WASHINGTON–The House has passed the Federal Savings Association Charter Flexibility Act of 2017 (HR 1426).
The legislation would create a national charter option for federal savings associations and give federal thrifts the option of being regulated as Covered Savings Associations with authority to exercise a range of national bank powers.
The bill was sponsored by Rep. Keith Rothfus (R-PA).
“Inspired by ICBA’s Plan for Prosperity regulatory relief platform, the charter option is also included as a provision of the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S 2155) pending in the Senate,” said Independent Community Bankers of America President Camden Fine in a statement. “This important policy will provide flexibility for institutions to choose the business model that best suits their communities—without having to go through the costly and complex process of converting to a national bank charter. ICBA will continue working with Congress and the Trump administration to enact this legislation on behalf of community banks and the communities they serve.”