Whether and what you must file with the OCC depends on whether you and your proposed capital distribution fall within certain criteria.
(a) Application required. ------------------------------------------------------------------------
(1) You are not eligible for expedited Must file an application with
treatment under Sec. 116.5 of this the OCC.
chapter.(2) The total amount of all of your Must file an application with
capital distributions (including the the OCC.
proposed capital distribution) for the
applicable calendar year exceeds your
net income for that year to date plus
your retained net income for the
preceding two years.(3) You would not be at least Must file an application with
adequately capitalized, as set forth the OCC.
in 12 CFR 6.4, following the
distribution.(4) Your proposed capital distribution Must file an application with
would violate a prohibition contained the OCC.
in any applicable statute, regulation,
or agreement between you and the OCC
or the OTS, or violate a condition
imposed on you in an application or
notice approved by the OCC or the OTS.------------------------------------------------------------------------
(b) Notice required. ------------------------------------------------------------------------
If you are not required to file anapplication under paragraph (a) of this Then you:
(1) You would not be well capitalized, Must file a notice with the
as set forth under 12 CFR 6.4, OCC.
following the distribution.(2) Your proposed capital distribution Must file a notice with the
would reduce the amount of or retire OCC.
any part of your common or preferred
stock or retire any part of debt
instruments such as notes or
debentures included in capital 12 CFR
part 3 or part 167, as applicable
(other than regular payments required
under a debt instrument approved under
Sec. 163.81).(3) You are a subsidiary of a savings Except as provided in (d), you
and loan holding company,. must file a notice with the
OCC.------------------------------------------------------------------------
(c) No prior notice required. ------------------------------------------------------------------------
------------------------------------------------------------------------If neither you nor your proposed Then you do not need to file a
capital distribution meet any of the notice or an application with
criteria listed in paragraphs (a) and the OCC before making a
(b) of this section. capital distribution.------------------------------------------------------------------------
(d) Informational copy of notice required. ------------------------------------------------------------------------
------------------------------------------------------------------------If you are a subsidiary of a stock Then you do not file a notice
savings and loan holding company that under (b)(3) but you must
is filing a notice with the Board of provide an informational copy
Governors of the Federal Reserve to the OCC of the notice filed
System (Board) for a cash divided with the Board, at the same
pursuant to 12 U.S.C. 1467a(f) and time it is filed with the
neither an application under (a), nor Board.
a notice under (b)(1) or (b)(2) is
required,------------------------------------------------------------------------ [76 FR 49047, Aug. 9, 2011, as amended at 79 FR 11317, Feb. 28, 2014]