Supervision and Regulation Letters
Deregistration Procedures for Certain Savings and Loan Holding Companies
SUPERVISION AND REGULATION
|SUBJECT:||Deregistration Procedures for Certain Savings and Loan Holding Companies|
In requesting deregistration as an SLHC, the company must affirm that its sole savings association’s activities meet the requirements for this exclusion as follows:
- all or substantially all of the deposits of such institution are in trust funds and are received in a bona fide fiduciary capacity;
- no deposits of such institution which are insured by the Federal Deposit Insurance Corporation are offered or marketed by or through an affiliate of such institution;
- such institution does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others or make commercial loans; and
such institution does not
- obtain payment or payment-related services from any Federal Reserve Bank, including any service referred to in 12 USC 248a; or
- exercise discount or borrowing privileges pursuant to 12 USC 467(b)(7).
In reviewing the request to deregister, the Board will obtain a copy of the most recent examination report of the SLHC’s trust company, will consult with the primary regulator of the trust company, and may request other additional information in order to verify that the company satisfies the statutory requirements in order to qualify for the exclusion. The Board will also formally acknowledge and act on the deregistration request.
Questions regarding this letter may be directed to Amanda Allexon, Counsel, Legal Division, at (202) 452-3818; or Robert Brooks, Senior Supervisory Financial Analyst, Domestic Banking Acquisitions & Activities, Division of Banking Supervision and Regulation, at (202) 452-3103. In addition, questions may be sent via the Board’s public website.4
Maryann F. Hunter
Division of Banking
Supervision and Regulation
- 12 USC 1467a(a)(1)(D)(i).
- 12 USC 1467a(a)(1)(D)(ii)(II), as amended by section 604(i) of the Dodd-Frank Act. 12 USC 1841(c)(2)(D) lists the relevant factors considered for establishing that an institution functions solely in a trust or fiduciary capacity.
- Requests should be addressed to the Domestic Applications Section, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System, Mail Stop 1808, 20th Street and Constitution Avenue, NW, Washington, DC 20551.
- See http://www.federalreserve.gov/feedback.cfm.