CONFLICT OF INTEREST POLICY. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address: (a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest; (b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit; (c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215; (d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services; (e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and (f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank. (2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article. (4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that: (a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and (b) that within thirty (30) days the Bank is properly reimbursed for: (i) any excess or improper payments to Insiders and their related interests; and (ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank. (1) The Board shall implement and thereafter ensure adherence to: (i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and (ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement. (1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank. (2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing. (3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board. (4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller. (5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and
(b) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty forty-five (6045) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(de) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, or relatives involving the Bank's sale, purchase, or rental of property and services;
(ef) disclosure of any Insider’s material interest in or relationship to the business of a borrower, an applicant, or other customer of the Bank; and
(fg) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) 120 days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and
(b) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. .
(5) Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (collectively “Insiders”) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller ADC for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
Within sixty (4) Within ninety (9060) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and
(b) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and,
(ii) any excess or improper payments for services provided by Insiders and their related interests. .
(4) Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. .
(5) Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Compliance Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty one hundred-twenty (30120) days; and
(b) that within thirty one hundred-twenty (30120) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty thirty (6030) days, the Board shall adoptreview and revise the Bank’s written conflict of interest policy. Upon adoption, the Board shall implement, and thereafter ensure Bank adherence to a written, comprehensive the revised conflict of interest policy. The revised policy shall be applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The revised policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this the revised conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed revised pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the revised policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and
(b) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty ninety (6090) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and
(b) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty ninety (6090) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and
(b) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding companyHolding Company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty one hundred-twenty (30120) days; and
(b) that within thirty one-hundred-twenty (30120) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The conflict of interest policy shall comport with: (i) 12 C.F.R. § 163.43 (Loans by savings associations to their executive officers to their executive officers, directors, and principal shareholders); (ii) 12 C.F.R. Part 215 (Regulation O); and (iii) 12 C.F.R. § 163.200 (Conflicts of Interests). The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests," as defined by 12 C.F.R. Part § 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's ’s existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) that any nonconforming relationships are brought into conformity with within ninety (90) days from the policy within thirty (30) days; anddate of discovery.
(b4) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Compliance Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty ninety (6090) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a an updated written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s Bank holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and
(b) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty ninety (6090) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a an updated written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s Bank holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "“related interests" ” as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's ’s sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and
(b) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
CONFLICT OF INTEREST POLICY. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (collectively “Insiders”) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller ADC for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
Within sixty (4) Within ninety (9060) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and
(b) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and,
(ii) any excess or improper payments for services provided by Insiders and their related interests. .
(4) Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. (5) Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
CONFLICT OF INTEREST POLICY. (1) Within sixty 90 (60ninety) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and,
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Within ninety (90) days, the Board shall adopt and implement a program to identify, report, and monitor activities in the bank that pose potential conflicts of interest. The program shall include procedures:
(a) to ensure the transaction does not violate applicable laws and regulations;
(b) to ensure the transaction is made on terms and under circumstances that are substantially the same, or at least as favorable to the Bank, as those prevailing at the time for comparable transactions with or involving other companies or individuals who are not Insiders or related interests of Insiders;
(c) preceded by a finding by the Board that the primary purpose of the Business Transaction is to further the best interests of the Bank; and
(d) to ensure advanced approval by a majority of the entire Board, not merely a quorum thereof, with any interested Insider abstaining from voting and participating directly or indirectly in the deliberations regarding the approval.
(3) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller ADC for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty (30) days; and
(b) that within thirty (30) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s and the Bank’s holding company’s directors, principal shareholders, executive officers, affiliates, and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller for review.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) days, the Compliance Committee shall have an independent third party conduct a review of the Bank's existing relationships with its and its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty one hundred twenty (30120) days; and
(b) that within thirty one hundred eighty (30180) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its or its holding company’s directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Agreement
CONFLICT OF INTEREST POLICY. (1) Within sixty forty five (6045) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written, comprehensive conflict of interest policy applicable to the Bank’s 's and the Bank’s holding company’s 's directors, principal shareholders, executive officers, affiliates, affiliates,1 and employees (Insiders) and related interests of such Insiders. The policy, in addition to defining a conflict of interest, shall address:
(a) avoidance of conflicts of interest and breaches of fiduciary duty, and the appearance of conflicts of interest;
(b) involvement in the loan approval process of Insiders who may benefit directly or indirectly from the decision to grant credit;
(c) disclosure of actual and potential conflicts of interest to the Board, and periodic disclosure of "related interests" as defined by 12 C.F.R. Part 215;
(d) requirements for arms-length dealing in any transactions by Insiders, or their related organizations, involving the Bank's sale, purchase, or rental of property and services;
(e) disclosure of any Insider’s 's material interest in the business of a borrower, an applicant, or other customer of the Bank; and
(f) restrictions on and disclosure of receipt of anything of value by Insiders, directly or indirectly, from borrowers, loan applicants, other customers, or suppliers of the Bank. 1 For this Article, refer to the definition of “affiliate” in Regulation W at 12 C.F.R. § 223.2.
(2) Upon adoption, a copy of this conflict of interest policy shall be forwarded to the Assistant Deputy Comptroller ADC for review.
(3) The Board shall ensure that Within thirty (30) days after the Bank conflict of interest policy has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.
(4) Within ninety (90) daysbeen developed, the Compliance Committee shall conduct a review of the Bank's existing relationships with its its, and its holding company’s 's, directors, executive officers, affiliates, principal shareholders, employees and their related interests for the purpose of identifying relationships not in conformity with the policy. The Upon completion of its review, the Compliance Committee shall present its findings to the Board.
(4) Thereafter, the Board shall ensure that:
(a) any nonconforming relationships are brought into conformity with the policy within thirty fifteen (3015 ) daysdays of identification; and
(b) that within thirty (3030 ) days the Bank is properly reimbursed for:
(i) any excess or improper payments to Insiders and their related interests; and
(ii) any excess or improper payments for services provided by Insiders and their related interests. Thereafter.
(5) In addition, the Board shall review all proposed transactions, or modifications of existing relationships, between the Bank and any of its own or its holding company’s 's directors, executive officers, affiliates, principal shareholders, employees and their related interests. Documentation supporting these reviews shall be in writing and preserved in the Bank.
(1) The Board shall implement and thereafter ensure adherence to:
(i) the written program to establish a system of internal controls and audit procedures to comply with the Bank Secrecy Act, developed and adopted pursuant to Article III of the Agreement by and Between First Suburban National Bank, Maywood, Illinois, and the Office of the Comptroller of the Currency dated May 17, 1999 (May 1999 Agreement); and
(ii) the written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules, and regulations, developed and adopted pursuant to Article IV of the May 1999 Agreement.
(1) Although the Board has agreed to submit certain programs and reports to the Assistant Deputy Comptroller for review or approval, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(3) Any time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4) The provisions of this Agreement shall continue in full force and effect unless or until such provisions are amended by mutual consent of the parties to the Agreement or excepted, waived, or terminated by the Comptroller.
(5) The conditions imposed in writing by the agency in connection with the granting of any application or other request within the meaning of 12 U.S.C. 1818 as set forth in the Comptroller's letter to the bank dated December 13, 1999, are superceded by this Agreement and are no longer in effect except as may be provided in this Agreement.
Appears in 1 contract
Samples: Banking Compliance Agreement