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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
i Administrative remedies; request for reconsideration. The following requirements and procedures apply to any request under this paragraph i:
1 General. To request reconsideration of a stress capital buffer requirement, provided under paragraph h of this section, a covered savings and loan holding company must submit a written request for reconsideration.
2 Timing of request. A request for reconsideration of a stress capital buffer requirement, provided under paragraph h of this section, must be received within 15 calendar days of receipt of a notice of a covered savings and loan holding companys stress capital buffer requirement.
3 Contents of request. i A request for reconsideration must include a detailed explanation of why reconsideration should be granted that is, why a stress capital buffer requirement should be reconsidered.
With respect to any information that was not previously provided to the Federal Reserve in the covered savings and loan holding companys capital plan, the request should include an explanation of why the information should be considered.
ii A request for reconsideration may include a request for an informal hearing on the covered savings and loan holding companys request for reconsideration.
4 Hearing. i The Board may, in its sole discretion, order an informal hearing if the Board finds that a hearing is appropriate or necessary to resolve disputes regarding material issues of fact.
ii An informal hearing shall be held within 30 calendar days of a request, if granted, provided that the Board may extend this period upon notice to the requesting party.
5 Response to request. Within 30
calendar days of receipt of the covered savings and loan holding companys request for reconsideration of its stress capital buffer requirement submitted under paragraph i2 of this section or within 30 days of the conclusion of an informal hearing conducted under paragraph i4 of this section, the Board will notify the company of its decision to affirm or modify the covered savings and loan holding companys stress capital buffer requirement, provided that the Board may extend this period upon notice to the covered savings and loan holding company.
6 Distributions during the pendency of a request for reconsideration. During the pendency of the Boards decision under paragraph i5 of this section, the covered savings and loan holding company may make capital
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distributions that are consistent with effective distribution limitations, unless prior approval is required under paragraph j1 of this section.
j Approval requirements for certain capital actions1 Circumstances requiring approvalResubmission of a capital plan. Unless it receives prior approval pursuant to paragraph j3 of this section, a covered savings and loan holding company may not make a capital distribution excluding any capital distribution arising from the issuance of a capital instrument eligible for inclusion in the numerator of a regulatory capital ratio if the capital distribution would occur after the occurrence of an event requiring resubmission under paragraph e4iA or B of this section.
2 Contents of request. A request for a capital distribution under this section must contain the following information:
i The covered savings and loan holding companys capital plan or a discussion of changes to the covered savings and loan holding companys capital plan since it was last submitted to the Federal Reserve;
ii The purpose of the transaction;
iii A description of the capital distribution, including for redemptions or repurchases of securities, the gross consideration to be paid and the terms and sources of funding for the transaction, and for dividends, the amount of the dividends; and iv Any additional information requested by the Board or the appropriate Reserve Bank which may include, among other things, an assessment of the covered savings and loan holding companys capital adequacy under a severely adverse scenario, a revised capital plan, and supporting data.
3 Approval of certain capital distributions. i The Board, or the appropriate Reserve Bank with concurrence of the Board, will act on a request for prior approval of a capital distribution within 30 calendar days after the receipt of all the information required under paragraph j2 of this section.
ii In acting on a request for prior approval of a capital distribution, the Board, or appropriate Reserve Bank with concurrence of the Board, will apply the considerations and principles in paragraph g of this section, as appropriate. In addition, the Board, or the appropriate Reserve Bank with concurrence of the Board, may disapprove the transaction if the covered savings and loan holding company does not provide all of the information required to be submitted under paragraph j2 of this section.

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4 Disapproval and hearing. i The Board, or the appropriate Reserve Bank with concurrence of the Board, will notify the covered savings and loan holding company in writing of the reasons for a decision to disapprove any proposed capital distribution. Within 15
calendar days after receipt of a disapproval by the Board, the covered savings and loan holding company may submit a written request for a hearing.
ii The Board may, in its sole discretion, order an informal hearing if the Board finds that a hearing is appropriate or necessary to resolve disputes regarding material issues of fact. An informal hearing shall be held within 30 calendar days of a request, if granted, provided that the Board may extend this period upon notice to the requesting party.
iii Written notice of the final decision of the Board shall be given to the covered savings and loan holding company within 60 calendar days of the conclusion of any informal hearing ordered by the Board, provided that the Board may extend this period upon notice to the requesting party.
iv While the Boards decision is pending and until such time as the Board, or the appropriate Reserve Bank with concurrence of the Board, approves the capital distribution at issue, the covered savings and loan holding company may not make such capital distribution.
k Post notice requirement. A covered savings and loan holding company must notify the Board and the appropriate Reserve Bank within 15 days of making a capital distribution if:
1 The capital distribution was approved pursuant to paragraph j3 of this section; or 2 The dollar amount of the capital distribution will exceed the dollar amount of the covered savings and loan holding companys final planned capital distributions, as measured on an aggregate basis beginning in the fourth quarter of the planning horizon through the quarter at issue.
PART 252ENHANCED PRUDENTIAL
STANDARDS REGULATION YY
9. The authority citation for part 252
continues to read as follows:

Authority: 12 U.S.C. 321338a, 481486, 1467a, 1818, 1828, 1831n, 1831o, 1831pl, 1831w, 1835, 1844b, 1844c, 3101 et seq., 3101 note, 3904, 39063909, 4808, 5361, 5362, 5365, 5366, 5367, 5368, 5371.

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