12 C.F.R Parts 238 and 239 and Section 10(o) of the Home Owners’ Loan Act
Who must file?
A mutual holding company proposing to establish a subsidiary holding company must apply to the Federal Reserve for prior approval pursuant to sections 239.11(a) and 238.11.
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 for proposals submitted under sections 239.11(a) and 238.11.
For applications submitted under sections 239.11(a) and 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 239.11(a) 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 the formation of subsidiary holding company in the mutual holding company structure, the Federal Reserve will consider the factors at section 239.11(a).
Applications filed under section 239.11(a) 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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