(a) Issuance. Within sixty days after receipt of a notice of new business activity under Sec. 1272.3, the FHFA may issue to a Bank a notice that:
(1) Disapproves the new business activity;
(2) Instructs the Bank not to commence the new business pending further consideration by the FHFA;
(3) Declares an intent to examine the Bank;
(4) Requests additional information including but not limited to the requests listed in Sec. 1272.7;
(5) Establishes conditions for the FHFA's approval of the new business activity, including but not limited to the conditions listed in Sec. 1272.7; or
(6) Contains other instructions or information that the FHFA deems appropriate under the circumstances.
(b) Effect. Following receipt of a notice issued pursuant to paragraph (a) of this section, a Bank may not undertake any new business activity that is the subject of the notice until the Bank has received the FHFA's consent pursuant to Sec. 1272.6.