Information required by FR MM-PS, otherwise known as the proxy statement, and Regulation MM includes, among other things, the notice of the members' meeting; description of the voting rights of the mutual members; the vote required for approval of each matter presented for a vote; and business, financial, and managerial information of the organization. The FR MM-PS must be disclosed to all members prior to a member vote, and must be submitted to the appropriate Reserve Bank in connection with a notice to reorganize into mutual form or an application to convert from MHC to stock form. Subpart E of Regulation MM also contains certain additional procedural and informational requirements for proxy statements. Proxies requesting accountholder approval of an MHC reorganization or non-conforming minority stock issuance must also comply with the informational requirements of sections 239.10(a)(2) and 239.10(a)(3) of Regulation MM, respectively, as well as any other applicable federal and state laws and regulations.
Purpose: The information collected on the FR MM-PS is necessary for the Board to fulfill its responsibilities under the Home Owners' Loan Act (HOLA) and Regulation MM to evaluate the subject transactions. The completed filings provide data on, among other things, the structure of the proposed transaction; the reorganization plan, the plan of conversion, or stock issuance plan (as applicable); the business plan; the pro forma financial condition of the applicant or notificant; and the effect of the proposed transaction on the organization's ability to satisfy the convenience and needs of the communities it serves.
The FR MM-PS is used to provide members of the applicant mutual savings association or mutual holding company with information necessary to vote on a reorganization of the applicant to mutual holding company form, conversion to stock form, or other transactions.
Savings and loan holding companies that are organized in mutual form.
The FR MM-PS is event generated. All timeframes are generally dependent upon when the notificant or applicant chooses to enter into a transaction, and are set forth in Regulation MM.
The information is not published.
Last Update: July 23, 2020