12 CFR §101.2

1. (a)Definitions. As used in this part:
   1. (1)Covered savings association means a Federal savings association that has made an election that is in effect in accordance with § 101.3(b).
   2. (2)Effective date of the election means, with respect to a Federal savings association, the date on which the Federal savings association's election to operate as a covered savings association takes effect pursuant to § 101.3(b).
   3. (3)Nonconforming subsidiary, asset, or activity.
      1. (i)With respect to a covered savings association:
         1. (A)Means any subsidiary, asset, or activity that is not permissible for a covered savings association or, if permissible, is being operated, held, or conducted in a manner that exceeds the limit applicable to a covered savings association; and
         2. (B)Includes an investment in a subsidiary or other entity that is not permissible for a covered savings association; and
      2. (ii)With respect to a Federal savings association that has terminated an election to operate as a covered savings association:
         1. (A)Means any subsidiary, asset, or activity that is not permissible for a Federal savings association or, if permissible, is being operated, held, or conducted in a manner that exceeds the limit applicable to a Federal savings association; and
         2. (B)Includes an investment in a subsidiary or other entity that is not permissible for a Federal savings association.
   4. (4)Similarly located national bank means, with respect to a covered savings association, a national bank that has its main office situated in the same location as the home office of the covered savings association.
2. (b)Computation of time. The OCC will compute a period of days for purposes of this part in accordance with 12 CFR 5.12.