Mutual Community Bank Competitive Equality Act

Summary

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.

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Timeline

1. 20 March 2012

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 20 March 2012

   Introduced

   Introduced in House

   Source: IntroReferral

3. 20 March 2012

   Introduced

   Introduced in House

   Source: IntroReferral

4. 26 April 2012

   Referred

   Referred to the Subcommittee on Financial Institutions and Consumer Credit.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 20 March 2012 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 20 March 2012

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 20 March 2012

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 20 March 2012

  Open at official source

Sponsors

• Rep. Grimm, Michael G. [R-NY-11] · R · Sponsor
• PETER KING · R · Sponsor
• · hsba00 · Standing

Related records

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