Savings and loan holding companies (SLHCs) will face important changes when the Federal Reserve Board (FRB) takes over the supervisory responsibilities of the Office of Thrift Supervision (OTS) on July 21, 2011. The first formal step in this transition occurred on April 15, when the FRB published a notice seeking comment on the application to thrift holding companies of its examination and supervision framework for bank holding companies. The notice states that the FRB’s supervision regime would not require “any specific action” by SLHCs before the transfer date. The notice appears to be the only written guidance from the FRB before the transfer date. The notice states that guidance and proposed rules will be issued after July 21, taking into account comments on the notice.