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Wednesday, November 4, 2015

House Panel Advances ABA-Advocated Thrift Flexibility Bill

The House Financial Services Committee approved by a voice vote a bipartisan bill that would allow thrifts chartered under the Home Owners’ Loan Act to elect to receive the lending powers — and compliance responsibilities — of national banks without changing their HOLA charters. H.R. 1660 was introduced by Reps. Keith Rothfus (R-Pa.) and Jim Himes (D-Ct.). ABA SVP Joseph Pigg commented:

Because the OCC already supervises both charters, it has the experience and the expertise necessary to ensure that a federal savings association exercising this flexibility operates safely and soundly.

Read ABA’s memo on the bill.

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