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Monday, March 2, 2015

ABA Applauds SEC Plan to Address S&L Holding Company Disparity

ABA welcomed the SEC’s proposed rule to treat savings and loan holding companies the same as bank holding companies for purposes of registration and deregistration under the Exchange Act. ABA said:

We commend the commission for instituting these common-sense changes. These rule amendments will provide consistent treatment across regulatory charters, thus simplifying compliance and supervision.

The proposal addresses a technical error in the JOBS Act raising the threshold for registration from 500 to 2,000 shareholders and the deregistration threshold from 300 to 1,200 for BHCs — but not for S&LHCs. ABA has long sought to correct the oversight, advocating with both Congress and the SEC for a fix.

S&LHCs were also included for the first time in the Federal Reserve’s recent proposal to raise the threshold for small bank regulatory relief to $1 billion in assets. The proposal implements ABA-advocated legislation that Congress passed in December.

Read the letter.

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