12 CFR 101.2 – Definitions and computation of time
(a) Definitions. As used in this part:
Terms Used In 12 CFR 101.2
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
(1) Covered savings association means a Federal savings association that has made an election that is in effect in accordance with § 101.3(b).
(2) Effective date of the election means, with respect to a Federal savings association, the date on which the Federal savings association’s election to operate as a covered savings association takes effect pursuant to § 101.3(b).
(3) Nonconforming subsidiary, asset, or activity. (i) With respect to a covered savings association:
(A) Means any subsidiary, asset, or activity that is not permissible for a covered savings association or, if permissible, is being operated, held, or conducted in a manner that exceeds the limit applicable to a covered savings association; and
(B) Includes an investment in a subsidiary or other entity that is not permissible for a covered savings association; and
(ii) With respect to a Federal savings association that has terminated an election to operate as a covered savings association:
(A) Means any subsidiary, asset, or activity that is not permissible for a Federal savings association or, if permissible, is being operated, held, or conducted in a manner that exceeds the limit applicable to a Federal savings association; and
(B) Includes an investment in a subsidiary or other entity that is not permissible for a Federal savings association.
(4) Similarly located national bank means, with respect to a covered savings association, a national bank that has its main office situated in the same location as the home office of the covered savings association.
(b) Computation of time. The OCC will compute a period of days for purposes of this part in accordance with 12 CFR 5.12.