Special provisions relating to certain companies affected by 1987 amendments

Official source

(A) Exception to 2-year grace period for achieving compliance Notwithstanding paragraph (1)(C), any company which received approval under subsection (e) of this section to acquire control of a savings association between March 5, 1987 , and August 10, 1987 , shall not continue any business activity other than an activity described in paragraph (2) after August 10, 1987 .

(B) Exemption for activities lawfully engaged in before March 5, 1987 Notwithstanding paragraph (1)(C) and subject to subparagraphs (C) and (D), any savings and loan holding company which received approval, before March 5, 1987 , under subsection (e) of this section to acquire control of a savings association may engage, directly or through any subsidiary (other than a savings association subsidiary of such company), in any activity in which such company or such subsidiary was lawfully engaged on such date.

(C) Termination of subparagraph (B) exemption The exemption provided under subparagraph (B) for activities engaged in by any savings and loan holding company or a subsidiary of such company (which is not a savings association) which would otherwise be prohibited under paragraph (1)(C) shall terminate with respect to such activities of such company or subsidiary upon the occurrence (after August 10, 1987 ) of any of the following: (i) The savings and loan holding company acquires control of a bank or an additional savings association (other than a savings association acquired pursuant to section 1823(c) or 1823(k) of this title or section 406(f) or 408(m) 3 of the National Housing Act [ 12 U.S.C. 1729(f) or 1730a(m)]). (ii) Any savings association subsidiary of the savings and loan holding company fails to qualify as a domestic building and loan association under section 7701(a)(19) of the Internal Revenue Code of 1986 [ 26 U.S.C. 7701(a)(19) ]. (iii) The savings and loan holding company engages in any business activity— (I) which is not described in paragraph (2); and (II) in which it was not engaged on March 5, 1987 . (iv) Any savings association subsidiary of the savings and loan holding company increases the number of locations from which such savings association conducts business after March 5, 1987 (other than an increase which occurs in connection with a transaction under section 1823(c) or (k) of this title or section 408(m) 3 of the National Housing Act. (v) Any savings association subsidiary of the savings and loan holding company permits any overdraft (including an intraday overdraft), or incurs any such overdraft in its account at a Federal Reserve bank, on behalf of an affiliate, unless such overdraft is the result of an inadvertent computer or accounting error that is beyond the control of both the savings association subsidiary and the affiliate.

(D) Order to terminate subparagraph (B) activity Any activity described in subparagraph (B) may also be terminated by the Board, after opportunity for hearing, if the Board determines, having due regard for the purposes of this chapter, that such action is necessary to prevent conflicts of interest or unsound practices or is in the public interest.

Special provisions relating to certain companies affected by 1987 amendments

Official source

- name: qualified_thrift_investment_percentage_threshold kind: parameter dtype: Rate source: 12 USC 1467a(m) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: qualified thrift investments equal or exceed 65 percent versions: - effective_from: '0001-01-01' formula: '0.65'

- name: qualified_thrift_monthly_average_required_months kind: parameter dtype: Count source: 12 USC 1467a(m) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: on a monthly average basis in 9 out of every 12 months versions: - effective_from: '0001-01-01' formula: '9'

- name: qualified_thrift_lender kind: derived entity: SavingsAssociation dtype: Judgment period: Month source: 12 USC 1467a(m) metadata: proof: atoms: - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/12/1467a - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: 65 percent - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: 9 out of every 12 months versions: - effective_from: '0001-01-01' formula: |- qualifies_as_domestic_building_and_loan_association or ( qualified_thrift_investments_divided_by_portfolio_assets >= qualified_thrift_investment_percentage_threshold and months_in_prior_twelve_meeting_monthly_average_requirement >= qualified_thrift_monthly_average_required_months )

- name: qualified_stock_issuance_voting_stock_limit kind: parameter dtype: Rate source: 12 USC 1467a(q) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: not more than 15 percent of the outstanding voting stock versions: - effective_from: '0001-01-01' formula: '0.15'

- name: qualified_stock_issuance kind: derived entity: SavingsAndLoanHoldingCompany dtype: Judgment period: Day source: 12 USC 1467a(q) metadata: proof: atoms: - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/12/1467a - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: not more than 15 percent versions: - effective_from: '0001-01-01' formula: >- issuer_is_undercapitalized_savings_association_or_qualifying_holding_company and shares_are_previously_unissued_or_treasury_shares and all_shares_purchased_by_registered_savings_and_loan_holding_company and board_approved_purchase and entire_consideration_paid_in_cash and acquiring_company_voting_stock_share_after_issuance <= qualified_stock_issuance_voting_stock_limit and not more_than_one_issuer_director_represents_acquiring_company and transactions_with_acquiring_company_subject_to_section_1468

- name: first_tier_report_penalty_daily_cap kind: parameter dtype: Money unit: USD source: 12 USC 1467a(r) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1467a excerpt: not more than $2,000 for each day versions: - effective_from: '0001-01-01' formula: '2000'

- name: second_tier_report_penalty_daily_cap kind: parameter dtype: Money unit: USD source: 12 USC 1467a(r) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1467a excerpt: not more than $20,000 for each day versions: - effective_from: '0001-01-01' formula: '20000'

- name: third_tier_report_penalty_fixed_daily_cap kind: parameter dtype: Money unit: USD source: 12 USC 1467a(r) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1467a excerpt: not more than $1,000,000 or 1 percent of total assets versions: - effective_from: '0001-01-01' formula: '1000000'

- name: third_tier_report_penalty_asset_share_cap kind: parameter dtype: Rate source: 12 USC 1467a(r) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: 1 percent of total assets versions: - effective_from: '0001-01-01' formula: '0.01'

- name: report_penalty_daily_cap kind: derived entity: SavingsAndLoanHoldingCompany dtype: Money period: Day unit: USD source: 12 USC 1467a(r) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1467a - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1467a excerpt: $2,000 ... $20,000 ... $1,000,000 or 1 percent versions: - effective_from: '0001-01-01' formula: >- if first_tier_report_violation_applies: first_tier_report_penalty_daily_cap else: if second_tier_report_violation_applies: second_tier_report_penalty_daily_cap else: if third_tier_report_violation_applies: min(third_tier_report_penalty_fixed_daily_cap, total_assets * third_tier_report_penalty_asset_share_cap) else: 0