Conversions From Mutual to Stock Form; Mutual Savings and Loan Holding Companies

Samenvatting

The Office of Thrift Supervision (OTS) proposes to amend its regulations governing mutual to stock conversions and stock issuances by savings association subsidiaries of mutual holding companies (MHC stock offerings). The proposed amendment requires the OTS, in connection with its review of conversion applications and MHC stock offering applications, to consider the extent to which the transaction will affect the convenience and needs of the communities to be served by the applicant. Under the proposal, in determining whether to approve these types of applications, the OTS will consider the applicant's record of compliance with the Community Reinvestment Act (CRA) and other factors relating to the convenience and needs of the communities served by the applicant.