12 C.F.R. Subpart A—Obtaining Fiduciary Powers
Title 12 - Banks and Banking
You should refer to the following chart to determine if you must obtain OTS approval or file a notice with OTS before you exercise fiduciary powers. This chart does not apply to activities that are exempt under subpart E of this part. [67 FR 76298, Dec. 12, 2002; 68 FR 2108, Jan. 15, 2003, as amended at 68 FR 75109, Dec. 30, 2003] You must file an application under part 516, subparts A and E of this chapter. [66 FR 13006, Mar. 2, 2001] You must describe the fiduciary powers that you or your affiliate will exercise. You must also include information necessary to enable the OTS to make the determinations described in §550.100. The OTS may consider the following factors when reviewing your application: (a) Your financial condition. (b) Your capital and whether that capital is sufficient under the circumstances. (c) Your overall performance. (d) The fiduciary powers you propose to exercise. (e) Your proposed supervision of those powers. (f) The availability of legal counsel. (g) The needs of the community to be served. (h) Any other facts or circumstances that the OTS considers proper. The Director of OTS may act on any application. The Regional Director may act on an application if it does not raise any significant issues of law or policy on which the OTS has not taken a formal position. The OTS may approve or deny your application. If your application is approved, the OTS may impose conditions to ensure that the requirements of this part are met. (a) If you are required to file a notice under §550.70(c), within ten days after you commence the fiduciary activities in a new State, you must file a written notice that identifies each new State in which you conduct or will conduct fiduciary activities, describe the fiduciary activities that you conduct or will conduct in each new State, and provide sufficient information supporting a conclusion that the activities are permissible in the State. (b) You must file the notice with the appropriate OTS Regional Office at the address in §516.40(a) of this chapter. [67 FR 76299, Dec. 12, 2002]
Title 12: Banks and Banking
PART 550—FIDUCIARY POWERS OF SAVINGS ASSOCIATIONS
Subpart A—Obtaining Fiduciary Powers
§ 550.70 Must I obtain OTS approval or file a notice before I exercise fiduciary powers?
------------------------------------------------------------------------ If you will conduct . . . Then . . .------------------------------------------------------------------------(a) Fiduciary activities for the first You must obtain prior approval time and OTS has not previously from OTS under §§ approved an application that you 550.80 through 550.120 before submitted under this part. you conduct the activities(b) Fiduciary activities that are You must obtain prior approval materially different from the from OTS under §§ activities that OTS has previously 550.80 through 550.120 before approved for you, including fiduciary you conduct the activities activities that OTS has previously approved for you that you have not exercised for at least five years.(c) Fiduciary activities that are not You must file a written notice materially different from the described at § 550.125 if activities that OTS has previously you commence the activities in approved for you. a new State. You do not need to file a written notice if you commence the activities at a new location in a State where you already conduct these activities.(d) Activities that are ancillary to You do not have to obtain prior your fiduciary business. OTS approval or file a notice with OTS.------------------------------------------------------------------------
§ 550.80 How do I obtain OTS approval?
§ 550.90 What information must I include in my application?
§ 550.100 What factors may the OTS consider in its review of my application?
§ 550.110 Who will act on my application?
§ 550.120 What action will the OTS take on my application?
§ 550.125 How do I file the notice under §550.70(c)?
