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This document outlines proposed rules and regulations by the Office of Thrift Supervision governing mutual savings associations, including mutual holding company reorganizations and conversions from

How to fill out notice of proposed rulemaking

How to fill out Notice of Proposed Rulemaking on Mutual Savings Associations

1. Read the instructions provided with the Notice of Proposed Rulemaking (NPRM) carefully.
2. Gather all necessary information about the Mutual Savings Associations that are relevant to the proposed rule.
3. Complete the document by filling in the required fields, including your name, contact information, and any affiliations.
4. Provide a clear and concise summary of the proposed changes to the regulations.
5. Include any supporting data or arguments that justify the proposed rule.
6. Ensure that your comments are organized and easy to read, following the formatting guidelines.
7. Submit the completed NPRM to the appropriate agency by the deadline set in the notice.

Who needs Notice of Proposed Rulemaking on Mutual Savings Associations?

1. Regulatory agencies overseeing Mutual Savings Associations.
2. Stakeholders including policymakers, industry representatives, and consumer advocacy groups.
3. Legal professionals involved in financial and regulatory compliance.
4. Anyone interested in the regulatory process of Mutual Savings Associations.

People Also Ask about

What is the difference between a bank and a thrift?

Thrifts also refer to credit unions and mutual savings banks that provide a variety of savings and loan services. Thrifts differ from commercial banks in that they can borrow money from the Federal Home Loan Bank System, which allows them to pay members higher interest.

Who owns mutual savings institutions?

Savings and loan associations — also known as savings banks, thrifts and thrift institutions — are financial institutions typically owned by their customers or shareholders. Savings and loan associations were established in the 1930s to provide more affordable mortgages to consumers.

What is the notice of proposed rulemaking process?

When an agency is writing a new regulation, the first version it normally shares with the public is called a notice of proposed rulemaking or NPRM. An NPRM typically suggests possible regulatory language, estimates the potential rule's benefits and costs, and invites the public to submit comments on the proposal.

When a savings bank is a mutual association?

Explanation. When a savings bank is a mutual association, it is owned by the depositors. As a mutual association, the bank does not have shareholders, but rather the depositors themselves are the owners.

What is a mutual savings association?

Today's mutual savings associations still provide mortgages and consumer finance products to their communities and their members. As they have evolved, they have become more like other full-service banks, but they continue to be organized similarly to the first mutual savings association in 1831.

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What is Notice of Proposed Rulemaking on Mutual Savings Associations?

The Notice of Proposed Rulemaking on Mutual Savings Associations is a formal announcement by regulatory authorities proposing changes or updates to existing regulations governing mutual savings associations. It solicits public comments on these changes before they are finalized.

Who is required to file Notice of Proposed Rulemaking on Mutual Savings Associations?

Regulatory agencies, such as the Office of Thrift Supervision or similar entities, are required to file the Notice of Proposed Rulemaking when they intend to amend rules governing mutual savings associations.

How to fill out Notice of Proposed Rulemaking on Mutual Savings Associations?

To fill out the Notice of Proposed Rulemaking, the proposing agency must provide a clear summary of the proposed changes, the rationale behind them, and include any supporting data or analyses. The agency must also follow specific guidelines set forth by the Administrative Procedure Act.

What is the purpose of Notice of Proposed Rulemaking on Mutual Savings Associations?

The purpose is to inform stakeholders and the public about proposed regulatory changes, gather feedback, and ensure transparency in the rulemaking process, ultimately leading to better regulatory oversight of mutual savings associations.

What information must be reported on Notice of Proposed Rulemaking on Mutual Savings Associations?

The Notice must report the proposed regulatory changes, the expected impact of these changes, the legal authority under which the changes are being proposed, the deadline for public comments, and instructions on how to submit feedback.