12 C.F.R. Part 239 subpart E and Section 10(o) of the Home Owners’ Loan Act
Who must file?
A mutual savings association proposing to convert to stock form and establish a stock holding company must apply to the Federal Reserve for approval of the holding company formation pursuant to section 238.11.
Publication requirements--newspaper/Federal Register
The applicant must publish a notice in the local newspaper(s) and the Federal Reserve will publish a notice in the Federal Register for proposals submitted under section 238.11.
Required information
For applications submitted under sections 238.11, provide the information required in Form FR LL-10(e). The Board may also request a copy of the plan of conversion submitted to the mutual savings association's primary federal regulator. 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 238.11 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.
Factors reviewed
For formation proposals, the Federal Reserve would consider the factors in section 238.15.
Consummation period
Applications filed under section 238.11 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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