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§ 4622. —  Capital restoration plans.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC4622]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
   SUBCHAPTER II--REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL 
                           ENFORCEMENT POWERS
 
Sec. 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 
enterprise subject to the plan to an amount not less than the minimum 
capital level for the enterprise and for restoring the total capital of 
the enterprise to an amount not less than the risk-based capital level 
for the enterprise. Each capital restoration plan shall--
        (1) specify the level of capital the enterprise will achieve and 
    maintain;
        (2) describe the actions that the enterprise 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 enterprise will engage 
    during the term of the plan; and
        (5) describe the actions that the enterprise 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 enterprise 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 enterprise 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 enterprise, the enterprise 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.

(Pub. L. 102-550, title XIII, Sec. 1369C, Oct. 28, 1992, 106 Stat. 
3985.)

                  Section Referred to in Other Sections

    This section is referred to in sections 4615, 4616 of this title.



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