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.

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.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4517 Introduced in House (IH)]

<DOC>






115th CONGRESS
  1st Session
                                H. R. 4517

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.


_______________________________________________________________________


                    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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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.''.
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