Common use of Business Strategy Clause in Contracts

Business Strategy. (1) Prior to the Bank’s involvement in any new product or service or significant expansion of any existing product or service, whether directly or through a vendor or other third party, the Board shall prepare a written analysis of said product or service. The analysis shall, at a minimum, include the following: (a) an assessment of the risks and benefits of the product or service to the Bank; (b) an explanation of how the product or service is consistent with the Bank’s strategic plan; (c) an evaluation of the adequacy of the Bank’s organizational structure, staffing, Management Information Systems (“MIS”), internal controls and written policies and procedures to identify, measure, monitor, and control the risks associated with the product or service, including risks associated with any vendor providing services in connection with the Bank’s product or service; and (d) a profitability analysis, including growth projections and interest rate risk. (2) The Bank must provide a copy of the analysis required by this Article to the Assistant Deputy Comptroller in advance of the Bank’s launch or involvement in any new product or service, or the significant expansion of any existing product or service, for a prior written determination of no supervisory objection from the Assistant Deputy Comptroller. (3) For purposes of this Article, “significant expansion” shall be defined as growth in an existing product or service greater that fifteen percent (15%) on an annualized basis where that product or service accounts for greater than either five percent (5%) of the Bank’s total assets or ten percent (10%) of the Bank’s annual income. The term “new product or service” shall not include any depository product offered directly by the Bank.

Business Strategy. (1) Prior to the Bank’s involvement in any new product or service or significant expansion of any existing product or service, whether directly or through a vendor or other third party, the Board shall prepare a written analysis of said product or service. The analysis shall, at a minimum, include the following: (a) an assessment of the risks and benefits of the product or service to the Bank; (b) an explanation of how the product or service is consistent with the Bank’s strategic plan; (c) an evaluation of the adequacy of the Bank’s organizational structure, staffing, Management Information Systems (“MIS”), internal controls and written policies and procedures to identify, measure, monitor, and control the risks associated with the product or service, including risks associated with any vendor providing services in connection with the Bank’s product or service; and (d) a profitability analysis, including growth projections and interest rate risk. (2) The Bank must provide a copy of the analysis required by this Article to the Assistant Deputy Comptroller in advance of the Bank’s launch or involvement in any new product or service, or the significant expansion of any existing product or service, for a prior written determination of no supervisory objection from the Assistant Deputy Comptroller. (3) For purposes of this Article, “significant expansion” shall be defined as growth in an existing product or service greater that than fifteen percent (15%) on an annualized basis where that product or service accounts for greater than either five percent (5%) of the Bank’s total assets or ten percent (10%) of the Bank’s annual income. The term “new product or service” shall not include any depository product offered directly by the Bank.

Business Strategy. (1) Prior to the Bank’s involvement in any new product or service or significant expansion of any existing product or service, whether directly or through a vendor or other third party, the Board shall prepare a written analysis of said product or service. The analysis shall, at a minimum, include the following: (a) an assessment of the risks and benefits of the product or service to the Bank; (b) an explanation of how the product or service is consistent with the Bank’s strategic plan; (c) an evaluation of the adequacy of the Bank’s organizational structure, staffing, Management Information Systems (“MIS”), internal controls controls, and written policies and procedures to identify, measure, monitor, and control the risks associated with the product or service, including risks associated with any vendor providing services in connection with the Bank’s product or service; and (d) a profitability analysis, including growth projections and interest rate risk. (2) The Bank must provide a copy of the analysis required by this Article to the Assistant Deputy Comptroller in advance of the Bank’s launch or involvement in any new product or service, or the significant expansion of any existing product or service, for a prior written determination of no supervisory objection from the Assistant Deputy Comptroller. (3) For purposes of this Article, “significant expansion” shall be defined as expected revenue growth in an existing product or service greater that fifteen of ten percent (1510%) or more, on an annualized basis where that basis, within three years of the proposed expansion of an existing product or service accounts that is: (a) supported by assets that account for greater than either at least five percent (5%) of the Bank’s total assets or ten assets; or (b) already contributes at least five percent (105%) of to the Bank’s annual income. The term “new product or service” shall not include any depository product offered directly by the Bankrevenue.