12 CFR 159.13 - How may a Federal savings association exercise its salvage power in connection with its service corporation or lower-tier entities?

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There is 1 rule appearing in the Federal Register for 12 CFR 159. View below or at eCFR (GPOAccess)
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§ 159.13 How may a Federal savings association exercise its salvage power in connection with its service corporation or lower-tier entities?
(a) In accordance with this section, a Federal savings association (“you”) may exercise your salvage power to make a contribution or a loan (including a guarantee of a loan made by any other person) to your service corporation or lower-tier entity (“salvage investment”) that exceeds the maximum amount otherwise permitted under law or regulation. You must notify the appropriate OCC licensing office at least 30 days before making such a salvage investment. This notice must demonstrate that:
(1) The salvage investment protects your interest in the service corporation or lower-tier entity;
(2) The salvage investment is consistent with safety and soundness; and
(3) You considered alternatives to the salvage investment and determined that such alternatives would not adequately satisfy paragraphs (a)(1) and (a)(2) of this section.
(b) If the OCC notifies you within 30 days that the Notice presents supervisory concerns, or raises significant issues of law or policy, you must apply for and receive the OCC's prior written approval under the standard treatment processing procedures at part 116, subparts A and E of this chapter before making a salvage investment.
(c) If your service corporation or lower-tier entity is a GAAP-consolidated subsidiary, your salvage investment under this section will be considered an investment in a subsidiary for purposes of part 167 of this chapter.

Title 12 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-02-28; vol. 79 # 40 - Friday, February 28, 2014
    1. 79 FR 11300 - Basel III Conforming Amendments Related to Cross-References, Subordinated Debt and Limits Based on Regulatory Capital
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Comptroller of the Currency
      Interim final rule and request for comments.
      This interim final rule is effective March 31, 2014. Comments must be received by March 31, 2014.
      12 CFR Parts 1, 4, 5, 16, 23, 24, 28, 32, 34, 46, 116, 143, 145, 159, 160, 161, 163 and 192

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

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United States Code

Title 12 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 159 after this date.

  • 2014-06-10; vol. 79 # 111 - Tuesday, June 10, 2014
    1. 79 FR 33260 - Integration of National Bank and Federal Savings Association Regulations: Licensing Rules
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Office of the Comptroller of the Currency
      Notice of proposed rulemaking.
      Comments must be received on or before August 11, 2014.
      12 CFR Parts 4, 5, 7, 14, 32, 34, 100, 116, 143, 144, 145, 146, 150, 152, 159, 160, 161, 162, 163, 174, 192, 193