Sections 10(a) and 10(b) of the Home Owners' Loan Act and 12 C.F.R. Section 238
Who must file?
A company that no longer has control of any savings association or no longer qualifies as an SLHC.
Publication requirements--newspaper/Federal Register
There is no publication requirement associated with this filing type.
Provide letter with evidence of divestiture of control of the subsidiary savings association or that the company would otherwise be excluded from the definition of an SLHC (e.g., under 12 USC 1467a(1)(D)(ii)(II)).
Processing time frames
The Federal Reserve normally acts within 30 or 60 calendar days after receipt unless the Federal Reserve notifies the applicant that the processing period is being extended.
Factors considered include whether the company owns or controls, directly or indirectly, 5 percent of more of the voting shares of any depository institution, whether the company or any of its subsidiaries engage in any banking activities or maintain FDIC deposit insurance, whether there are any ongoing business relationships with the acquiring entity and whether any current or proposed directors or senior executive officers of the company also serve or are expected to serve in the same roles in any entity that engages in banking activities. For deregistration requests pursuant to 12 U.S.C. § 1467a(1)(D)(ii)(II), the Board will consider the factors provided in SR 11-12, Deregistration Procedures for Certain Savings and Loan Holding Companies.