[Code of Federal Regulations]
[Title 12 Volume 1]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR3.17]

[Page 18]
 
                       TITLE 12--BANKS AND BANKING
 
   CHAPTER I--COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY
 
PART 3--MINIMUM CAPITAL RATIOS; ISSUANCE OF DIRECTIVES--Table of Contents
 
                   Subpart E--Issuance of a Directive
 
Sec. 3.17  Response to notice.

    (a) A bank may respond to the notice by stating why a directive 
should not be issued and/or by proposing alternative contents for the 
directive. The response should include any matters which the bank would 
have the Office consider in deciding whether to issue a directive and/or 
what the contents of the directive should be. The response may include a 
plan for achieving the minimum capital ratios applicable to the bank. 
The response must be in writing and delivered to the designated OCC 
official within 30 days after the date on which the bank received the 
notice. The Office may shorten the 30-day time period:
    (1) When, in the opinion of the Office, the condition of the bank so 
requires, provided that the bank shall be informed promptly of the new 
time period;
    (2) With the consent of the bank; or
    (3) When the bank already has advised the Office that it cannot or 
will not achieve its applicable minimum capital ratios. In its 
discretion, the Office may extend the time period for good cause.
    (b) Failure to respond within 30 days or such other time period as 
may be specified by the Office shall constitute a waiver of any 
objections to the proposed directive.