Adoption of strategic business plan. Each board of directors shall adopt and have in effect at all times a strategic business plan for the regulated entity that describes, at a minimum, how the significant business activities of the regulated entity will achieve its mission and public purposes consistent with its authorizing statute, the Safety and Soundness Act, and, in the case of a Bank, part 1265 of this chapter. Specifically, each regulated entity's strategic business plan shall at a minimum:

In the case of a Bank, articulate measurable goals and objectives for each significant business activity and for all authorized new business activities, which must include plans for maximizing activities that further the Bank's housing finance and community lending mission, consistent with part 1265 of this chapter;

In the case of an Enterprise, articulate measurable goals and objectives for each significant existing activity and for significant authorized new activities;

Discuss how the regulated entity will address credit needs and market opportunities identified through ongoing market research and stakeholder consultations;

Describe any significant activities in which the regulated entity is planning to be engaged, including any significant changes to business strategy or approach that the regulated entity is planning to undertake, and discuss how such activities would further the regulated entity's mission and public purposes;

In the case of a Bank, be supported by appropriate and timely research and analysis of relevant market developments and member and housing associate demand for Bank products and services;

In the case of an Enterprise, be supported by appropriate and timely research and analysis of relevant market developments; and

Identify current and emerging risks associated with the regulated entity's significant existing activities or new activities, and discuss how the regulated entity plans to address such risks while furthering its public purposes and mission in a safe and sound manner.

Review and monitoring. Each board of directors shall:

Review the regulated entity's strategic business plan at least annually;

Re-adopt the strategic business plan for the regulated entity at least every three years; and

Establish management reporting requirements and monitor implementation of the strategic business plan and the goals and objectives contained therein.