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Qualifications
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 12 USC §72 imposes citizenship, residency and stock ownership requirements
on those who would be national bank directors. These requirements
may be waived by the OCC in certain circumstances. See the "Director
Waivers" booklet of the Comptroller's Licensing Manual
It
does not provide for any particular educational, experiential or character
qualifications. Nevertheless, the federal supervisory agencies mandate extensive background checks to
determine whether proposed officers, major shareholders and directors possess
the necessary "experience, competence, integrity,
character, financial ability, and willingness to direct and/or lead a banks
affairs in a safe, sound, and legal manner"
The
background checks performed are quite extensive. See the "Background
Investigations" booklet of the Comptroller's Licensing Manual for details
for the process and sample forms
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Changes in directors and sr executive officers
- Reg Y Subpart H Management
interlocks - Reg L Insider loans
- Reg O
Compensation and severance
Indemnification
Reports and public disclosure of indebtedness of executives
Agency Guidance
Regulations by agency
OCC
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 12
CFR Part 31
Extensions of credit to insiders and
transactions with affiliates
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31.2 Insider
lending restrictions and
reporting requirements
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Appendix A Interpretations
-
Appendix B Comparison of
selected
provisions of Part 31
and
Part 32
12 CFR
Part 5 Rules, policies, and procedures for
corporate activities
- Subpart D - Other changes in activities and operations
-
5.51 Changes in
directors and other senior officers
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FRB
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12 CFR
Part 215 Loans
to officers, directors and principal
shareholders of member banks
- Reg O 12 CFR
Part 225 Bank holding companies and change in
bank control Reg
Y
-
Subpart H Notice of
addition or change of
directors and
senior executive officers
12
CFR Part 250 Miscellaneous interpretations
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250.401 Director serving member bank and closed-end inv
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250.402 Service as officer, director, or employee
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250.403 Service of member bank and real estate
inv co
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250.404 Serving as director of member bank and
corp
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250.405 No exception granted a special or limited
partner
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250.406 Serving member bank and investment
advisor
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250.407 Interlocking relationship involving securities
affiliate
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FDIC
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12
CFR Part 303 Filing procedures
SEC_CODE_REF_0090001192884
 Subpart F Change in
director or senior executive officer
Subpart L Section 19 of the FDI Act (consent to
service
of
persons convicted of certain criminal
offenses)
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303.220 Scope
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303.221 Filing procedures
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303.222 Service at another insured depository
institution
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303.223 Applicant's right to hearing following
denial
12 CFR
Part 337 Unsafe and unsound banking practices
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337.3
Limits on extensions of credit
12
CFR Part 349
Reports and public disclosure of
indebtedness of executives
- 349.1 Purpose and scope
- 349.2 Definitions
- 349.3 Reports
- 349.4 Disclosure
12
CFR Part 359 Golden parachutes and indemnification
payments
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359.0 Scope
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359.1 Definitions
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359.2 Golden parachute payments prohibited
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359.3 Prohibited indemnification payments
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359.4 Permissible golden parachute payments
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359.5 Permissible indemnification payments
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359.6 Filing instructions
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359.7 Applicability in the event of
receivership
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OTS
Part
563 Savings associations - Operations
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563.33 Directors, officers, and employees
- 563.39 Employment contracts
- 563.43
Loans to their exec officers, dir, prin shareholders
- 563.190 Bonds for dir, officers, employees, and
agents
Subpart H Notice of
change of director or senior
executive officer
-
563.550 What does this subpart do?
-
563.555 Definitions
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563.560 Prior notice
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563.565 Filing of notice
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563.570 Information to include in notice
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563.575 Procedures governing OTS review
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563.580 Standards and procedures governing review
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563.585 Proposed Director or Senior Officer
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563.590 OTS waive prior
notice requirement
Part
563b Conversions from mutual to stock form
- Issues
regarding purchase of shares by officers and directors in a mutual to stock
conversion
- 563b.360
Officers, Director, and Associates
- 563b.370 OTS
limit aggregate purchases
- 563b.505
Freely trading shares by Dir, Officers and Assoc
- 563b.570
Address conflicts of interest
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NCUA
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12
CFR Part 701 Organization and operation of federal
credit unions
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701.14
Change in official or senior executive officer
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701.21 Loans and lines of credit to officials
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701.33 Reimbursement, insurance and indemnification
12
CFR Part 711 Management official interlocks
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711.1 Authority, purpose, and scope
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711.2 Definitions
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711.3 Prohibitions
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711.4 Interlocking relationships permitted by statute
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711.5 Small market share exemption
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711.6 General exemption
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711.7 Change in circumstances
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711.8 Enforcement
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