To amend the Home Owners' Loan Act to allow mutual holding companies to clarify requirements related to the waiver of dividends, and for other purposes.

Bill: 115-hr-4517
Sponsor: full_name: Rep. Faso, John J. [R-NY-19]
Introduced: 2017-12-01
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Financial services and investments

Interest, dividends, interest rates
Latest action: action_date: 2017-12-01
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2017-12-01
action_desc: Introduced in House
text: <p>This bill amends the Home Owners' Loan Act to prohibit a federal financial agency from considering waived dividends in determining an appropriate exchange ratio in the event of a full conversion to stock form with respect to a mutual holding company. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 4517 IN THE HOUSE OF REPRESENTATIVES December 1, 2017 Mr. Faso (for himself, Mr. Collins of New York , and Mr. Stivers ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Home Owners’ Loan Act to allow mutual holding companies to clarify requirements related to the waiver of dividends, and for other purposes.

1. Dividend waiver authority for mutual holding companies Section 10(o)(11) of the Home Owners’ Loan Act ( 12 U.S.C. 1467a(o)(11) ) is amended— (1) in subparagraph (D)— (A) in clause (i), by adding and at the end; (B) in clause (ii), by striking ; and and inserting a period; and (C) by striking clause (iii); (2) by amending subparagraph (E) to read as follows: (E) Valuation The appropriate Federal banking agency may not consider waived dividends in determining an appropriate exchange ratio in the event of a full conversion to stock form. ; and (3) by adding at the end the following new subparagraph: (F) Rule of construction Nothing in this paragraph shall be construed to authorize the appropriate Federal banking agency to require a vote of members of a mutual holding company to approve one or more dividend waivers or to place any additional restrictions on dividend waivers by mutual holding companies that are inconsistent with or exceed the requirements set forth in this paragraph. .