Changed Supervision of Savings and Loan Holding Companies and Savings Associations

The Dodd-Frank Wall Street Reform and Consumer Protection Act transferred federal supervisory and rulemaking authority over savings and loan holding companies (“SLHCs”) and savings associations from the Office of Thrift Supervision to other federal banking agencies on July 21, 2011.  This required transition subjects SLHCs and savings associations to new regulators and new regulations.  The Board of Governors of the Federal Reserve System now regulates SLHCs and their nonbank subsidiaries, the Office of the Comptroller of the Currency regulates federal savings associations, and the Federal Deposit Insurance Corporation regulates state savings associations.

This memorandum highlights important changes for SLHCs and savings associations and recent developments in guidance from the federal banking agencies.