[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR265.6]

[Page 781-783]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 265--RULES REGARDING DELEGATION OF AUTHORITY--Table of Contents
 
Sec. 265.6  Functions delegated to General Counsel.

    The Board's general counsel (or the general counsel's delegee) is 
authorized:
    (a) Procedure--(1) Reconsideration of Board action. Pursuant to 
Sec. 262.3(i) of this chapter (Rules of Procedure) to determine whether 
or not to grant a request for reconsideration or whether to deny a 
request for stay of the effective date of any action taken by the Board 
with respect to an action as provided in that part.
    (2) Public meetings. To order, after consulting with the directors 
of other interested divisions of the Board and the appropriate Reserve 
Bank, that a public meeting or other proceeding be held, under 
Sec. 262.25 of the Board's Rules of Procedure (12 CFR part 262), in 
connection with any application or notice filed with the Board, and to 
designate the presiding officer in the proceeding under terms and 
conditions the General Counsel deems appropriate.
    (3) Designation of Board counsel for hearings. To designate Board 
staff attorneys as Board counsel in any proceeding ordered by the Board 
in accordance with Sec. 263.6 of the Board's Rules of Practice for 
Hearings (12 CFR part 263).
    (4) Oaths, depositions, subpoenas. To take, or authorize designated 
persons to take, with the concurrence of the Director of the Division of 
Banking Supervision and Regulation, actions permitted under 12 U.S.C. 
1818(n), 1820(c), and 12 U.S.C. 1844(f), including administering oaths 
and affirmations, taking depositions, and issuing, revoking, quashing, 
or modifying subpoenas duces tecum.
    (b) Availability of Information--(1) FOIA requests. To make 
available information of the Board of the nature and in the 
circumstances described in the Board's Rules Regarding Availability of 
Information (12 CFR part 261).
    (2) Disclosure to foreign authorities. To make the determinations 
required for disclosure of information to a foreign bank regulatory or 
supervisory authority, and to obtain, to the extent necessary, the 
agreement of such authority to maintain the confidentiality of such 
information to the extent possible under applicable law.
    (3) Assistance to foreign authorities. To approve requests for 
assistance from any foreign bank regulatory or supervisory authority 
that is conducting an investigation regarding violations of any law or 
regulation relating to banking matters or currency transactions 
administered or enforced by such authority, and to make the 
determinations required for any investigation or collection of 
information and evidence pertinent to such request. In deciding whether 
to approve requests for assistance under this paragraph, the General 
Counsel shall consider:
    (i) Whether the requesting authority has agreed to provide 
reciprocal assistance with respect to banking matters within the 
jurisdiction of any appropriate Federal banking agency;
    (ii) Whether compliance with the request would prejudice the public 
interest of the United States; and
    (iii) Whether the request is consistent with the requirement that 
the Board conduct any such investigation in compliance with the laws of 
the United States and the policies and procedures of the Board.
    (c) Bank holding companies; Change in bank control; Mergers--(1) 
Control determinations under section 2(g) of BHC Act. To determine 
whether a company that

[[Page 782]]

