A Bank may commence a new business activity:
(a) Sixty days after receipt by the FHFA of the notice of new business activity under Sec. 1272.3, if the FHFA has not issued to the Bank a notice as described in Sec. 1272.5(a)(1) through (4);
(b) In the case of the acceptance of collateral enumerated under Sec. 1266.7(a)(4) of this chapter, immediately upon receipt by the FHFA of a notice of new business activity under Sec. 1272.3; or
(c) Immediately upon issuance by the FHFA of a letter of approval under Sec. 1272.6.