Section 10(e) of the Home Owners' Loan Act and 12 C.F.R. Section 238
Who must file?
A reorganization exemption request is an informational filing that must be filed in connection with a claim that a reorganization is exempt from prior written approval of the Federal Reserve under section 238.12(a)(2) of Regulation LL. Such reorganization must involve solely the acquisition of control of a savings institution by a newly formed company that is controlled by the same acquirors that controlled the savings institution for the immediately preceding three years. The acquirors must file the notice at least 30 calendar days prior to acquiring control of the savings institution.
Publication requirements--newspaper/Federal Register
No publication is required for filings made under section 238.12(a)(2).
For notices submitted under section 238.12(a)(2), provide the information required in Form FR LL-10(e). The form should be clearly labeled "H-(e)4 Information Filing."
Processing time frames
The notice period expires 30 calendar days after the notice is received by the Federal Reserve.
The Federal Reserve will review the acquisition proposal and consider the factors in section 238.12(a)(2).
Proposals under section 238.12(a)(2) may be consummated immediately.
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