transfers shares under section 2(g) of the Bank Holding Company Act (12 
U.S.C. 1841(g)) is incapable of controlling the transferee.
    (2) Control determinations under section 4(c)(8) of BHC Act. To 
determine, or issue an order for a hearing to determine, whether a 
company engaged in financial, fiduciary, or insurance activities falls 
within the exemption in section 4(c)(8) of the Bank Holding Company Act 
(12 U.S.C. 1843(c)(8)), permitting retention or acquisition of control 
thereof by a bank holding company.
    (3) Notices under CBC Act. To revoke acceptance of and return as 
incomplete a notice filed under the Change in Bank Control Act (12 
U.S.C. 1817(j)) or to extend the time during which action must be taken 
on a notice where the General Counsel determines, with the concurrence 
of the Director of the Division of Banking Supervision and Regulation, 
that the notice is materially incomplete under that Act or Regulation Y 
(12 CFR part 225) or contains material information that is substantially 
inaccurate.
    (4) Tax certifications. To make prior and final certification for 
federal tax purposes (26 U.S.C. (IRC) 1101-1103, 6158) with respect to 
distributions pursuant to the Bank Holding Company Act (12 U.S.C. 1841 
et seq.).
    (d) Management interlocks--(1) General exceptions. To grant 
exceptions from the prohibitions of Regulation L (12 CFR part 212) when 
the primary federal supervisor of the depository institution in need of 
management assistance approves.
    (2) Temporary exceptions. To grant requests, after consultation with 
the Director for the Division of Banking Supervision and Regulation, for 
temporary director interlocks under Regulation L (12 CFR part 212) for 
newly chartered banks, banks in low income areas, minority banks, 
women's banks, organizations experiencing conditions endangering their 
safety or soundness, organizations sponsoring a credit union, and 
organizations that lose thirty percent or more of their directors or 
management officials due to changes in circumstances.
    (e) Consent enforcement orders. With the concurrence of the director 
of the Board's Division of Banking Supervision and Regulation (or the 
Director's delegee):
    (1) To enter into a cease-and-desist order, removal and prohibition 
order, or civil money penalty assessment order with a bank holding 
company or any nonbanking subsidiary thereof, with a state member bank, 
or with any other person or entity subject to the Board's jurisdiction, 
when the order has been consented to by the institution or individual 
subject to the order;
    (2) To stay, modify, terminate, or suspend an order issued pursuant 
to paragraph (e)(1) of this section.
    (f) International banking--(1) After-the-fact applications. With the 
concurrence of the Board's Director of the Division of Banking 
Supervision and Regulation, to grant a request by a foreign bank to 
establish a branch, agency, commercial lending company, or 
representative office through certain acquisitions, mergers, 
consolidations, or similar transactions, in conjunction with which:
    (i) The foreign bank would be required to file an after-the-fact 
application for the Board's approval under Sec. 211.24(a)(6) of 
Regulation K (12 CFR 211.24(a)(6)); or
    (ii) The General Counsel may waive the requirement for an after-the-
fact application if:
    (A) The surviving foreign bank commits to wind down the U.S. 
operations of the acquired foreign bank; and
    (B) The merger or consolidation raises no significant policy or 
supervisory issues.
    (2) To modify the requirement that a foreign bank that has submitted 
an application or notice to establish a branch, agency, commercial 
lending company, or representative office pursuant to Sec. 211.24(a)(6) 
of Regulation K (12 CFR 211.24(a)(6)) shall publish notice of the 
application or notice in a newspaper of general circulation in the 
community in which the applicant or notificant proposes to engage in 
business, as provided in Sec. 211.24(b)(2) of Regulation K (12 CFR 
211.24(b)(2)).
    (3) With the concurrence of the Board's Director of the Division of 
Banking Supervision and Regulation, to grant a request for an exemption

[[Page 783]]

under section 4(c)(9) of the Bank Holding Company Act (12 U.S.C. 
1843(c)(9)), provided that the request raises no significant policy or 
supervisory issues that the Board has not already considered.
    (4) To return applications and notices filed under the International 
Banking Act for informational deficits.
    (5) To determine that an entity qualifies as a ``special-purpose 
foreign government-owned bank'' for purposes of Sec. 211.24(d)(3) (12 
CFR 211.24(d)(3)).
    (g) Conflicts of interest waivers. To issue individual conflicts of 
interest waivers under 18 U.S.C. 208(b)(1) to employees and officials 
other than Board members.

[56 FR 25619, June 5, 1991, as amended at 56 FR 67154, Dec. 30, 1991; 57 
FR 6789, Feb. 28, 1992; 57 FR 13002, Apr. 15, 1992; 58 FR 6363, Jan. 28, 
1993; 58 FR 26509, May 4, 1993; 58 FR 53394, Oct. 15, 1993; 60 FR 10307, 
Feb. 24, 1995; 61 FR 13395, Mar. 27, 1996; 62 FR 45150, Aug. 26, 1997; 
66 FR 54397, Oct. 26, 2001]