets and continues to meet the applicable = capital=20 standards set by the appropriate Federal banking agency, the = institution=20 has advised the appropriate regional director (DSC) under the = procedure in=20 =A7303.142(c) of this chapter within thirty days before engaging = in the=20 activity, and the FDIC has not advised the insured state savings=20 association that conducting the activity in the amount indicated = poses a=20 significant risk to the Deposit Insurance Fund. This section shall = not be=20 read to require the divestiture of any asset if the asset was = acquired=20 prior to August 9, 1989; however, any activity conducted with such = asset=20 must be conducted in accordance with this subpart.

[63 FR 66326, Dec. 1, 1998, as amended at 71 FR 20527, Apr. 21, = 2006]

=A7 362.12 Service corporations of = insured State=20 savings associations.

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(a) Prohibition. A service corporation of an insured = state=20 savings association may not engage in any activity that is not = permissible=20 for a service corporation of a Federal savings association, unless = it=20 meets one of the exceptions in paragraph (b) of this section.

(b) Exceptions =97(1) Consent obtained through = application.=20 A service corporation of an insured state savings association = may=20 conduct activities prohibited by paragraph (a) of this section if = the=20 savings association obtains the FDIC's prior written consent and = the=20 insured state savings association meets and continues to meet the=20 applicable capital standards set by the appropriate Federal = banking=20 agency. Consent will be given only if the FDIC determines that the = activity poses no significant risk to the Deposit Insurance Fund.=20 Applications for consent should be filed in accordance with = =A7303.141 of=20 this chapter and will be processed under =A7303.142(b) of this = chapter.=20 Approvals granted under =A7303.142(b) of this chapter may be made = subject to=20 any conditions or restrictions found by the FDIC to be necessary = to=20 protect the Deposit Insurance Fund from risk, to prevent unsafe or = unsound=20 banking practices, and/or to ensure that the activity is = consistent with=20 the purposes of Federal deposit insurance and other applicable = law. The=20 activities covered by this paragraph may include, but are not = limited to,=20 acquiring and retaining equity securities of a company engaged in = the=20 public sale distribution or underwriting of securities.

(2) Service corporations conducting unrestricted activities. = The=20 FDIC has determined that the following activities do not represent = a=20 significant risk to the Deposit Insurance Fund:

(i) [Reserved]

(ii) A service corporation of an insured state savings = association may=20 acquire and retain equity securities of a company engaged in the = following=20 activities, if the service corporation controls the company or the = company=20 is controlled by insured depository institutions, and the = association=20 continues to meet the applicable capital standards as prescribed = by the=20 appropriate Federal banking agency. The FDIC consents that such = activity=20 may be conducted by a service corporation of an insured state = savings=20 association without first obtaining the FDIC's consent. The fact = that=20 prior consent is not required by this subpart does not preclude = the FDIC=20 from taking any appropriate action with respect to the activities = if the=20 facts and circumstances warrant such action.

(A) Equity securities of a company that engages in = permissible=20 activities. A service corporation may own the equity = securities of a=20 company that engages in any activity permissible for a Federal = savings=20 association.

(B) Equity securities of a company that acquires and retains = adjustable-rate and money market preferred stock. A service=20 corporation may own the equity securities of a company that = engages in any=20 activity permissible for an insured state savings association = under=20 =A7362.11(b)(2)(iii) so long as instruments held under this = paragraph=20 (b)(2)(ii)(B), paragraph (b)(2)(iv) of this section, and=20 =A7362.11(b)(2)(iii) in the aggregate do not exceed the limit set = by=20 =A7362.11(b)(2)(iii).

(C) Equity securities of a company acting as an insurance = agency.=20 A service corporation may own the equity securities of a = company that=20 acts as an insurance agency.

(iii) Activities that are not conducted =93as principal = =94. A=20 service corporation controlled by the insured state savings = association=20 may engage in activities which are not conducted =93as = principal=94 such as=20 acting as an agent for a customer, acting in a brokerage, = custodial,=20 advisory, or administrative capacity, or acting as trustee, or in = any=20 substantially similar capacity.

