§ 192.515 - Information to be filed with Federal banking agency prior to repurchase of shares.

§ 192.515 What information must I provide to the appropriate Information to be filed with Federal banking agency before I prior to repurchase my of shares?.

(a) Notice requirement. To repurchase stock in the first year following conversion, other than repurchases under § 192.510(a)(3) or (a)(4), you a savings association must file a written notice with the appropriate OCC licensing office if you are a Federal savings association Federally chartered, and with the appropriate FDIC region if you are a state State-chartered. The savings association . You must provide the following information:

(1) Your The proposed repurchase program;

(2) The effect of the repurchases on your the savings association's regulatory capital; and

(3) The purpose of the repurchases and, if applicable, an explanation of the extraordinary circumstances necessitating the repurchases.

(b) You Filing of notice. A Federal savings association must file your its notice with the appropriate OCC licensing office if you are a Federal , and a State savings association and must file its notice with the appropriate regional director of the FDIC if you are a state savings association , at least ten 10 calendar days before you begin your the savings association begins its repurchase program.

(c) You Agency review. A savings association may not repurchase your its shares if the appropriate Federal banking agency objects to your the repurchase program. The appropriate Federal banking agency will not object to your a repurchase program if:

(1) Your The repurchase program will not adversely affect your the savings association's financial condition;

(2) You submit The savings association submits sufficient information to evaluate your the proposed repurchases;

(3) You demonstrate The savings association demonstrates extraordinary circumstances and a compelling and valid business purpose for the share repurchases; and

(4) Your The repurchase program would not be contrary to other applicable regulations.