(a) To repurchase stock in the first year following conversion, other than repurchases under Sec. 192.510(a)(3) or (a)(4), you must file a written notice with the appropriate OCC licensing office if you are a Federal savings association and with the appropriate FDIC region if you are a state savings association. You must provide the following information:
(1) Your proposed repurchase program;
(2) The effect of the repurchases on your regulatory capital; and
(3) The purpose of the repurchases and, if applicable, an explanation of the extraordinary circumstances necessitating the repurchases.
(b) You must file your notice with the appropriate OCC licensing office if you are a Federal savings association and with the appropriate regional director of the FDIC if you are a state savings association at least ten days before you begin your repurchase program.
(c) You may not repurchase your shares if the appropriate Federal banking agency objects to your repurchase program. The appropriate Federal banking agency will not object to your repurchase program if:
(1) Your repurchase program will not adversely affect your financial condition;
(2) You submit sufficient information to evaluate your proposed repurchases;
(3) You demonstrate extraordinary circumstances and a compelling and valid business purpose for the share repurchases; and
(4) Your repurchase program would not be contrary to other applicable regulations.