N.J. Admin. Code § 3:4-1.5

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:4-1.5 - Unsafe operations

(a) A depository institution which has leverage capital and/or risk-based capital below the minimum required levels shall be deemed to be operating in an unsafe or unsound manner for purposes of 17:9A-266 et seq. and 17:12B-177 et seq.

(b) A depository institution which has entered into and is in compliance with a written agreement with the Department or has submitted to the Department and is in compliance with a plan approved by the Department to increase its capital ratios to such levels as the Department deems appropriate and to take such other action as may be necessary for the depository institution to be operated so as not to be engaged in such an unsafe or unsound practice will not be deemed to be engaged in an unsafe or unsound practice on account of its capital ratios.

(c) Notwithstanding (a) above, the Department is not precluded from taking any authorized action against a depository institution with capital above the minimum requirements if the specific circumstances deem such action to be appropriate.

N.J. Admin. Code § 3:4-1.5

Amended by R.1997 d.380, effective 9/15/1997.
See: 29 N.J.R. 2589(a), 29 N.J.R. 4099(b).
Recodified from N.J.A.C. 3:4-1.4 by R.2008 d.69, effective 4/7/2008.
See: 39 N.J.R. 4983(a), 40 N.J.R. 1826(a).
Former N.J.A.C. 3:4-1.5, Unsafe condition, recodified to N.J.A.C. 3:4-1.6.