(iv) Acquiring and retaining adjustable-rate and money = market=20 preferred stock. A service corporation may engage in any = activity=20 permissible for an insured state savings association under=20 =A7362.11(b)(2)(iii) so long as instruments held under this = paragraph=20 (b)(2)(iv), paragraph (b)(2)(ii)(B) of this section, and=20 =A7362.11(b)(2)(iii) in the aggregate do not exceed the limit set = by=20 =A7362.11(b)(2)(iii).

(3)=96(4) [Reserved]

(c) Investment and transaction limits. The restrictions = detailed=20 in =A7362.4(d) apply to transactions between an insured state = savings=20 association and any service corporation engaging in activities = which are=20 not permissible for a service corporation of a Federal savings = association=20 if specifically required by this part or FDIC order. For purposes = of=20 applying the investment limits in =A7362.4(d)(2), the term = =93investment=94=20 includes only those items described in =A7362.4(d)(2)(ii)(A) ( = 3 )=20 and ( 4 ). For purposes of applying =A7362.4(d) (2), (3), = and (4) to=20 this paragraph (c), references to the terms =93insured State = bank=94 and=20 =93subsidiary=94 in =A7362.4(d)(2), (3), and (4), shall be deemed = to refer,=20 respectively, to the insured state savings association and the = service=20 corporation. For purposes of applying =A7362.4(d)(5), references = to the=20 terms =93insured State bank=94 and =93subsidiary=94 in = =A7362.4(d)(5) shall be=20 deemed to refer, respectively, to the insured state savings = association=20 and the service corporations or subsidiaries.

(d) Capital requirements. If specifically required by = this part=20 or by FDIC order, an insured state savings association that wishes = to=20 conduct as principal activities through a service corporation = which are=20 not permissible for a service corporation of a Federal savings = association=20 must:

(1) Be well-capitalized after deducting from its capital any = investment=20 in the service corporation, both equity and debt.

(2) Use such regulatory capital amount for the purposes of the = insured=20 state savings association's assessment risk classification under = part 327=20 of this chapter.

[63 FR 66326, Dec. 1, 1998, as amended at 66 FR 1029, Jan. 5, = 2001; 71=20 FR 20527, Apr. 21, 2006]]

=A7 362.13 Approvals previously=20 granted.

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FDIC consent by order or notice. An insured state = savings=20 association that previously filed an application and obtained the = FDIC's=20 consent to engage in an activity or to acquire or retain an = investment in=20 a service corporation engaging as principal in an activity or = acquiring=20 and retaining any investment that is prohibited under this subpart = may=20 continue that activity or retain that investment without seeking = the=20 FDIC's consent, provided the insured state savings association and = the=20 service corporation, if applicable, continue to meet the = conditions and=20 restrictions of approval. An insured state savings association = which was=20 granted approval based on conditions which differ from the = requirements of=20 =A7=A7362.4(c)(2) and 362.12 (c) and (d) will be considered to = meet the=20 conditions and restrictions of the approval if the insured state = savings=20 association and any applicable service corporation meet the = requirements=20 of =A7=A7362.4(c)(2) and 362.12 (c) and (d). For the purposes of = applying=20 =A7362.4(c)(2), references to the terms =93eligible subsidiary=94 = and=20 =93subsidiary=94 in =A7362.4(c)(2) shall be deemed to refer, = respectively, to=20 the eligible service corporation and the service = corporation.

Subpart D=97Acquiring, Establishing, or Conducting New = Activities=20 Through a Subsidiary by an Insured Savings Association

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=A7 362.14 Purpose and scope.

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This subpart implements section 18(m) of the Federal Deposit = Insurance=20 Act (12 U.S.C. 1828(m)) which requires that prior notice be given = the FDIC=20 when an insured savings association establishes or acquires a = subsidiary=20 or engages in any new activity in a subsidiary. For the purposes = of this=20 subpart, the term =93subsidiary=94 does not include any insured = depository=20 institution as that term is defined in the Federal Deposit = Insurance Act.=20 Unless otherwise indicated, the definitions provided in =A7362.2 = apply to=20 this subpart.

=A7 362.15 Acquiring or establishing a = subsidiary;=20 conducting new activities through a subsidiary.

