This creates inconsistent treatment among depository institutions, resulting in different registration requirements for savings and loan holding companies that otherwise provide services similar to those provided by banks and bank holding companies and are generally subject to similar bank regulatory and supervision requirements. We believe these companies should be treated consistently with other depository institutions under our rules.
ABA has long sought to correct the oversight. The proposal — on which comments are due 60 days after publication in the Federal Register — comes on the heels of other good news for S&LHCs, which were included in legislation raising the Federal Reserve’s threshold for small bank regulatory relief to $1 billion in assets, the first time S&LHCs will be covered by the Fed’s small BHC relief framework.
Read the proposed rule.
Read ABA’s letter seeking relief.