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e-CFR data is current as of December 3, 2020

Title 12Chapter IIISubchapter APart 303Subpart K → §303.205


Title 12: Banks and Banking
PART 303—FILING PROCEDURES
Subpart K—Prompt Corrective Action


§303.205   Applications for bonuses and increased compensation for senior executive officers.

(a) Scope. Any insured state nonmember bank or insured branch of a foreign bank that is significantly or critically undercapitalized, or any insured state nonmember bank or any insured branch of a foreign bank that is undercapitalized and which has failed to submit or implement in any material respect an acceptable capital restoration plan, shall submit an application to pay a bonus or increase compensation for any senior executive officer.

(b) Content of filing. Applications shall list each proposed bonus or increase in compensation, and for the latter shall identify compensation for each of the twelve calendar months preceding the calendar month in which the institution became undercapitalized. Applications also shall state the date the institution's capital restoration plan was accepted by the FDIC, and describe any progress made in implementing the plan.

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