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No state or Federal insured savings association may establish = or=20 acquire a subsidiary, or conduct any new activity through a = subsidiary,=20 unless it files a notice in compliance with =A7303.142(c) of this = chapter at=20 least 30 days prior to establishment of the subsidiary or = commencement of=20 the activity and the FDIC does not object to the notice. This = requirement=20 does not apply to any Federal savings bank that was chartered = prior to=20 October 15, 1982, as a savings bank under State law or any savings = association that acquired its principal assets from such an=20 institution.

Subpart E=97Financial Subsidiaries of Insured State Nonmember=20 Banks

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Source: 66 FR 1029, Jan. 5, = 2001,=20 unless otherwise noted.

=A7 362.16 Purpose and scope.

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(a) This subpart, along with the notice and application = procedures in=20 subpart G of part 303 of this chapter, implements section 46 of = the=20 Federal Deposit Insurance Act (12 U.S.C. 1831w) and requires that = an=20 insured state nonmember bank certify certain facts and file a = notice with=20 the FDIC before the insured state nonmember bank may control or = hold an=20 interest in a financial subsidiary under section 46(a) of the = Federal=20 Deposit Insurance Act. This subpart also implements the statutory=20 Community Reinvestment Act (CRA) (12 U.S.C. 2901 et seq. )=20 requirement set forth in subsection (4)(l)(2) of the Bank Holding = Company=20 Act (12 U.S.C. 1843(l)(2)), which is applicable to state nonmember = banks=20 that commence new activities through a financial subsidiary or = directly or=20 indirectly acquire control of a company engaged in an activity = under=20 section 46(a).

(b) This subpart does not cover activities conducted other than = =93as=20 principal=94. For purposes of this subpart, activities conducted = other than=20 =93as principal=94 are defined as activities conducted as agent = for a=20 customer, conducted in a brokerage, custodial, advisory, or = administrative=20 capacity, or conducted as trustee, or in any substantially similar = capacity. For example, this subpart does not cover acting solely = as agent=20 for the sale of insurance, securities, real estate, or travel = services;=20 nor does it cover acting as trustee, providing personal financial = planning=20 advice, or safekeeping services.

=A7 362.17 Definitions.

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For the purposes of this subpart, the following definitions = will=20 apply:

(a) Activity, company, control, insured depository = institution,=20 insured state bank, insured state nonmember bank and subsidiary = have=20 the same meaning as provided in subpart A of this part.

(b) Affiliate has the same meaning provided in subpart B = of this=20 part.

(c) Financial subsidiary means any company that is = controlled by=20 one or more insured depository institutions other than:

(1) A subsidiary that only engages in activities that the state = nonmember bank is permitted to engage in directly and that are = conducted=20 on the same terms and conditions that govern the conduct of the = activities=20 by the state nonmember bank; or

(2) A subsidiary that the state nonmember bank is specifically=20 authorized to control by the express terms of a federal statute = (other=20 than section 46(a) of the Federal Deposit Insurance Act (12 U.S.C. = 1831w)), and not by implication or interpretation, such as the = Bank=20 Service Company Act (12 U.S.C. 1861 et seq. ).

(d) Tangible equity and Tier 2 capital have the same = meaning as=20 set forth in part 325 of this chapter.

(e) Well-managed means:

(1) Unless otherwise determined in writing by the appropriate = federal=20 banking agency, the institution has received a composite rating of = 1 or 2=20 under the Uniform Financial Institutions Rating System (or an = equivalent=20 rating under an equivalent rating system) in connection with the = most=20 recent state or federal examination or subsequent review of the = depository=20 institution and at least a rating of 2 for management, if such a = rating is=20 given; or

(2) In the case of any depository institution that has not been = examined by its appropriate federal banking agency, the existence = and use=20 of managerial resources that the appropriate federal banking = agency=20 determines are satisfactory.

=A7 362.18 Financial subsidiaries of = insured state=20 nonmember banks.

