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NOTICE OF INTENDED ACTION: Rule 2022-0004 Revised 11/14/22


The Office of Financial Institutions intends to promulgate the administrative rule below,

pursuant to the authority vested in theOffice of Financial InstitutionsbyAmerican Samoa

Code Annotated $ 28.1203.


In summary, these changes will create capital adequacy requirements for depository

institutions doing business in American Samoa that are not insured by the Federal

Deposit Insurance Corporation or the National Credit Union Administration.


Interested persons who wish to submit comments or request a hearing on this matter may submit comments in person to Tuasivi John R. Marsh, Commissioner, Office of Financial Institutions at the Georgina Building.


Mail to Department of Treasury,

Attention: Commissioner John Marsh;

Executive Office

Building, Pago Pago, AS 96799

By: December 5, 2022.


RULE # 2022-0004


Title 28 - Finance and Financial Institutions

Chapter 01 - Capital Adequacy


28.0101 Incorporation of FDIC Capital Adequacy Regulations

Each depositary institution doing business in American Samoa whose deposits are not

insured bythe Federal Deposit Insurance Corporation or the National Credit Union

Administration shallcomply with the minimum capital requirements set forth in 12 Code of Federal Regulations Part324 applicable to an "FDIC-supervised institution," as defined in 12 Code of Federal RegulationsSection 324.2, that has made the "AOCI opt-out election" under 12 Code of Federal RegulationsSection 324.22(b)(2)(i). Each reference in the preceding sentence to a regulatory provision isdeemed to be a

reference to that provision as from time to time amended, re-promulgated, or substituted.

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