(a) Authority. This part is issued by the Board of Governors of
the Federal Reserve System (“Board”) under section 10(g) and (o) of
the Home Owners’ Loan Act (“HOLA”).
(b) Purpose. The principal purposes of this
part are to:
(1) Regulate the reorganization
of mutual savings associations to mutual holding companies and the
creation of subsidiary holding companies of mutual holding companies;
(2) Define and regulate
the operations of mutual holding companies and subsidiary holding
companies of mutual holding companies; and
(3) Set forth the procedures for securing
approval for these transactions.
(c) Scope. Except as the Board may otherwise
determine, the reorganization of mutual savings associations into
mutual holding companies, any related stock issuances by subsidiary
holding companies, and the conversion of mutual holding companies
into stock form are exclusively governed by the provisions of this
part, and no mutual savings association shall reorganize to a mutual
holding company, no subsidiary holding company of a mutual holding
company shall issue minority stock, and no mutual holding company
shall convert into stock form without the prior written approval of
the Board. The Board may grant a waiver in writing from any requirement
of this part for good cause shown.
