W. Va. Code R. § 106-12-4

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 106-12-4 - Assessing The Record Of Performance

4.1. Whenever the Board or Commissioner receives an application, requiring Board or Commissioner approval, from a banking institution, whose most recent CRA performance rating is "Needs to improve record of meeting community credit needs", the Board or Commissioner shall require the applicant banking institution to provide additional, detailed information, setting forth the measures undertaken by the applicant banking institution to improve its performance under the CRA. The Board or Commissioner shall not accept an application requiring Board or Commissioner approval from banking institutions whose most recent CRA performance rating is "Substantial noncompliance in meeting community credit needs."

4.2. Whenever a bank holding company files an application requiring the approval of the Board or Commissioner, the Board or Commissioner shall assess the record of compliance with the CRA of each of the holding company's subsidiary banks. If, in the opinion of the Board or Commissioner, the overall record of compliance with CRA by the holding company's subsidiary banks is determined to be unsatisfactory, the Board or Commissioner will not accept the application.