Rep. Rothfus Seeing Progress on Mutual, Thrift Bills

Speaking today at ABA’s Mutual Community Bank Conference, Rep. Keith Rothfus (R-Pa.) provided an update on two key pieces of legislation he introduced that are part of ABA’s Agenda for America’s Hometown Banks.

H.R. 1660, which would provide charter flexibility for federal thrifts, passed the House Financial Services Committee by a unanimous vote, and Rothfus urged bankers to contact their lawmakers to urge them to co-sponsor the bill and call for it to be brought to the House floor soon.

Meanwhile, on H.R. 1661 — which would create a mutual capital certificate that would count as tier 1 capital to address mutuals’ capital-raising concerns — “we hope to find a path forward on some form of capital relief soon,” Rothfus said. He called on mutual bankers to continue to urge their House members to support the bill.

“For 200 years, mutual institutions like yours have been instrumental to economic growth and the prosperity of our local communities,” he said. “I remain optimistic and confident that you will continue to perform this role for many years to come.”