Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies
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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.
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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
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Obligations
What this law requires
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
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
Make application materials available for public inspection at the appropriate Federal Reserve Bank and Board of Governors offices, with public portions accessible immediately
Accept written comments from interested persons on whether proposed transactions comply with HOLA standards (12 U.S.C. 1467a(e)) until April 24, 2026
Make submitted comments publicly available without modification or redaction of personal or business information unless submitted by the applicant