Before issuing any notice of deficiencies under § 243.8(b), determining to impose requirements or restrictions under § 243.9(a), or issuing a divestiture order pursuant to § 243.9(c) with respect to a covered company that is likely to have a significant impact on a functionally regulated subsidiary or a depository institution subsidiary of the covered company, the Board—

1. (a) Shall consult with each Council member that primarily supervises any such subsidiary; and
2. (b) May consult with any other Federal, state, or foreign supervisor as the Board considers appropriate.