12 C.F.R. § 516.220 If OTS requests additional information to complete my application, how will it process my application?
Title 12 - Banks and Banking
(a) You may use the following chart to determine the procedure that applies to your submission of additional information under §516.210(a)(1): (b) OTS may extend the 15-day period referenced in paragraph (a)(1) of this section by up to 15 calendar days, if OTS requires the additional time to review your response. OTS will notify you that it has extended the period before the end of the initial 15-day period and will briefly explain why the extension is necessary. (c) If your response filed under paragraph (a)(1) of this section includes a request for a waiver of an informational requirement, your request for a waiver is granted if OTS fails to act on it within 15 calendar days after the filing of your response, unless OTS extends the review period under paragraph (b). If OTS extends the review period under paragraph (b), your request is granted if OTS fails to act on it by the end of the extended review period. [66 FR 13003, Mar. 2, 2001; 67 FR 3264, Jan. 23, 2002]
Title 12: Banks and Banking
PART 516—APPLICATION PROCESSING PROCEDURES
Subpart E—OTS Review
Standard Treatment
§ 516.220 If OTS requests additional information to complete my application, how will it process my application?
------------------------------------------------------------------------ If, within 30 calendar days after the date of OTS's request Then, OTS may * * And * * *.for additional information * * * *.------------------------------------------------------------------------(1) You file a response to all (i) Notify you in The applicable information requests * * *. writing within 15 review period days after the will begin on the filing date of date tha t OTS your response deems your that your application application is complete. complete * * * applicable to all response that your application is complete * * *. (ii) Notify you in You must respond writing within 15 to the additional calendar days information after the filing request within date of your the time period response that you required by OTS. must submit OTS will review additional your response information under the regarding matters procedures derived from or described in this prompted by section. information already furnished or any additional information information necessary to resolve the issues presented in your application * * *. (iii) Notify you OTS will not in writing within process your 15 calendar days application. after the filing date of your response that your application is materially deficient * * *. (iv) Take no Your application action within 15 is deemed calendar days complete. The after the filing applicable review date of your period will begin response * * *. on the day that the 15-day time period expires.(2) You request an extension of (i) Grant an You must fully time to file additional extension, in respond within information * * *. writing, the extended time specifying the period specified number of days by OTS. OTS will for the extension review your * * *. response under the procedures described under this section. (ii) Notify you in OTS will not writing that your process your extension request application is disapproved * further. You may * *. resubmit the application for processing as a new filing under the applicable regulation.(3) You fail to respond (i) Notify you in OTS will not completely * * *. writing that your process your application is application deemed withdrawn further. You may * * *. resubmit the application for processing as a new filing under the applicable regulation. (ii) Notify you, You must fully in writing, that respond within your response is the extended time incomplete and period specified extend the by OTS. OTS will response period, review your specifying the response under number of days the procedures for the respond described under extension * * *. this section.------------------------------------------------------------------------
