A new bank may ask to change its business plan in its first two years
What the document says“During the 2-year period beginning on the date on which a qualifying community bank became an insured depository institution, the qualifying community bank or its depository institution holding company may request to deviate from a business plan that has been approved by the appropriate Federal banking agency by submitting a request to such agency pursuant to this section.”
The section lets a qualifying community bank or its holding company, in the two years after it became insured, ask its federal banking agency for permission to depart from the business plan the agency approved.
What the document actually says“During the 2-year period beginning on the date on which a qualifying community bank became an insured depository institution, the qualifying community bank or its depository institution holding company may request to deviate from a business plan that has been approved by the appropriate Federal banking agency by submitting a request to such agency pursuant to this section.”
A new small bank may ask to depart from its approved business plan. It has two years from the day it was first insured. The request goes to its regulator.
A new bank files a plan before it opens. The market may change after that. This lets the bank ask to change course.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.