Mutual Holding Company - Minority Stock Issuance

12 C.F.R. Part 239 and Section 10(o) of the Home Owners’ Loan Act

Who must file?

A subsidiary holding company of a mutual holding company proposing to issue stock to persons other than its mutual holding company parent must apply to the Federal Reserve for prior approval pursuant to section 239.24.

Publication requirements--newspaper/Federal Register

There is no publication requirement associated with this filing type.

Required information

For applications submitted under section 239.24, provide the information required in FR MM-10(o)-2.

Processing time frames

The Federal Reserve will normally act on applications filed pursuant to section 239.24 within 30 calendar days after receipt 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.

Factors reviewed

For applications submitted under section 239.24, the Federal Reserve will consider the criteria in 239.24.

Consummation period

Applications filed under section 239.24 may be consummated immediately.  Authority to consummate expires three months from the date of disposition unless extended by the Federal Reserve.