H.R. 4217 · 112th Congress
Mutual Community Bank Competitive Equality Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GrimmSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Mutual Community Bank Competitive Equality Act - Amends the Revised Statutes of the United States to authorize the Comptroller of the Currency to charter mutual national banks either de novo or through a conversion of any insured depository institution or any state mutual bank or credit union.
What it does: CRS summary · Introduced in House · Mar 20, 2012
Mutual Community Bank Competitive Equality Act - Amends the Revised Statutes of the United States to authorize the Comptroller of the Currency to charter mutual national banks either de novo or through a conversion of any insured depository institution or any state mutual bank or credit union.
Amends the Federal Deposit Insurance Act to authorize a mutual depository to issue Mutual Investment Certificates, to be included as Tier 1 capital for purposes of any capital standards issued by an appropriate federal banking agency.
Amends the Home Owners' Loan Act to: (1) prohibit any company or subsidiary, or any director, officer, employee, or person with voting power or holding proxies representing more than 25% of the voting shares of such company or subsidiary, from holding, soliciting, or exercising any proxies in respect of a mutual savings association with the intention to to control the association; and (2) allow an aggrieved association to bring a civil action to prevent such takeover attempts.
Prohibits any company, subsidiary, director, officer, employee, or person owning, controlling, or holding with the power to vote, or holding proxies representing more than 25% of the voting shares of such a company or subsidiary, to hold, solicit, or exercise any proxies in respect of a mutual savings association with the view or intention to controlling or attempting to control it directly or indirectly.
Prescribes conditions under which a mutual holding company or its stock subsidiary may: (1) contribute stock to a charitable foundation either the company or the stock subsidiary establishes, and (2) waive the right to receive any dividend declared by one of its subsidiaries.
Requires the Board of Governors of the Federal Reserve to apply its Small Bank Holding Company Policy Statement to any mutual holding company that would otherwise qualify as a small bank holding company, if it were one.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Mutual Community Bank Competitive Equality Act
Latest action (Apr 26, 2012): Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 20, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.