Section 192.515 - Information to be filed with Federal banking agency prior to repurchase of shares(a)Notice requirement. To repurchase stock in the first year following conversion, other than repurchases under § 192.510(a)(3) or (4) , a savings association must file a written notice with the appropriate OCC licensing office if Federally chartered, and with the appropriate FDIC region if State-chartered. The savings association must provide the following information: (1) The proposed repurchase program;(2) The effect of the repurchases on the savings association's regulatory capital; and(3) The purpose of the repurchases and, if applicable, an explanation of the extraordinary circumstances necessitating the repurchases.(b)Filing of notice. A Federal savings association must file its notice with the appropriate OCC licensing office, and a State savings association must file its notice with the appropriate regional director of the FDIC, at least 10 calendar days before the savings association begins its repurchase program.(c)Agency review. A savings association may not repurchase its shares if the appropriate Federal banking agency objects to the repurchase program. The appropriate Federal banking agency will not object to a repurchase program if:(1) The repurchase program will not adversely affect the savings association's financial condition;(2) The savings association submits sufficient information to evaluate the proposed repurchases;(3) The savings association demonstrates extraordinary circumstances and a compelling and valid business purpose for the share repurchases; and(4) The repurchase program would not be contrary to other applicable regulations.