12 CFR 1261.13
§ 1261.13 Ineligible Bank directors.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 1261.13, § 1261.13 Ineligible Bank directors, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/50701
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6d44b547472f507be11cc66cb684b6956c3419734345c708f9b1875bb24d7e96
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Full text
Upon a determination by FHFA or a Bank that any director of the Bank no longer satisfies the eligibility requirements set forth in the Bank Act or this subpart, or has failed to comply with the reporting requirements of § 1261.12, the directorship shall immediately become vacant. Any director that is determined to have failed to comply with any of these requirements shall not continue to serve as a Bank director. Whenever a Bank makes such a determination, the Bank promptly shall notify the Bank director and FHFA in writing.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.