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For Immediate Release
March 8, 2017

ABA Media Contact: Sarah Grano
(202) 663-5470
Follow us on Twitter: @ABABankers

ABA Applauds Senate and House Introduction of HOLA Flexibility Bill

By Robert Davis, executive vice president, mortgage markets, financial management and public policy

​    “ABA applauds Reps. Rothfus and Himes and Sens. Heitkamp and Moran for introducing legislation in both chambers to provide greater flexibility to institutions chartered under the Home Owners Loan Act. These bills are the epitome of sensible regulatory relief. They will allow mutual and stock savings associations chartered under the Home Owners Loan Act to better serve the needs of their communities without having to go through lengthy and costly charter conversions.
     “The proposal is modeled on an approach championed by Comptroller of the Currency Tom Curry in his home state of Massachusetts when he was the commissioner of banking there. The legislation will allow a federal savings association to elect to function as, and be regulated like, a national bank without having to change charters or governance structure. The OCC regulates both national banks chartered under the National Bank Act and federal thrifts chartered under the Home Owners Loan Act, and thus has expertise in regulating both types of institutions. 
     “ABA has long championed greater flexibility for HOLA chartered institutions to adapt their business models to changing demographics and changing needs in their communities. Federal saving associations have a long, proud history of being responsive to their communities’ needs, and this legislation will help them to enhance and continue that record.
    “With the introduction of these bills, both chambers now have the opportunity to consider this important legislation. ABA strongly supports this legislation, and we urge its swift enactment.”
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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.