12 C.F.R. Subpart E—OTS Review
Title 12 - Banks and Banking
Source: 66 FR 13003, Mar. 2, 2001, unless otherwise noted.
If you are eligible for expedited treatment and you have appropriately filed your notice with OTS, you may engage in the proposed activities upon the expiration of 30 days after the filing date of your notice, unless OTS takes one of the following actions before the expiration of that time period: (a) OTS notifies you in writing that you must file additional information supplementing your notice. If you are required to file additional information, you may engage in the proposed activities upon the expiration of 30 calendar days after the date you file the additional information, unless OTS takes one of the actions described in paragraphs (b) through (d) of this section before the expiration of that time period; (b) OTS notifies you in writing that your notice is subject to standard treatment under this subpart. OTS will subject your notice to standard treatment if it raises a supervisory concern, raises a significant issue of law or policy, or requires significant additional information; (c) OTS notifies you in writing that it is suspending the applicable time frames under §516.190; or (d) OTS notifies you that it disapproves your notice.
Title 12: Banks and Banking
PART 516—APPLICATION PROCESSING PROCEDURES
Subpart E—OTS Review
Expedited Treatment
§ 516.200 If I file a notice under expedited treatment, when may I engage in the proposed activities?
Standard Treatment
§ 516.210 What will OTS do after I file my application?
(a) OTS action. Within 30 calendar days after the filing date of your application, OTS will take one of the following actions:
------------------------------------------------------------------------ If OTS * * * Then * * *------------------------------------------------------------------------(1) Notifies you, in writing, that your The applicable review period application is complete * * *. will begin on the date that OTS deems your application complete.(2) Notifies you, in writing, that you You must submit the required must submit addition information to additional information under complete your application * * *. § 516.220.(3) Notifies you, in writing, that your OTS will not process your application is materially deficient * application. * *.(4) Takes no action * * *.............. Your application is deemed complete. The applicable review period will begin on the day the 30-day time period expires.------------------------------------------------------------------------
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(b) Waiver requests. If your application includes a request for waiver of an information requirement under §516.25(b), and OTS has not notified you that you must submit additional information under paragraph (a)(2) of this section, your request for waiver is granted. § 516.220 If OTS requests additional information to complete my application, how will it process my application?(a) You may use the following chart to determine the procedure that applies to your submission of additional information under §516.210(a)(1): |
------------------------------------------------------------------------ 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.------------------------------------------------------------------------
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(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] § 516.230 Will OTS conduct an eligibility examination?(a) Eligibility examination. OTS may notify you at any time before it deems your application complete that it will conduct an eligibility examination. If OTS decides to conduct an eligibility examination, it will not deem your application complete until it concludes the examination. (b) Additional information. OTS may, as a result of the eligibility examination, notify you that you must submit additional information to complete your application. If so, you must respond to the additional information request within the time period required by OTS. OTS will review your response under the procedures described in §516.220. § 516.240 What may OTS require me to do after my application is deemed complete?After your application is deemed complete, but before the end of the applicable review period, (a) OTS may require you to provide additional information if the information is necessary to resolve or clarify the issues presented by your application. (b) OTS may determine that a major issue of law or a change in circumstances arose after you filed your application, and that the issue or changed circumstances will substantially effect your application. If OTS identifies such an issue or changed circumstances, it may: (1) Notify you, in writing, that your application is now incomplete and require you to submit additional information to complete the application under the procedures described at §516.220; and (2) Require you to publish a new public notice of your application under §516.250. § 516.250 Will OTS require me to publish a new public notice?(a) If your application was subject to a publication requirement, OTS may require you to publish a new public notice of your application if: (1) You submitted a revision to the application, you submitted new or additional information, or a major issue of law or a change in circumstances arose after the filing of your application; and (2) OTS determines that additional comment on these matters is appropriate because of the significance of the new information or circumstances. (b) OTS will notify you in writing if you must publish a new public notice of your revised application. (c) If you are required to publish a new public notice of your revised application, you must notify OTS after you publish the new public notice. § 516.260 May OTS suspend processing of my application?(a) Suspension. OTS may, at any time, indefinitely suspend processing of your application if: (1) OTS, another governmental entity, or a self-regulatory trade or professional organization initiates an investigation, examination, or administrative proceeding that is relevant to OTS's evaluation of your application; (2) You request the suspension or there are other extraordinary circumstances that have a significant impact on the processing of your application. (b) Notice. OTS will promptly notify you, in writing, if it suspends your application. § 516.270 How long is the OTS review period?(a) General. The applicable OTS review period is 60 calendar days after the date that your application is deemed complete, unless an applicable OTS regulation specifies a different review period. (b) Multiple applications. If you submit more than one application in connection with a proposed action or if two or more applicants submit related applications, the applicable review period for all applications is the review period for the application with the longest review period, subject to statutory review periods. (c) Extensions. (1) OTS may extend the review period for up to 30 calendar days beyond the period described in paragraph (a) or (b) of this section. OTS must notify you in writing of the extension and the duration of the extension. OTS must issue the written extension before the end of the review period. (2) OTS may also extend the review period as needed until it acts on the application, if the application presents a significant issue of law or policy that requires additional time to resolve. OTS must notify you in writing of the extension and the general reasons for the extension. OTS must issue the written extension before the end of the review period, including any extension of that period under paragraph (c)(1) of this section. This section applies to applications and notices filed under §575.3(b) and part 574 of this chapter. § 516.280 How will I know if my application has been approved?(a) OTS approval or denial. (1) OTS will approve or deny your application before the expiration of the applicable review period, including any extensions of the review period. (2) OTS will promptly notify you in writing of its decision to approve or deny your application. (b) No OTS action. If OTS fails to act under paragraph (a)(1) of this section, your application is approved. § 516.290 What will happen if OTS does not approve or disapprove my application within two calendar years after the filing date?(a) Withdrawal. If OTS has not approved or denied your pending application within two calendar years after the filing date under §516.45, OTS will notify you, in writing, that your application is deemed withdrawn unless OTS determines that you are actively pursuing a final OTS determination on your application. You are not actively pursuing a final OTS determination if you have failed to timely take an action required under this part, including filing required additional information, or OTS has suspended processing of your application under §516.260 based on circumstances that are, in whole or in part, within your control and you have failed to take reasonable steps to resolve these circumstances. (b) Effective date. This section is effective July 1, 2001. Browse Previous |
