US S567

Bill

US S567

Federal Savings Association Charter Flexibility Act of 2017

Introduced
03/08/2017

In Committee
03/08/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Federal Savings Association Charter Flexibility Act of 2017 This bill amends the Home Owners' Loan Act to permit a federal savings association to elect to operate, subject to supervision by the Office of the Comptroller of the Currency, with the same rights and duties as a national bank.

AI Summary

This bill amends the Home Owners' Loan Act to allow federal savings associations (FSAs) to elect to operate as "covered savings associations" subject to the same rights, privileges, duties, and restrictions as national banks. The bill requires the Office of the Comptroller of the Currency (OCC) to issue rules for the election process, treatment of existing assets and subsidiaries, and the ability to terminate the election. This provides FSAs with more flexibility in their operations by allowing them to essentially convert to a national bank charter while still maintaining their existing governance structure and certain other federal savings association-specific provisions.

Committee Categories

Housing and Urban Affairs

Sponsors (3)

Heidi Heitkamp (D)*, Jerry Moran (R), Mike Rounds (R),

Last Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 03/08/2017)

Official Document

https://www.congress.gov/bill/115th-congress/senate-bill/567/all-info

(5 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/senate-bill/567/all-info
BillText	https://www.congress.gov/115/bills/s567/BILLS-115s567is.pdf
Bill	https://www.congress.gov/115/bills/s567/BILLS-115s567is.pdf.pdf

Bill	Bill Name	Last Action	Type
HR10	Financial CHOICE Act of 2017	Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.	Related
HR1426	Federal Savings Association Charter Flexibility Act of 2017	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.	Same As
HRes375	Providing for consideration of the bill (H.B. 10) to create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and Too Big to Fail, holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the Dodd-Frank Act that make America less prosperous, less stable, and less free, and for other purposes.	Motion to reconsider laid on the table Agreed to without objection.	Similar To
HRes905	Providing for consideration of the bill (H.B. 5515) to authorize appropriations for fiscal year 2019 for military activities of the Department of Defense and for military construction, to prescribe military personnel strengths for such fiscal year, and for other purposes; providing for consideration of the bill (S. 204) to authorize the use of unapproved medical products by patients diagnosed with a terminal illness in accordance with State law, and for other purposes; and providing for consider	Motion to reconsider laid on the table Agreed to without objection.	Similar To
S2155	Economic Growth, Regulatory Relief, and Consumer Protection Act	Became Public Law No: 115-174.	Related

Bill > S567

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (3)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary