12 C.F.R. § 944.4 Decision on community support statements.
Title 12 - Banks and Banking
(a) Action on community support statements. The Finance Board shall act on each community support statement in accordance with the requirements of §944.3 within 75 calendar days of the date the Finance Board deems the community support statement to be complete. The Finance Board shall deem a community support statement complete when it has obtained all of the information required by this part and any other information it deems necessary to process the community support statement. If the Finance Board determines during the review process that additional information is necessary to process the community support statement, the Finance Board may deem the community support statement incomplete and stop the 75-day time period by providing written notice to the member. When the Finance Board receives the additional information, it shall again deem the community support statement complete and resume the 75-day time period where it stopped. The Finance Board shall have 10 calendar days in addition to the 75-day time period to act on a community support statement if the Finance Board receives the additional information on or after the seventieth day of the 75-day time period. (b) Decision on community support statements. The Finance Board shall provide written notice to the member and the member's Bank of its determination regarding the community support statement submitted by the member. The notice shall identify the reasons for the Finance Board's determination. [62 FR 28988, May 29, 1997, as amended at 65 FR 5739, Feb. 7, 2000; 65 FR 8262, Feb. 18, 2000; 70 FR 9510, Feb. 28, 2005]
Title 12: Banks and Banking
PART 944—COMMUNITY SUPPORT REQUIREMENTS
§ 944.4 Decision on community support statements.
