Source: https://www.ecfr.gov/cgi-bin/text-idx?mc=true&node=pt12.4.264a&rgn=div5
Timestamp: 2020-01-27 10:43:35
Document Index: 49015035

Matched Legal Cases: ['art 264', '§264', '§264', '§264', '§264', '§264', '§264', '§264', '§264', '§264']

Title 12 → Chapter II → Subchapter A → Part 264a
§264a.1 What is the purpose and scope of this part?
§264a.2 Who is considered a senior examiner of the Federal Reserve?
§264a.3 What special post-employment restrictions apply to senior examiners?
§264a.4 When do these special restrictions become effective and may they be waived?
§264a.5 What are the penalties for violating these special post-employment restrictions?
§264a.6 What other definitions and rules of construction apply for purposes of this part?
Source: 70 FR 69638, Nov. 17, 2005, unless otherwise noted.
For purposes of this part, an officer or employee of the Federal Reserve is considered to be the “senior examiner” for a particular state member bank, bank holding company, savings and loan holding company, or foreign bank if—
(b) The officer or employee has been assigned continuing, broad and lead responsibility for examining or inspecting the state member bank, bank holding company, savings and loan holding company, or foreign bank; and
(c) The officer's or employee's responsibilities for examining, inspecting and supervising the state member bank, bank holding company, savings and loan holding company, or foreign bank—
(2) Require the officer or employee to interact routinely with officers or employees of the state member bank, bank holding company, savings and loan holding company, or foreign bank or its affiliates.
[76 FR 56605, Sept. 13, 2011]
(d) Senior Examiners of Savings and Loan Holding Companies. An officer or employee of the Federal Reserve who serves as the senior examiner of a savings and loan holding company for two or more months during the last twelve months of such individual's employment with the Federal Reserve may not, within one year of leaving the employment of the Federal Reserve, knowingly accept compensation as an employee, officer, director or consultant from—
(1) The savings and loan holding company; or
(2) Any depository institution that is controlled by the savings and loan holding company.
The post-employment restrictions set forth in section 10(k) of the FDI Act and §264a.3 do not apply to any officer or employee of the Federal Reserve, or any former officer or employee of the Federal Reserve, if—
(a) Penalties under section 10(k) of FDI Act. A senior examiner of the Federal Reserve who, after leaving the employment of the Federal Reserve, violates the restrictions set forth in §264a.3 shall, in accordance with section 10(k)(6) of the FDI Act, be subject to one or both of the following penalties—
(i) Removing the individual from office or prohibiting the individual from further participation in the affairs of the relevant state member bank, bank holding company, savings and loan holding company, foreign bank or other depository institution or company for a period of up to five years; and
(e) Other penalties. The penalties set forth in paragraph (a) of this section are not exclusive, and a senior examiner who violates the restrictions in §264a.3 also may be subject to other administrative, civil or criminal remedies or penalties as provided in law.
(c) Control has the meaning given in section 2 of the Bank Holding Company Act, with respect to banking holding companies, and has the meaning given in section 10 of the Home Owners' Loan Act, with respect to savings and loan holding companies.
(h) Savings and loan holding company means any company that controls a savings association (as provided in section 10 of the Home Owners' Loan Act (12 U.S.C. 1461 et seq.))