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House Bill 4517
115th Congress(2017-2018)
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.
Introduced
Introduced
Introduced in House on Dec 1, 2017
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Introduced in House 
Dec 1, 2017
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Introduced in House(Dec 1, 2017)
Dec 1, 2017
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 4517 (Introduced-in-House)


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.”.