{"data":{"id":"us/12-cfr-354.5","jurisdiction":"us","citation":"12 CFR 354.5","heading":"Restrictions on industrial bank subsidiaries of Covered Companies.","body":"Without the FDIC's prior written approval, an industrial bank that is controlled by a Covered Company shall not:\n(a) Make a material change in its business plan after becoming a subsidiary of such Covered Company;\n(b) Add or replace a member of the board of directors, board of managers, or a managing member, as the case may be, of the subsidiary industrial bank during the first three years after becoming a subsidiary of such Covered Company;\n(c) Add or replace a senior executive officer during the first three years after becoming a subsidiary of such Covered Company;\n(d) Employ a senior executive officer who is, or during the past three years has been, associated in any manner (e.g., as a director, officer, employee, agent, owner, partner, or consultant) with an affiliate of the industrial bank; or\n(e) Enter into any contract for services material to the operations of the industrial bank (for example, loan servicing function) with such Covered Company or any subsidiary thereof.","path":["Title 12—Banks and Banking","CHAPTER III—FEDERAL DEPOSIT INSURANCE CORPORATION","SUBCHAPTER B—REGULATIONS AND STATEMENTS OF GENERAL POLICY","PART 354—INDUSTRIAL BANKS"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"f4c2adbe3889be3bcad8848a513eff52285b3f9f33b96877a5287684d5909cf6","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-354.4","next":"us/12-cfr-354.6"},"notice":"GroundRules: Original legal text. Not legal advice."}