12 C.F.R. Part 239 and Section 10(o) of the Home Owners’ Loan Act
Who must file?
A mutual savings association proposing to reorganize to become a mutual holding company must provide prior notice to the Federal Reserve under section 239.3.
Publication requirements--newspaper/Federal Register
The applicant must publish a notice in the relevant local newspaper(s), and the Federal Reserve will publish a notice in the Federal Register. Specific information concerning the required content of the newspaper publication is provided in section 239.10(c)(3).
For applications submitted under section 239.3, provide the information required in FR MM-10(o)-1. 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 239.3 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 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 mutual holding company reorganizations, the Federal Reserve would consider the factors in section 239.4 and 12 U.S.C. § 1467a(3)(C).
Mutual holding company reorganization may be consummated immediately. Authority to consummate expires three months from the date of disposition unless extended by the Federal Reserve.