12 C.F.R. § 563.590 When will the OTS waive the prior notice requirement?
Title 12 - Banks and Banking
(a) Waiver request. (1) An individual may serve as a director or senior executive officer before filing a notice under this subpart if the OTS issues a written finding that: (i) Delay would threaten the safety or soundness of the savings association; (ii) Delay would not be in the public interest; or (iii) Other extraordinary circumstances exist that justify waiver of prior notice. (2) If the OTS grants a waiver, you must file a notice under this subpart within the time period specified by the OTS. (b) Automatic waiver. An individual may serve as a director before filing a notice under this subpart, if the individual was not nominated by management and the individual submits a notice under this subpart within seven days after election as a director. (c) Subsequent OTS action. The OTS may disapprove a notice within 30 days after the OTS issues a waiver under paragraph (a) of this section or within 30 days after the election of an individual who has filed a notice and is serving pursuant to an automatic waiver under paragraph (b) of this section.
Title 12: Banks and Banking
PART 563—SAVINGS ASSOCIATIONS—OPERATIONS
Subpart H—Notice of Change of Director or Senior Executive Officer
§ 563.590 When will the OTS waive the prior notice requirement?
