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e-CFR
Data is current as of May 22, 2008

Title 12:
Banks and Banking
PART 563—SAVINGS ASSOCIATIONS—OPERATIONS

Subpart F—Financial Management Policies

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§ 563.170   Examinations and audits; appraisals;
establishment and maintenance of records.

(a) Examinations and audits. Each savings association and
affiliate thereof shall be examined periodically, and may be examined at
any time, by the Office, with appraisals when deemed advisable, in
accordance with general policies from time to time established by the
Office. The costs, as computed by the Office, of any examinations made by
it, including office analysis, overhead, per diem, travel expense, other
supervision by the Office, and other indirect costs, shall be paid by the
savings associations examined, except that in the case of service
corporations of Federal savings associations the cost of examinations, as
determined by the Office, shall be paid by the service corporations.
Payments shall be made in accordance with a schedule of annual assessments
based upon each savings association's total assets and of rates for
examiner time in amounts determined by the Office.

(b) Appraisals. (1) Unless otherwise ordered by the Office,
appraisal of real estate by the Office in connection with any examination
or audit of a savings association, affiliate, or service corporation shall
be made by an appraiser, or by appraisers, selected by the Office's
Regional Director of the Region in which such savings association is
located. The cost of such appraisal shall promptly be paid by such savings
association, affiliate, or service corporation direct to such appraiser or
appraisers upon receipt by the savings association, affiliate, or service
corporation of a statement of such cost as approved by such Regional
Director. A copy of the report of each appraisal made by the Office
pursuant to any of the foregoing provisions of this section shall be
furnished to the savings association, affiliate, or service corporation,
as appropriate within a reasonable time, not to exceed 90 days, following
the completion of such appraisals and the filing of a report thereof by
the appraiser, or appraisers, with such Regional Director.

(2) The Office may obtain at any time, at its expense, such appraisals
of any of the assets, including the security therefor, of a savings
association, affiliate, or service corporation as the Office deems
appropriate.

(c) Establishment and maintenance of records. To enable the
Office to examine savings associations and affiliates and audit savings
associations, affiliates, and service corporations pursuant to the
provisions of paragraph (a) of this section, each savings association,
affiliate, and service corporation shall establish and maintain such
accounting and other records as will provide an accurate and complete
record of all business it transacts. This includes, without limitation,
establishing and maintaining such other records as are required by statute
or any other regulation to which the savings association, affiliate, or
service corporation is subject. The documents, files, and other material
or property comprising said records shall at all times be available for
such examination and audit wherever any of said records, documents, files,
material, or property may be.

(d) Change in location of records. A savings association shall
not transfer the location of any of its general accounting or control
records, or the maintenance thereof, from its home office to a branch or
service office, or from a branch or service office to its home office or
to another branch or service office unless prior to the date of transfer
its board of directors has:

(1) By resolution authorized the transfer or maintenance and;

(2) Sent a certified copy of the resolution to the Regional Director of
the OTS Region in which the principal office of the savings association is
located.

(e) Use of data processing services for maintenance of records.
A savings association which determines to maintain any of its records
by means of data processing services shall so notify the Regional Director
of the Region in which the principal office of such savings association is
located, in writing, at least 90 days prior to the date on which such
maintenance of records will begin. Such notification shall include
identification of the records to be maintained by data processing services
and a statement as to the location at which such records will be
maintained. Any contract, agreement, or arrangement made by a savings
association pursuant to which data processing services are to be performed
for such savings association shall be in writing and shall expressly
provide that the records to be maintained by such services shall at all
times be available for examination and audit.

[54 FR 49552, Nov. 30, 1989, as amended at 55 FR 34547, Aug. 23, 1990;
57 FR 14335, Apr. 20, 1992; 57 FR 40092, Sept. 2, 1992; 58 FR 28348, May
13, 1993; 59 FR 29502, June 7, 1994; 59 FR 53571, Oct. 25, 1994; 59 FR
60304, Nov. 23, 1994; 60 FR 66718, Dec. 26, 1995; 61 FR 50984, Sept. 30,
1996]

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