(a) Authority. This part is issued by the Board of Governors of the Federal Reserve
System (Board) under section 10(g) of the Home Owners’ Loan Act (HOLA);
section 7(j)(13) of the Federal Deposit Insurance Act, as amended
by the Change in Bank Control Act of 1978 (12 U.S.C. 1817(j)(13))
(Bank Control Act); sections 8(b), 19, and 32 of the Federal Deposit
Insurance Act (12 U.S.C. 1818(b), 1829, and 1831i); and section 914
of the Financial Institutions Reform, Recovery and Enforcement Act
of 1989 (12 U.S.C. 1831i) and the Depository Institution Management
Interlocks Act (12 U.S.C. 3201 et seq.).
(b) Purpose. The principal purposes
of this part are to:
(1)
Regulate the acquisition of control of savings associations by companies
and individuals;
(2) Define and
regulate the activities in which savings and loan holding companies
may engage;
(3) Set forth the procedures
for securing approval for these transactions and activities; and
(4) Set forth the procedures under
which directors and executive officers may be appointed or employed
by savings and loan holding companies in certain circumstances.
