Business & Commerce

Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

🇺🇸United States··Notice·Medium Impact·View source ↗

AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.

🇬🇧 English

The Federal Reserve System has published a notice listing companies that have applied for approval to become savings and loan holding companies or to acquire control of savings associations under the Home Owners' Loan Act (HOLA), Regulation LL, and Regulation MM. Specifically, a Voting Trust created by Vecta Partners LLC, Mark Silber, and Nicholas A. Frungillo, Jr. (with Nicholas A. Frungillo, Jr. as trustee) has applied to register as a savings and loan holding company by retaining voting shares of Vecta Inc., which indirectly holds shares of Sunnyside Federal Savings and Loan Association of Irvington, New York. The public portions of the applications are available for inspection at the Federal Reserve Bank of Philadelphia and the Board of Governors. Interested persons may submit written comments on whether the transaction meets HOLA standards by April 24, 2026. Comments will be made publicly available without redaction of personal or business information.

AI-generated summary. May contain errors. Refer to official sources for legal decisions.

Key Changes

  • Companies must apply to the Board pursuant to HOLA (12 U.S.C. 1467a(e)), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239)
  • Public comments on proposed transactions must be received by April 24, 2026
  • Comments must be sent to the Federal Reserve Bank of Philadelphia or the Board of Governors in Washington, DC

+ 3 more changes with Pro

Obligations

What this law requires

high

Obtain Board approval pursuant to HOLA (12 U.S.C. 1461 et seq.), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239) before becoming a savings and loan holding company or acquiring control of a savings association

Companies seeking to become savings and loan holding companies or acquire savings associations
licensing
high

Submit written application to the Federal Reserve Board for approval to become a savings and loan holding company or to acquire assets, ownership, control, or voting shares of a savings association

Entities seeking to register as savings and loan holding companies or acquire savings associations
reporting
medium

Make application materials available for public inspection at the appropriate Federal Reserve Bank and Board of Governors offices, with public portions accessible immediately

Federal Reserve Board and Federal Reserve Banks
disclosure
medium

Accept written comments from interested persons on whether proposed transactions comply with HOLA standards (12 U.S.C. 1467a(e)) until April 24, 2026

Federal Reserve Board and Federal Reserve Banks
operational
medium

Make submitted comments publicly available without modification or redaction of personal or business information unless submitted by the applicant

Federal Reserve Board and Federal Reserve Banks
disclosure

Affected Parties

Savings and loan holding companiesSavings associations+5 more…

Tags

savings and loan holding company,Federal Reserve approval,HOLA