Summary: H.R.3291 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.3291. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/22/2009)

Mutual Holding Company Beneficial Owners' Protection Act of 2009 - Amends the Home Owners' Loan Act, the Federal Deposit Insurance Act, and the Bank Holding Company Act to prohibit any savings association, savings and loan holding company, insured depository institution, or bank holding company that is a subsidiary of a mutual holding company from establishing or implementing any plan (or plan amendment ) to award stock options or to provide stock or any stock interest as compensation or benefits to either management or employees, unless a majority of the total (non-mutual holding company) votes eligible to be cast for it approve.

Declares void and unenforceable any provision of the charter or bylaws of such entities which has the effect of excluding or preventing such votes.