The House overwhelmingly passed H.R. 801, an ABA-advocated bill that corrects a technical error in the JOBS Act, which raised the shareholder threshold for SEC registration for banks and bank holding companies but not for savings and loan holding companies.
The bill puts SLHCs on par with bank holding companies by increasing the shareholder registration threshold for SLHCs from 500 to 2,000, and the deregistration threshold from 300 to 1,200.
As ABA explained in a memo to House members prior to the vote, Congress did not intend to treat SLHCs differently from bank holding companies in this matter. ABA has long sought to correct the oversight and will be pushing for Senate passage of the bill.
Read ABA’s memo.