Notice of Proposed Declaration of Dividend

INSTRUCTIONS FOR PREPARATION OF

Notice of Proposed Declaration of Dividend
FR 1583
PURPOSE
The Notice of Proposed Declaration of Dividend form (FR 1583) collects information on proposed
dividend declarations by savings association subsidiaries of savings and loan holding companies.

GENERAL INSTRUCTIONS
Who Must File
Pursuant to section 10(f) of the Home Owners’ Loan Act, as amended (HOLA) (12 U.S.C. § 1467a(f)), and
section 238.101 of Regulation LL (12 CFR 238.101), any savings association that is a subsidiary of a
savings and loan holding company must file a notice with the appropriate Reserve Bank 1 at least 30 days
before a proposed declaration of a dividend by its board of directors. 2

Preparation of Notification
The 30-day period commences on the date of submission to the Reserve Bank of a complete notice. The
notice may include a schedule proposing dividends over a specified period, not to exceed 12 months.
The Federal Reserve may request additional information or impose conditions for the dividend and may
determine that such dividend does not comply with the requirements of HOLA or Regulation LL. In
evaluating a savings association’s notice, the Reserve Bank will consult with the savings association’s
primary supervisor(s).

Filing Requirements
The FR 1583 must be filed in hard copy or electronically in Portable Document Format (PDF) with the
appropriate Reserve Bank. Notices should be submitted to the Applications Units at each applicable
Reserve Bank.
If PDF files are submitted, the PDF files must not contain security settings and all scanned images must
be searchable. All required information must be included. The PDF files cannot include links to other
documents. Savings associations should contact their parent savings and loan holding company district
Federal Reserve Bank for more information.

1

12 CFR 238.3(b).
12 U.S.C. § 1467a(f). Under HOLA, a savings association that is a subsidiary of a mutual holding company must
also provide 30 days’ prior notice before the date of a proposed declaration by its board of directors to the savings
association’s federal supervisor. 12 U.S.C. § 1467a(o)(11).

2

General Instructions-1

The original manually signed FR 1583 must be retained in the files of the savings association and be
available for inspection by the Federal Reserve.

Public Information
The Notice of Proposed Declaration of Dividend forms are generally available to the public upon
request.
A savings association may request confidential treatment for any portion of the FR 1583 if disclosure of
specific commercial or financial information provided in the registration statement would likely result in
substantial harm to its competitive position, or that disclosure of the submitted information would
result in unwarranted invasion of personal privacy.
If a savings association seeks to have confidential treatment accorded any information submitted as part
of this FR 1583, such material should be submitted as a separate file labeled ‘‘confidential’’ and
accompanied by a formal request stating the reason for filing such information confidentially. The
request for confidential treatment should be included as part of the confidential file.
A request for confidential treatment must discuss the justification for which confidentiality is requested
and must demonstrate the specific nature of the harm that would result from public release of the
information. Merely stating that competitive harm would result or that information is personal is not
sufficient. The Federal Reserve may subsequently release information for which confidential treatment
is requested if the Board of Governors determines that the disclosure of such information is in the public
interest.

Definitions
The terms used in this FR 1583, unless specifically defined in the instructions, have the meaning
specified in Section 10 of HOLA or in the Board’s Regulation LL or as commonly ascribed to them in
commercial and financial usage.

General Instructions-2

REQUESTED INFORMATION
General Information

Provide the date of filing and the name and address of the savings association.

Proposed Declaration of Dividend Information

Provide the nature (e.g., cash, stock), as that term is defined in 12 CFR 238.102, and the amount of the
dividend the savings association intends to distribute, pursuant to 12 CFR 238.103.

Requested Information-1