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(a) =93As principal=94 activities. An insured state = nonmember bank=20 may not obtain control of or hold an interest in a financial = subsidiary=20 that engages in activities as principal or commence any such new = activity=20 pursuant to section 46(a) of the Federal Deposit Insurance Act (12 = U.S.C.=20 1831w) unless the insured state nonmember bank files a notice = containing=20 the information required in =A7303.121(b) of this chapter and = certifies=20 that:

(1) The insured state nonmember bank is well-managed;

(2) The insured state nonmember bank and all of its insured = depository=20 institution affiliates are well-capitalized as defined in the = appropriate=20 capital regulation and guidance of each institution's primary = federal=20 regulator; and

(3) The insured state nonmember bank will deduct the aggregate = amount=20 of its outstanding equity investment, including retained earnings, = in all=20 financial subsidiaries that engage in activities as principal = pursuant to=20 section 46(a) of the Federal Deposit Insurance Act (12 U.S.C. = 1831w), from=20 the bank's total assets and tangible equity and deduct such = investment=20 from its total risk-based capital (this deduction shall be made = equally=20 from Tier 1 and Tier 2 capital).

(b) Community Reinvestment Act (CRA). An insured state = nonmember=20 bank may not commence any new activity subject to section 46(a) of = the=20 Federal Deposit Insurance Act (12 U.S.C. 1831w) or directly or = indirectly=20 acquire control of a company engaged in any such activity pursuant = to=20 =A7362.18(a)(1), if the bank or any of its insured depository = institution=20 affiliates received a CRA rating of less than =93satisfactory = record of=20 meeting community credit needs=94 in its most recent CRA = examination.

(c) Other requirements. An insured state nonmember bank=20 controlling or holding an interest in a financial subsidiary under = section=20 46(a) of the Federal Deposit Insurance Act (12 U.S.C. 1831w) must = meet and=20 continue to meet the requirements set forth in paragraph (a) of = this=20 section as long as the insured state nonmember bank holds the = financial=20 subsidiary and:

(1) Disclose and continue to disclose the capital separation = required=20 in paragraph (a)(3) in any published financial statements;

(2) Comply and continue to comply with sections 23A and 23B of = the=20 Federal Reserve Act (12 U.S.C. 371c and 371c=961) as if the = subsidiary were=20 a financial subsidiary of a national bank; and

(3) Comply and continue to comply with the financial and = operational=20 standards provided by section 5136A(d) of the Revised Statutes of = the=20 United States (12 U.S.C. 24A(d)), unless otherwise determined by = the=20 FDIC.

(d) Securities underwriting. If the financial subsidiary = of the=20 insured state nonmember bank will engage in the public sale, = distribution=20 or underwriting of stocks, bonds, debentures, notes, or other = securities=20 activity of a type permissible for a national bank only through a=20 financial subsidiary, then the state nonmember bank and the = financial=20 subsidiary also must comply and continue to comply with the = following=20 additional requirements:

(1) The securities business of the financial subsidiary must be = physically separate and distinct in its operations from the = operations of=20 the bank, provided that this requirement shall not be construed to = prohibit the bank and its financial subsidiary from sharing the = same=20 facility if the area where the financial subsidiary conducts = securities=20 business with the public is physically distinct from the routine = deposit=20 taking area of the bank;

(2) The financial subsidiary must conduct its securities = business=20 pursuant to independent policies and procedures designed to inform = customers and prospective customers of the financial subsidiary = that the=20 financial subsidiary is a separate organization from the insured = state=20 nonmember bank and that the insured state nonmember bank is not=20 responsible for and does not guarantee the obligations of the = financial=20 subsidiary;

(3) The bank must adopt policies and procedures, including = appropriate=20 limits on exposure, to govern its participation in financing = transactions=20 underwritten by its financial subsidiary; and

(4) The bank must not express an opinion on the value or the=20 advisability of the purchase or sale of securities underwritten or = dealt=20 in by its financial subsidiary unless the bank notifies the = customer that=20 the entity underwriting, making a market, distributing or dealing = in the=20 securities is a financial subsidiary of the bank.

(e) Applications for exceptions to certain requirements. = Any=20 insured state nonmember bank that is unable to comply with the=20 well-managed requirement of =A7362.18(a)(1) and (c)(1), any state = nonmember=20 bank that has appropriate reasons for not meeting the financial = and=20 operational standards applicable to a financial subsidiary of a = national=20 bank conducting the same activities as provided in =A7362.18(c)(3) = or any=20 state nonmember bank and its financial subsidiary subject to the=20 securities underwriting activities requirements in =A7362.18(d) = that is=20 unable to meet such requirements may submit an application in = compliance=20 with =A7303.121 of this chapter to seek a waiver or modification = of such=20 requirements under the procedure in =A7303.122(b) of this chapter. = The FDIC=20 may impose additional prudential safeguards as are necessary as a=20 condition of its consent.

