House Panel Advances ABA-Advocated Thrift Flexibility Bill

The House Financial Services Committee yesterday 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.) and is part of ABA’s Agenda for America’s Hometown Banks.

“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,” ABA SVP Joseph Pigg commented.