(a) In general. Except as provided below, a savings and loan holding
company that wishes to engage in financial holding company activities
must have an effective election to be treated as a financial holding
company.
(b) Activities
performed under separate HOLA authority. A savings and loan holding
company that conducts only the following activities is not required
to elect to be treated as a financial holding company:
(1) BHC Act section
4(c)(8) activities. Activities permissible under section 10(c)(2)(F)(i)
of the HOLA (12 U.S.C. 1467a(c)(2)(F)(i)).
(2) Insurance
agency or escrow business activities. Activities permissible
under section 10(c)(2)(B) of the HOLA (12 U.S.C. 1467a(c)(2)(B)).
(3) “1987 List” activities. Activities permissible
under section 10(c)(2)(F)(ii) of the HOLA (12 U.S.C. 1467a(c)(2)(F)(ii)).
(c) Existing requirements
apply. A savings and loan holding company that has not made an
effective election to be treated as a financial holding company and
that conducts the activities described in paragraphs (b)(1) through
(3) of this section remains subject to any rules and requirements applicable
to the conduct of such activities.
