H.R.1426 - Federal Savings Association Charter Flexibility Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Rothfus, Keith J. [R-PA-12] (Introduced 03/08/2017)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 115-530|
|Latest Action:||Senate - 01/30/2018 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Text: H.R.1426 — 115th Congress (2017-2018)All Information (Except Text)
Text available as:
Referred in Senate (01/30/2018)
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Home Owners’ Loan Act to allow Federal savings associations to elect to operate as national banks, and for other purposes.
This Act may be cited as the “Federal Savings Association Charter Flexibility Act of 2017”.
The Home Owners’ Loan Act is amended by inserting after section 5 (12 U.S.C. 1464) the following:
“(a) Definition.—In this section, the term ‘covered savings association’ means a Federal savings association that makes an election approved under subsection (b).
“(1) IN GENERAL.—Upon issuance of the rules described in subsection (f), a Federal savings association may elect to operate as a covered savings association by submitting a notice to the Comptroller of such election.
“(2) APPROVAL.—A Federal savings association shall be deemed to be approved to operate as a covered savings association on the date that is 60 days after the date on which the Comptroller receives the notice under paragraph (1), unless the Comptroller notifies the Federal savings association otherwise.
“(1) have the same rights and privileges as a national bank that has its main office situated in the same location as the home office of the covered savings association; and
“(2) be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to such a national bank.
“(1) of governance of the covered savings association, including incorporation, bylaws, boards of directors, shareholders, and distribution of dividends;
“(2) of consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership; and
“(3) determined by regulation of the Comptroller.
“(e) Existing branches.—A covered savings association may continue to operate any branch or agency the covered savings association operated on the date on which an election under subsection (b) is approved.
“(1) that establish streamlined standards and procedures that clearly identify required documentation or timelines for an election under subsection (b);
“(A) that do not conform to the requirements for assets and subsidiaries of a national bank; and
“(B) that are held by the Federal savings association on the date on which the Federal savings association submits a notice of such election;
“(A) a transition process for bringing such assets and subsidiaries into conformance with the requirements for a national bank; and
“(B) procedures for allowing the Federal savings association to provide a justification for grandfathering such assets and subsidiaries after electing to operate as a covered savings association;
“(4) that establish standards and procedures to allow a covered savings association to terminate an election under subsection (b) after an appropriate period of time or to make a subsequent election;
“(5) that clarify requirements for the treatment of covered savings associations, including the provisions of law that apply to covered savings associations; and
“(6) as the Comptroller deems necessary and in the interests of safety and soundness.”.
Passed the House of Representatives January 29, 2018.
|Attest:||karen l. haas,|