December 23, 2011
Federal Reserve Board issues final notice for a two-year phase-in period for most savings and loan holding companies to file Federal Reserve regulatory reports
For immediate release
The Federal Reserve Board on Friday issued a final notice for a two-year phase-in period for most savings and loan holding companies (SLHCs) to file Federal Reserve regulatory reports and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, supervisory and rulemaking authority for SLHCs and their nondepository subsidiaries transferred from the Office of Thrift Supervision (OTS) to the Board on July 21, 2011. Earlier this year, the Board requested comment on proposals to require SLHCs to submit the same reports as bank holding companies, beginning with the March 31, 2012, reporting period.
After consideration of comments, the Board is finalizing the proposed collections of information from SLHCs with modifications. The final notice exempts a limited number of SLHCs from most regulatory reporting using the Board's existing regulatory reports and provides a two-year phase-in period for regulatory reporting for all other SLHCs. Exempt SLHCs would continue to submit Schedule HC, which is currently a part of the Thrift Financial Report, and the OTS H-(b)11 Annual/Current Report. Exempt firms will also file the Federal Reserve's FR Y-6, Annual Report for Bank Holding Companies, or the FR Y-7, Annual Report for Foreign Banking Organizations.
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