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us/statute/12/2903/c/1 — In general · Axiom

In general

An election by a bank holding company to become a financial holding company under section 1843 of this title shall not be effective if—

(A) the Board finds that, as of the date the declaration of such election and the certification is filed by such holding company under section 1843( l )(1)(C) 1 1 See References in Text note below. of this title, not all of the subsidiary insured depository institutions of the bank holding company had achieved a rating of “satisfactory record of meeting community credit needs”, or better, at the most recent examination of each such institution; and

(B) the Board notifies the company of such finding before the end of the 30-day period beginning on such date.

in view

Whole section

▸rulespec code

Shown source

statutes/12/2903.yaml

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Rules

financial_holding_company_election_notice_period_days

Parameter

source: 12 USC 2903(c)

- name: financial_holding_company_election_notice_period_days
  kind: parameter
  dtype: Count
  source: 12 USC 2903(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/2903
            excerpt: before the end of the 30-day period
  versions:
    - effective_from: '0001-01-01'
      formula: '30'

newly_acquired_institution_lookback_months

Parameter

source: 12 USC 2903(c)

- name: newly_acquired_institution_lookback_months
  kind: parameter
  dtype: Count
  source: 12 USC 2903(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/2903
            excerpt: during the 12-month period preceding the date of the submission
  versions:
    - effective_from: '0001-01-01'
      formula: '12'

newly_acquired_institution_exclusion_period_months

Parameter

source: 12 USC 2903(c)

- name: newly_acquired_institution_exclusion_period_months
  kind: parameter
  dtype: Count
  source: 12 USC 2903(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/2903
            excerpt: during the 12-month period beginning on the date of such acquisition
  versions:
    - effective_from: '0001-01-01'
      formula: '12'

newly_acquired_institution_may_be_excluded_from_rating_requirement

Derived

source: 12 USC 2903(c)

- name: newly_acquired_institution_may_be_excluded_from_rating_requirement
  kind: derived
  entity: InsuredDepositoryInstitution
  dtype: Judgment
  period: Month
  source: 12 USC 2903(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/12/2903
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/2903#newly_acquired_institution_lookback_months
            output: newly_acquired_institution_lookback_months
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/2903#newly_acquired_institution_exclusion_period_months
            output: newly_acquired_institution_exclusion_period_months
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        institution_acquired_during_lookback_period

        and institution_is_within_exclusion_period_beginning_on_acquisition

        and bank_holding_company_submitted_affirmative_plan_for_satisfactory_or_better_rating

        and appropriate_agency_accepted_affirmative_plan

        and newly_acquired_institution_lookback_months ==
        newly_acquired_institution_exclusion_period_months

financial_holding_company_election_ineffective_due_to_community_credit_rating

Derived

source: 12 USC 2903(c)

- name: financial_holding_company_election_ineffective_due_to_community_credit_rating
  kind: derived
  entity: BankHoldingCompany
  dtype: Judgment
  period: Day
  source: 12 USC 2903(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/12/2903
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/2903#financial_holding_company_election_notice_period_days
            output: financial_holding_company_election_notice_period_days
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        bank_holding_company_filed_financial_holding_company_election_declaration_and_certification

        and
        board_finds_not_all_nonexcluded_subsidiary_insured_depository_institutions_had_satisfactory_or_better_rating_at_most_recent_examination_as_of_filing

        and board_notified_company_of_finding_within_notice_period

        and financial_holding_company_election_notice_period_days == 30

▸citations (2)

References

This rule cites 2 other rules.

12 USC § 1843inferredUS Federal › Statutes › Title 12 › § 1843
12 USC § 1843 (l)(1)(C)inferredUS Federal › Statutes › Title 12 › § 1843 › (l)(1)(C)

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In general

Official source

An election by a bank holding company to become a financial holding company under section 1843 of this title shall not be effective if—

(B) the Board notifies the company of such finding before the end of the 30-day period beginning on such date.

in view

Whole section

▸rulespec code

Shown source

statutes/12/2903.yaml

Displaying the canonical repository encoding.

This encoding covers the parent provision us/statute/12/2903; no dedicated encoding exists for this exact provision yet.

View on GitHub

Rules

financial_holding_company_election_notice_period_days

Parameter

source: 12 USC 2903(c)

- name: financial_holding_company_election_notice_period_days
  kind: parameter
  dtype: Count
  source: 12 USC 2903(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/2903
            excerpt: before the end of the 30-day period
  versions:
    - effective_from: '0001-01-01'
      formula: '30'

newly_acquired_institution_lookback_months

Parameter

source: 12 USC 2903(c)

- name: newly_acquired_institution_lookback_months
  kind: parameter
  dtype: Count
  source: 12 USC 2903(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/2903
            excerpt: during the 12-month period preceding the date of the submission
  versions:
    - effective_from: '0001-01-01'
      formula: '12'

newly_acquired_institution_exclusion_period_months

Parameter

source: 12 USC 2903(c)

- name: newly_acquired_institution_exclusion_period_months
  kind: parameter
  dtype: Count
  source: 12 USC 2903(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/2903
            excerpt: during the 12-month period beginning on the date of such acquisition
  versions:
    - effective_from: '0001-01-01'
      formula: '12'

newly_acquired_institution_may_be_excluded_from_rating_requirement

Derived

source: 12 USC 2903(c)

- name: newly_acquired_institution_may_be_excluded_from_rating_requirement
  kind: derived
  entity: InsuredDepositoryInstitution
  dtype: Judgment
  period: Month
  source: 12 USC 2903(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/12/2903
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/2903#newly_acquired_institution_lookback_months
            output: newly_acquired_institution_lookback_months
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/2903#newly_acquired_institution_exclusion_period_months
            output: newly_acquired_institution_exclusion_period_months
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        institution_acquired_during_lookback_period

        and institution_is_within_exclusion_period_beginning_on_acquisition

        and bank_holding_company_submitted_affirmative_plan_for_satisfactory_or_better_rating

        and appropriate_agency_accepted_affirmative_plan

        and newly_acquired_institution_lookback_months ==
        newly_acquired_institution_exclusion_period_months

financial_holding_company_election_ineffective_due_to_community_credit_rating

Derived

source: 12 USC 2903(c)

- name: financial_holding_company_election_ineffective_due_to_community_credit_rating
  kind: derived
  entity: BankHoldingCompany
  dtype: Judgment
  period: Day
  source: 12 USC 2903(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/12/2903
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/12/2903#financial_holding_company_election_notice_period_days
            output: financial_holding_company_election_notice_period_days
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        bank_holding_company_filed_financial_holding_company_election_declaration_and_certification

        and
        board_finds_not_all_nonexcluded_subsidiary_insured_depository_institutions_had_satisfactory_or_better_rating_at_most_recent_examination_as_of_filing

        and board_notified_company_of_finding_within_notice_period

        and financial_holding_company_election_notice_period_days == 30

▸citations (2)

References

This rule cites 2 other rules.

12 USC § 1843inferredUS Federal › Statutes › Title 12 › § 1843
12 USC § 1843 (l)(1)(C)inferredUS Federal › Statutes › Title 12 › § 1843 › (l)(1)(C)