In general

It shall be unlawful for—

(A) any savings and loan holding company directly or indirectly, or through one or more subsidiaries or through one or more transactions— (i) to acquire, except with the prior written approval of the Board, the control of a savings association or a savings and loan holding company, or to retain the control of such an association or holding company acquired or retained in violation of this section as heretofore or hereafter in effect; (ii) to acquire, except with the prior written approval of the Board, by the process of merger, consolidation, or purchase of assets, another savings association or a savings and loan holding company, or all or substantially all of the assets of any such association or holding company; (iii) to acquire, by purchase or otherwise, or to retain, except with the prior written approval of the Board, more than 5 percent of the voting shares of a savings association not a subsidiary, or of a savings and loan holding company not a subsidiary, or in the case of a multiple savings and loan holding company (other than a company described in subsection (c)(8)), to acquire or retain, and the Board may not authorize acquisition or retention of, more than 5 percent of the voting shares of any company not a subsidiary which is engaged in any business activity other than the activities specified in subsection (c)(2). This clause shall not apply to shares of a savings association or of a savings and loan holding company— (I) held as a bona fide fiduciary (whether with or without the sole discretion to vote such shares); (II) held temporarily pursuant to an underwriting commitment in the normal course of an underwriting business; (III) held in an account solely for trading purposes; (IV) over which no control is held other than control of voting rights acquired in the normal course of a proxy solicitation; (V) acquired in securing or collecting a debt previously contracted in good faith, during the 2-year period beginning on the date of such acquisition or for such additional time (not exceeding 3 years) as the Board may permit if the Board determines that such an extension will not be detrimental to the public interest; (VI) acquired under section 408(m) 3 of the National Housing Act [ 12 U.S.C. 1730a(m) ] or section 1823(k) of this title ; (VII) held by any insurance company, as defined in section 2(a)(17) of the Investment Company Act of 1940 [ 15 U.S.C. 80a–2(a)(17) ], except as provided in paragraph (6); or (VIII) acquired pursuant to a qualified stock issuance if such purchase is approved by the Board under subsection (q)(1)(D); except that the aggregate amount of shares held under this clause (other than under subclauses (I), (II), (III), (IV), and (VI)) may not exceed 15 percent of all outstanding shares or of the voting power of a savings association or savings and loan holding company; or (iv) to acquire the control of an uninsured institution, or to retain for more than one year after February 14, 1968 , or from the date on which such control was acquired, whichever is later, except that the Board may upon application by such company extend such one-year period from year to year, for an additional period not exceeding 3 years, if the Board finds such extension is warranted and is not detrimental to the public interest; and

(B) any other company, without the prior written approval of the Board, directly or indirectly, or through one or more subsidiaries or through one or more transactions, to acquire the control of one or more savings associations, except that such approval shall not be required in connection with the control of a savings association, (i) acquired by devise under the terms of a will creating a trust which is excluded from the definition of “savings and loan holding company” under subsection (a) of this section, (ii) acquired in connection with a reorganization in which a person or group of persons, having had control of a savings association for more than 3 years, vests control of that association in a newly formed holding company subject to the control of the same person or group of persons, or (iii) acquired by a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 et seq.], or any company controlled by such bank holding company. The Board shall approve an acquisition of a savings association under this subparagraph unless the Board finds the financial and managerial resources and future prospects of the company and association involved to be such that the acquisition would be detrimental to the association or the insurance risk of the Deposit Insurance Fund, and shall render a decision within 90 days after submission to the Board of the complete record on the application.

Consideration of the managerial resources of a company or savings association under subparagraph (B) shall include consideration of the competence, experience, and integrity of the officers, directors, and principal shareholders of the company or association.

In general

Official source

It shall be unlawful for—

- name: qualified_thrift_investment_percentage_threshold kind: parameter dtype: Rate source: 12 USC 1467a(m) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: qualified thrift investments equal or exceed 65 percent versions: - effective_from: '0001-01-01' formula: '0.65'

- name: qualified_thrift_monthly_average_required_months kind: parameter dtype: Count source: 12 USC 1467a(m) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: on a monthly average basis in 9 out of every 12 months versions: - effective_from: '0001-01-01' formula: '9'

- name: qualified_thrift_lender kind: derived entity: SavingsAssociation dtype: Judgment period: Month source: 12 USC 1467a(m) metadata: proof: atoms: - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/12/1467a - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: 65 percent - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: 9 out of every 12 months versions: - effective_from: '0001-01-01' formula: |- qualifies_as_domestic_building_and_loan_association or ( qualified_thrift_investments_divided_by_portfolio_assets >= qualified_thrift_investment_percentage_threshold and months_in_prior_twelve_meeting_monthly_average_requirement >= qualified_thrift_monthly_average_required_months )

- name: qualified_stock_issuance_voting_stock_limit kind: parameter dtype: Rate source: 12 USC 1467a(q) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: not more than 15 percent of the outstanding voting stock versions: - effective_from: '0001-01-01' formula: '0.15'

- name: qualified_stock_issuance kind: derived entity: SavingsAndLoanHoldingCompany dtype: Judgment period: Day source: 12 USC 1467a(q) metadata: proof: atoms: - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/12/1467a - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: not more than 15 percent versions: - effective_from: '0001-01-01' formula: >- issuer_is_undercapitalized_savings_association_or_qualifying_holding_company and shares_are_previously_unissued_or_treasury_shares and all_shares_purchased_by_registered_savings_and_loan_holding_company and board_approved_purchase and entire_consideration_paid_in_cash and acquiring_company_voting_stock_share_after_issuance <= qualified_stock_issuance_voting_stock_limit and not more_than_one_issuer_director_represents_acquiring_company and transactions_with_acquiring_company_subject_to_section_1468

- name: first_tier_report_penalty_daily_cap kind: parameter dtype: Money unit: USD source: 12 USC 1467a(r) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1467a excerpt: not more than $2,000 for each day versions: - effective_from: '0001-01-01' formula: '2000'

- name: second_tier_report_penalty_daily_cap kind: parameter dtype: Money unit: USD source: 12 USC 1467a(r) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1467a excerpt: not more than $20,000 for each day versions: - effective_from: '0001-01-01' formula: '20000'

- name: third_tier_report_penalty_fixed_daily_cap kind: parameter dtype: Money unit: USD source: 12 USC 1467a(r) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1467a excerpt: not more than $1,000,000 or 1 percent of total assets versions: - effective_from: '0001-01-01' formula: '1000000'

- name: third_tier_report_penalty_asset_share_cap kind: parameter dtype: Rate source: 12 USC 1467a(r) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1467a excerpt: 1 percent of total assets versions: - effective_from: '0001-01-01' formula: '0.01'

- name: report_penalty_daily_cap kind: derived entity: SavingsAndLoanHoldingCompany dtype: Money period: Day unit: USD source: 12 USC 1467a(r) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1467a - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1467a excerpt: $2,000 ... $20,000 ... $1,000,000 or 1 percent versions: - effective_from: '0001-01-01' formula: >- if first_tier_report_violation_applies: first_tier_report_penalty_daily_cap else: if second_tier_report_violation_applies: second_tier_report_penalty_daily_cap else: if third_tier_report_violation_applies: min(third_tier_report_penalty_fixed_daily_cap, total_assets * third_tier_report_penalty_asset_share_cap) else: 0