(a) Filing application. Except as provided in section 225.14, an application for the Board’s
prior approval under this subpart shall be governed
by the provisions of this section and shall be filed with the appropriate
Reserve Bank on the designated form.
(b) Notice to primary banking supervisor. Upon
receipt of an application under this subpart, the Reserve Bank shall
promptly furnish notice and a copy of the application to the primary
banking supervisor of the bank to be acquired. The primary supervisor
shall have 30 calendar days from the date of the letter giving notice
in which to submit its views and recommendations to the Board.
(c) Accepting application for processing. Within 7 business days after the Reserve Bank receives an application
under this section, the Reserve Bank shall accept it for processing
as of the date the application was filed or return the application
if it is substantially incomplete. Upon accepting an application,
the Reserve Bank shall immediately send copies to the Board. The Reserve
Bank or the Board may request additional information necessary to
complete the record of an application at any time after accepting
the application for processing.
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(d) Action on applications.
(1) Action under
delegated authority. The Reserve Bank shall approve an application
under this section within 30 calendar days after the acceptance date
for the application, unless the Reserve Bank, upon notice to the applicant,
refers the application to the Board for decision because action under
delegated authority is not appropriate.
(2) Board action. The Board shall act on an application under this subpart that is
referred to it for decision within 60 calendar days after the acceptance
date for the application, unless the Board notifies the applicant
that the 60-day period is being extended for a specified period and
states the reasons for the extension. In no event may the extension
exceed the 91-day period provided in section 225.16(f). The Board
may, at any time, request additional information that it believes
is necessary for its decision.
