Federal Mutual Savings Bank Act

Summary

Federal Mutual Savings Bank Act - Amends the Home Owners' Loan Act to authorize the Federal Home Loan Bank Board to provide for the organization, conversion, operation, and regulation of associations which may be known as Federal Savings and Loan Associations or Federal Savings Banks. Allows for the chartering of such associations. Amends the Federal Deposit Insurance Act to provide that whenever a State-chartered mutual savings bank which is insured by the Federal Deposit Insurance Corporation is converted into a Federal Savings Bank, the Federal Deposit Insurance Corporation shall calculate the amount in its capital account attributable to such mutual savings bank and shall transfer to each Federal Savings Bank the amount calculated in accordance with this Act. Requires the Federal Savings and Loan Insurance Corporation to insure the accounts of all Federal Savings Banks. Allows for the conversion of a State-chartered mutual savings bank into a Federal savings and loan association or a Federal Savings Bank to the extent authorized by the Federal Home Loan Bank Board.

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1 official file

• Introduced in House

  summary · EN · 30 June 1977

  Open at official source

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