---
kind: "section"
citation: "12 C.F.R. § 238.64"
title: "12"
number: "238.64"
heading: "Election required."
url: "https://uscodex.org/cfr/12/238.64"
---

# §238.64. Election required.

- (a) **In general.** Except as provided below, a savings and loan holding company that wishes to engage in financial holding company activities must have an effective election to be treated as a financial holding company.
- (b) **Activities performed under separate HOLA authority.** A savings and loan holding company that conducts only the following activities is not required to elect to be treated as a financial holding company:
  - (1) **BHC Act section 4(c)(8) activities.** Activities permissible under [section 10(c)(2)(F)(i)](/cfr/12/10.md?p=c-2-F-i) of the HOLA ([12 U.S.C. 1467a(c)(2)(F)(i)](/usc/12/1467a.md?p=c-2-F-i)).
  - (2) **Insurance agency or escrow business activities.** Activities permissible under [section 10(c)(2)(B)](/cfr/12/10.md?p=c-2-B) of the HOLA ([12 U.S.C. 1467a(c)(2)(B)](/usc/12/1467a.md?p=c-2-B)).
  - (3) **“1987 List” activities.** Activities permissible under [section 10(c)(2)(F)(ii)](/cfr/12/10.md?p=c-2-F-ii) of the HOLA ([12 U.S.C. 1467a(c)(2)(F)(ii)](/usc/12/1467a.md?p=c-2-F-ii)).
- (c) **Existing requirements apply.** A savings and loan holding company that has not made an effective election to be treated as a financial holding company and that conducts the activities described in [paragraphs (b)(1) through (3)](#b-1..b-3) of this section remains subject to any rules and requirements applicable to the conduct of such activities.

## Notes

### Authority

Authority: 5 U.S.C. 552, 559; 12 U.S.C. 1462, 1462a, 1463, 1464, 1467, 1467a, 1468, 5365; 1813, 1817, 1829e, 1831i, 1972, 15 U.S.C. 78 l.

### Source

Source: Reg. LL, 76 FR 56532, Sept. 13, 2011, unless otherwise noted.