§ 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.