12 CFR § 390.428 - Approval of the security.

---
identifier: "/us/cfr/t12/s390.428"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 390.428 - Approval of the security."
title_number: 12
title_name: "Banks and Banking"
section_number: "390.428"
section_name: "Approval of the security."
chapter_name: "FEDERAL DEPOSIT INSURANCE CORPORATION"
subchapter_number: "B"
subchapter_name: "REGULATIONS AND STATEMENTS OF GENERAL POLICY"
part_number: "390"
part_name: "REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT SUPERVISION"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1819."
regulatory_source: "76 FR 47655, Aug. 5, 2011, unless otherwise noted."
cfr_part: "390"
---


# 390.428 Approval of the security.

Any securities of a State savings association which are not exempt under this subpart and are offered or sold pursuant to an offering circular which becomes effective under this subpart, are deemed to be approved as to form and terms for purposes of this subpart.