On November 30, 2018, the Federal Reserve requested comments on a new application form—the FR LL-10(e)—for savings and loan holding companies (“SLHCs”). The new form would replace Form H-(e), which was inherited from the Office of Thrift Supervision when the Dodd-Frank Wall Street Reform and Consumer Protection Act transferred supervisory authority for SHLCs
On September 10, 2018, the Office of the Comptroller of the Currency (“OCC”) released a proposed rule to implement section 206 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, codified in section 5A of the Home Owners’ Loan Act (“HOLA”). Section 5A permits a federal savings association with total consolidated assets of $20 billion or less as of December 31, 2017, to elect to operate as a “covered savings association.” A covered savings association would have the same rights and privileges as a national bank that has its main office situated in the same location as the home office of the covered savings association, and would be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to such a national bank. Under the terms of the statute, however, a covered savings association would still be treated as a federal savings association for certain purposes, including governance, dividends, and mergers.
Continue Reading OCC Releases Proposal to Allow Federal Savings Associations to Exercise National Bank Powers