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![handle is hein.congrecreports/crptxaazh0001 and id is 1 raw text is: AUT-ENTICATED
US. GOVERNMENT
INFORMATION
GP
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-530
FEDERAL SAVINGS ASSOCIATION CHARTER FLEXIBILITY
ACT OF 2017
JANUARY 29, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 1426]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 1426) to amend the Home Owners' Loan Act to allow Fed-
eral savings associations to elect to operate as national banks, and
for other purposes, having considered the same, report favorably
thereon without amendment and recommend that the bill do pass.
PURPOSE AND SUMMARY
Introduced by Representative Keith Rothfus on March 8, 2017,
H.R. 1426, the Federal Savings Association Charter Flexibility Act
of 2017 amends the Home Owners Loan Act (12 U.S.C. 1464) to
permit a federal savings association to elect to operate subject to
supervision by the Comptroller of the Currency (OCC) with the
same rights and duties of a national bank. Unless the OCC other-
wise notifies the institution, the election is effective 60 days after
the date on which the OCC receives the notice. The bill also re-
quires the OCC to issue a rulemaking that clarifies the required
documentation and timeline for the election process, and one that
requires the federal savings association to identify assets and sub-
sidiaries that do not conform to those required of a national bank.
Finally, the bill requires the OCC to establish a transition process
that permits an electing Federal savings association to bring any
assets that do not conform to national bank requirements after no-
tice of election into conformance, or the ability to justify the
grandfathering of such assets and subsidiaries.
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