Who must file?
A mutual holding company proposing to waive its right to receive any dividend declared by a subsidiary must provide the Federal Reserve with written notice 30 days prior to the proposed date of the payment of the dividend under section 239.8(d).
Publication requirements--newspaper/Federal Register
There is no publication requirement associated with this filing type.
There are no standard form requirements for filings made under sections 239.8(d). Filings made pursuant to section 239.8(d) should include all applicable board resolutions and supporting materials relied upon by the board of directors of the mutual holding company to establish that the waiver of dividends is consistent with the board's fiduciary duties to the mutual members.
Processing time frames
The Federal Reserve normally acts on notices filed under section 239.8(d) within 30 calendar days after receipt unless the Federal Reserve notifies the applicant that the period is being extended. Notices that require review or action by the Board are normally acted upon within 60 days after receipt unless the Federal Reserve notifies the applicant that the period is being extended.
The Federal Reserve will review applications filed under section 239.8(d) under the standards under section 239.8(d).
Proposals submitted under section 239.8(d) may be consummated immediately upon approval.