12 U.S. Code § 4622 - Capital restoration plans

(a) Contents
Each capital restoration plan submitted under this subchapter shall set forth a feasible plan for restoring the core capital of the regulated entity subject to the plan to an amount not less than the minimum capital level for the regulated entity and for restoring the total capital of the regulated entity to an amount not less than the risk-based capital level for the regulated entity. Each capital restoration plan shall—
(1) specify the level of capital the regulated entity will achieve and maintain;
(2) describe the actions that the regulated entity will take to become classified as adequately capitalized;
(3) establish a schedule for completing the actions set forth in the plan;
(4) specify the types and levels of activities (including existing and new programs) in which the regulated entity will engage during the term of the plan; and
(5) describe the actions that the regulated entity will take to comply with any mandatory and discretionary requirements imposed under this subchapter.
(b) Deadlines for submission
The Director shall, by regulation, establish a deadline for submission of a capital restoration plan, which may not be more than 45 days after the regulated entity is notified in writing that a plan is required. The regulations shall provide that the Director may extend the deadline to the extent that the Director determines it necessary. Any extension of the deadline shall be in writing and for a time certain.
(c) Approval
The Director shall review each capital restoration plan submitted under this section and, not later than 30 days after submission of the plan, approve or disapprove the plan. The Director may extend the period for approval or disapproval for any plan for a single additional 30-day period if the Director determines it necessary. The Director shall provide written notice to any regulated entity submitting a plan of the approval or disapproval of the plan (which shall include the reasons for any disapproval of the plan) and of any extension of the period for approval or disapproval.
(d) Resubmission
If the Director disapproves the initial capital restoration plan submitted by the regulated entity, the regulated entity shall submit an amended plan acceptable to the Director within 30 days or such longer period that the Director determines is in the public interest.

Source

(Pub. L. 102–550, title XIII, § 1369C,Oct. 28, 1992, 106 Stat. 3985; Pub. L. 110–289, div. A, title I, § 1145(b)(2),July 30, 2008, 122 Stat. 2767.)
Amendments

2008—Pub. L. 110–289substituted “regulated entity” for “enterprise” wherever appearing.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


12 CFR - Banks and Banking

12 CFR Part 1229 - CAPITAL CLASSIFICATIONS AND PROMPT CORRECTIVE ACTION

12 CFR Part 1777 - PROMPT CORRECTIVE ACTION

24 CFR - Housing and Urban Development

24 CFR Part 81 - THE SECRETARY OF HUD'S REGULATION OF THE FEDERAL NATIONAL MORTGAGE ASSOCIATION (FANNIE MAE) AND THE FEDERAL HOME LOAN MORTGAGE CORPORATION (FREDDIE MAC)

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.