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Code of Federal Regulations (Last Updated: May 6, 2024) |
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Title 12 - Banks and Banking |
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Chapter II - Federal Reserve System |
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SubChapter A - Board of Governors of the Federal Reserve System |
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Part 238 - Savings and Loan Holding Companies (Regulation LL) |
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Subpart H - Notice of Change of Director or Senior Executive Officer |
§ 238.77 - Waiver of prior notice requirement.
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§ 238.77 Waiver of prior notice requirement.
(a) Waiver request. An individual may serve as a director or senior executive officer before filing a notice under this subpart if the Board or Reserve Bank finds that:
(1) Delay would threaten the safety or soundness of the savings and loan holding company;
(2) Delay would not be in the public interest; or
(3) Other extraordinary circumstances exist that justify waiver of prior notice.
(b) Automatic waiver. An individual may serve as a director upon election to the board of directors before filing a notice under this subpart, if the individual:
(1) Is not proposed by the management of the savings and loan holding company;
(2) Is elected as a new member of the board of directors at a meeting of the savings and loan holding company; and
(3) Provides to the appropriate Reserve Bank all the information required in § 238.74 within two (2) business days after the individual's election.
(c) Subsequent Board or Reserve Bank action. The Board or Reserve Bank may disapprove a notice within 30 days after the Board or Reserve Bank issues a waiver under paragraph (a) of this section or within 30 days after the election of an individual who has filed a notice and is serving pursuant to an automatic waiver under paragraph (b) of this section.