12 CFR §1777.22

1. (a)Capital distributions in general. An Enterprise shall make no capital distribution that would decrease the total capital of the Enterprise to an amount less than the risk-based capital level or the core capital of the Enterprise to an amount less than the minimum capital level without the prior written approval of OFHEO.
2. (b)Capital distributions by an Enterprise that is not adequately capitalized
   1. (1)Prohibited distributions. An Enterprise that is not classified as adequately capitalized shall make no capital distribution that would result in the Enterprise being classified into a lower capital classification than the one to which it is classified at the time of such distribution.
   2. (2)Restricted distributions. An Enterprise classified as significantly or critically undercapitalized shall make no capital distribution without the prior written approval of OFHEO. OFHEO may grant a request for such a capital distribution only if OFHEO determines, in its discretion, that the distribution:
      1. (i)Will enhance the ability of the Enterprise to meet the risk-based capital level and the minimum capital level promptly;
      2. (ii)Will contribute to the long-term financial safety and soundness of the Enterprise; or
      3. (iii)Is otherwise in the public interest.