Section 10(e) of the Home Owners' Loan Act and 12 C.F.R. Section 238
Who must file?
A company proposing to become a savings and loan holding company, acquire through merger, consolidation, or purchase of assets, control of one or more savings institutions, or acquire and hold separately one or more savings institutions, must apply for the Board's prior approval under Section 10(e) of the Home Owners' Loan Act and section 238.11 of Regulation LL. Similarly, an existing savings and loan holding company proposing to acquire through a merger, consolidation, or purchase of assets, a savings institution, uninsured institution or a savings and loan holding company, or acquire and hold separately one or more savings institutions, must apply for the Board's prior approval. Certain transactions that meet the criteria in section 238.12 of Regulation LL may not require the filing of an application.
Publication requirements--newspaper/Federal Register
The applicant must publish a notice in the relevant local newspaper(s) pursuant to section 238.14, and the Federal Reserve will publish a notice in the Federal Register for proposals submitted under section 238.11.
For applications submitted under section 238.11, provide the information required in Form FR LL-10(e). Additionally, provide any required Interagency Biographical and Financial Reports (IBFR), FR 2081c. Filers are encouraged to submit IBFRs prior to the initial filing to allow for initiation of name checks and to provide fingerprints, when required. The Reserve Bank will provide instructions for completion of fingerprints.
Processing time frames
The Federal Reserve will normally act on applications filed pursuant to section 238.11 within 30 calendar days after receipt or within 3 to 5 business days after the close of the public comment period (whichever is later) unless the Federal Reserve notifies the applicant that the period is being extended. Applications filed pursuant to section 238.11 that require review or action by the Board will normally be acted upon within 60 days after receipt unless the Federal Reserve notifies the applicant that the period is being extended.
For formation or acquisition proposals, the Federal Reserve would consider the factors in section 238.15.
Formation or acquisition proposals under section 238.11 may be consummated immediately. Authority to consummate expires three months from the date of disposition unless extended by the Federal Reserve.
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