12 CFR 543.2 - Application for permission to organize.
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(a) General. Recommendations by employees of the OTS regarding applications for permission to organize a Federal savings association are privileged, confidential, and subject to § 510.5 (b) and (c) of this chapter.
(1) The applicant must publish a public notice of the application to organize in accordance with the procedures specified in subpart B of part 516 of this chapter.
(2) Promptly after publication, the applicant(s) shall transmit copies of each notice and publisher's affidavit of publication in the same manner as the original filing.
(3) The OTS shall give notice of the application to the State official who supervises savings associations in the State in which the new association is to be located.
(4) Any person may inspect the application and all related communications at the Regional Office during regular business hours, unless such information is exempt from public disclosure.
(e) Submission of comments. Commenters may submit comments on the application in accordance with the procedures specified in subpart C of part 516 of this chapter.
(f) Meetings. OTS may arrange a meeting in accordance with the procedures in subpart D of part 516 of this chapter.
(iv) Whether the association can be established without undue injury to properly conducted existing local thrift and home financing institutions;
(v) Whether the association will perform a role of providing credit for housing consistent with safe and sound operation of a Federal savings association; and
(vi) Whether the factors set forth in § 543.3 are met, in the case of an application that would result in the formation of a de novo association, as defined in § 543.3(a).
(i) Receipt by the Office of written confirmation from the Federal Deposit Insurance Corporation that the accounts of the Federal savings association will be insured by the Federal Deposit Insurance Corporation;
(ii) A minimum amount of capital to be paid into the association's accounts prior to commencing business;
(A) The applicants have complied in all respects with the Act and these rules and regulations regarding organization of a Federal savings association;
(B) The applicants have incurred no expense in forming the association which is chargeable to it, and no such expense will be incurred;
(E) The committee will organize the association and serve as temporary officers of the association until officers are elected by the association's board of directors under § 543.6 of this part; and
(F) No funds will be accepted for deposit by the association until organization has been completed; and
(1) Applications for permission to organize an interim Federal savings association are not subject to paragraphs (d), (e), (f) or (g)(2) of this section.
(2) Approval of an application for permission to organize an interim Federal savings association shall be conditioned on approval by the Office of an application to merge the interim Federal savings association and an existing insured stock association or on approval by the Office of such other transaction which the interim was chartered to facilitate. In evaluating the application, the Director or his or her designee will consider the purpose for which the association will be organized, the form of any proposed transactions involving the organizing association, the effect of the transactions on existing associations involved in the transactions, and the factors specified in section § 543.2(g)(1) to the extent relevant.
Title 12 published on 2014-01-01
no entries appear in the Federal Register after this date.