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.
Email at email@example.com,
Mail to Department of Treasury,
Attention: Commissioner John Marsh;
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.