Savings and Loan Associations Mutual Capital Certificate Act

Summary

Savings and Loan Associations Mutual Capital Certificate Act - Amends the Homeowners' Loan Act of 1933 to allow Federal savings and loan associations to issue mutual capital certificates, in accordance with regulations issued by the Federal Home Loan Bank Board. Specifies conditions which shall be provided for in the Board's regulations, including that mutual capital certificates shall be subordinate to all savings accounts, savings certificates, and debt obligations. Amends the National Housing Act to provide that mutual capital certificates and debentures shall be deemed to be reserves for purposes of such Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 25 August 1978

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 25 August 1978

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 25 August 1978

  Open at official source

Sponsors

• Sen. Tower, John G. [R-TX] · R · Sponsor
• Sen. Cranston, Alan [D-CA] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Savings and Loan Associations Mutual Capital Certificate Act