(f) Failure to meet requirements =97(1) Notification = by FDIC.=20 The FDIC will notify the insured state nonmember bank in = writing and=20 identify the areas of noncompliance, if:

(i) The FDIC finds that an insured state nonmember bank or any = of its=20 insured depository institution affiliates is not in compliance = with the=20 CRA requirement of =A7362.18(b) at the time any new activity is = commenced or=20 control of the financial subsidiary is acquired;

(ii) The FDIC finds that the facts to which an insured state = nonmember=20 bank certified under =A7362.18(a) are not accurate in whole or in = part;=20 or

(iii) The FDIC finds that the insured state nonmember bank or = any of=20 its insured depository institution affiliates or the financial = subsidiary=20 fails to meet or continue to comply with the requirements of = =A7362.18(c)=20 and (d), if applicable, and the FDIC has not granted an exception = under=20 the procedures set forth in =A7362.18(e) and in =A7303.122(b) of = this=20 chapter.

(2) Notification by state nonmember bank. An insured = state=20 nonmember bank that controls or holds an interest in a financial=20 subsidiary must promptly notify the FDIC if the bank becomes aware = that=20 any depository institution affiliate of the bank has ceased to be=20 well-capitalized.

(3) Subsequent action by FDIC. The FDIC may take any = appropriate=20 action or impose any limitations, including requiring that the = insured=20 state nonmember bank to divest control of any such financial = subsidiary,=20 on the conduct or activities of the insured state nonmember bank = or any=20 financial subsidiary of the insured state bank that fails to:

(i) Meet the requirements listed in =A7362.18(a) and (b) at the = time that=20 any new section 46 activity is commenced or control of a financial = subsidiary is acquired by an insured state nonmember bank; or

(ii) Meet and continue to meet the requirements listed in = =A7362.18(c)=20 and (d), as applicable.

(g) Coordination with section 24 of the Federal Deposit = Insurance=20 Act =97(1) Continuing authority under section 24. = Notwithstanding=20 =A7362.18(a) through (f), an insured state bank may retain its = interest in=20 any subsidiary:

(i) That was conducting a financial activity with authorization = in=20 accordance with section 24 of the Federal Deposit Insurance Act = (12 U.S.C.=20 1831a) and the applicable implementing regulation found in subpart = A of=20 this part 362 before the date on which any such activity became = for the=20 first time permissible for a financial subsidiary of a national = bank;=20 and

(ii) Which insured state nonmember bank and its subsidiary = continue to=20 meet the conditions and restrictions of the section 24 order or = regulation=20 approving the activity as well as other applicable law.

(2) Continuing authority under section 24(f) of the Federal = Deposit=20 Insurance Act. Notwithstanding =A7362.18(a) through (f), an = insured=20 state bank with authority under section 24(f) of the Federal = Deposit=20 Insurance Act (12 U.S.C. 1831a(f)) to hold equity securities may = continue=20 to establish new subsidiaries to engage in that investment = activity.

(3) Relief from conditions. Any state nonmember bank = that meets=20 the requirements of paragraph (g)(1) of this section or that is = subject to=20 section 46(b) of the Federal Deposit Insurance Act (12 U.S.C. = 1831w(b))=20 may submit an application in compliance with =A7303.121 of this = chapter and=20 seek the consent of the FDIC under the procedure in =A7303.122(b) = of this=20 chapter for modification of any conditions or restrictions the = FDIC=20 previously imposed in connection with a section 24 order or = regulation=20 approving the activity.

(4) New financial subsidiaries. Notwithstanding subpart = A of=20 this part 362, an insured state bank may not, on or after November = 12,=20 1999, acquire control of, or acquire an interest in, a financial=20 subsidiary that engages in activities as principal or commences = any new=20 activity under section 46(a) of the Federal Deposit Insurance Act = (12=20 U.S.C. 1831w) other than as provided in this section.

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Section = 508 / Accessibility

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