12 C.F.R. Subpart B—Waivers, Approvals, No-Action Letters, and Regulatory Interpretations
Title 12 - Banks and Banking
(a) Authority. The Board of Directors reserves the right, in its discretion and in connection with a particular transaction or activity, to waive any provision, restriction, or requirement of this chapter, or any required submission of information, not otherwise required by law, if such waiver is not inconsistent with the law and does not adversely affect any substantial existing rights, upon a determination that application of the provision, restriction, or requirement would adversely affect achievement of the purposes of the Act, or upon a showing of good cause. (b) Application. A Bank, a Member, or the Office of Finance may apply for a Waiver in accordance with §907.6. [64 FR 30883, June 9, 1999, as amended at 65 FR 8257, Feb. 18, 2000] (a) Application. A Bank or the Office of Finance may apply for an Approval of any transaction, activity, or item that requires Finance Board approval under the Act or a Finance Board rule, regulation, policy, or order in accordance with §907.6, unless alternative application procedures are prescribed by the Act or a Finance Board rule, regulation, policy, or order for the transaction, activity, or item at issue. (b) Reservation. The Finance Board reserves the right, in its discretion, to prescribe additional or alternative procedures for any application for Approval of a transaction, activity, or item. [64 FR 30883, June 9, 1999, as amended at 65 FR 8257, Feb. 18, 2000] (a) Authority. Finance Board staff, in its discretion, may issue a No-Action Letter to a Bank or the Office of Finance stating that staff will not recommend supervisory or other action to the Board of Directors for failure to comply with a specific provision of the Act or a Finance Board rule, regulation, policy, or order, if a requester undertakes a proposed transaction or activity. The Board of Directors may modify or supersede a No-Action Letter. (b) Requests. A Bank or the Office of Finance may request a No-Action Letter in accordance with §907.6. [64 FR 30883, June 9, 1999, as amended at 65 FR 8257, Feb. 18, 2000] (a) Authority. Finance Board staff, in its discretion, may issue a Regulatory Interpretation to a Bank, a Member, an official of a Bank or Member, the Office of Finance, or any other entity or person, providing guidance with respect to application of the Act or a Finance Board rule, regulation, policy, or order to a proposed transaction or activity. The Board of Directors may modify or supersede a Regulatory Interpretation. (b) Requests. A Bank, a Member, an official of a Bank or Member, the Office of Finance, or any other entity or person may request a Regulatory Interpretation in accordance with §907.6. [64 FR 30883, June 9, 1999, as amended at 65 FR 8257, Feb. 18, 2000] Applications for a Waiver or Approval and requests for a No-Action Letter or Regulatory Interpretation shall comply with the following requirements: (a) Filing. Each application or request shall be in writing. The original and three copies shall be filed with the Secretary to the Board, Federal Housing Finance Board, 1777 F Street NW., Washington, DC 20006. (b) Authorization—(1) Waivers and Approvals. Applications for Waivers and Approvals shall be signed by an official with authority to sign such applications on behalf of the requester. Applications for Waivers and Approvals from a Bank or the Office of Finance shall be accompanied by a resolution of the board of directors of the Bank or the Office of Finance concurring in the substance and authorizing the filing of the application. (2) Requests for No-Action Letters. The president of the Bank making a Request for a No-Action Letter shall sign the Request. Requests for a No-Action Letter from the Office of Finance shall be signed by the chairperson of the board of directors of the Office of Finance. (3) Requests for Regulatory Interpretations. The requester or an authorized representative of the requester shall sign a request for a Regulatory Interpretation. (c) Information requirements. Each application or request shall contain: (1) The name of the requester, and the name, title, address, telephone number, and electronic mail address, if any, of the official filing the application or request on its behalf; (2) The name, address, telephone number, and electronic mail address, if any, of a contact person from whom Finance Board staff may seek additional information if necessary; (3) The section numbers of the particular provisions of the Act or Finance Board rules, regulations, policies, or orders to which the application or request relates; (4) Identification of the determination or relief requested, including any alternative relief requested if the primary relief is denied, and a clear statement of why such relief is needed; (5) A statement of the particular facts and circumstances giving rise to the application or request and identifying all relevant legal and factual issues; (6) References to all relevant authorities, including the Act, Finance Board rules, regulations, policies, and orders, judicial decisions, administrative decisions, relevant statutory interpretations, and policy statements; (7) References to any Waivers, No-Action Letters, Approvals, or Regulatory Interpretations issued to the requester in the past in response to circumstances similar to those surrounding the request or application; (8) For any application or request involving interpretation of the Act or Finance Board regulations, a reasoned opinion of counsel supporting the relief or interpretation sought and distinguishing any adverse authority; (9) Any non-duplicative, relevant supporting documentation; and (10) A certification by a person with knowledge of the facts that the representations made in the application or request are accurate and complete. The following form of certification is sufficient for this purpose: “I hereby certify that the statements contained in the submission are true and complete to the best of my knowledge. [Name and Title].” (d) Waiver of requirements. The Managing Director may waive any requirement of this section for good cause. The Managing Director shall provide prompt notice of any such waiver to the Board of Directors. The Board of Directors may overrule any waiver granted by the Managing Director under this paragraph. (e) Withdrawal. Once filed, an application or request may be withdrawn only upon written request. The Finance Board will not consider a request for withdrawal after transmission by the Secretary to the Board to the requester of a response in final form. [64 FR 30883, June 9, 1999, as amended at 65 FR 8257, Feb. 18, 2000; 67 FR 12844, Mar. 20, 2002] (a) Board of Directors review. At least three business days prior to issuance to the requester, the Secretary to the Board shall transmit each Approval, No-Action Letter, or Regulatory Interpretation issued by the Chairperson or Finance Board staff to the Board of Directors for review. (b) Issuance and effectiveness. A Waiver, Approval, No-Action Letter, or Regulatory Interpretation is not effective until the Secretary to the Board has transmitted it in final form to the requester. (c) Abbreviated form. The Finance Board may respond to an application or request in an abbreviated form, consisting of a concise statement of the nature of the response, without restatement of the underlying facts.
Title 12: Banks and Banking
PART 907—PROCEDURES
Subpart B—Waivers, Approvals, No-Action Letters, and Regulatory Interpretations
§ 907.2 Waivers.
§ 907.3 Approvals.
§ 907.4 No-Action Letters.
§ 907.5 Regulatory Interpretations.
§ 907.6 Submission requirements.
§ 907.7 Issuance of Waivers, Approvals, No-Action Letters, and Regulatory Interpretations.
