Comptroller of the Currency Thomas Curry on Thursday urged Congress to pass ABA-supported legislation that would provide federal savings associations with more flexibility to serve their customers while retaining their unique charter.
Reps. Keith Rothfus (R-Pa.) and Jim Himes (D-Ct.) recently introduced H.R. 1660,
which would allow thrifts chartered under the Home Owners’ Loan Act to elect to
receive the lending powers -- and compliance responsibilities -- of national
banks without changing their HOLA charters. The bill is part of ABA’s Agenda for America’s
In a speech to members of the Depositors Insurance Fund -- a fund that
supplements FDIC insurance for Massachusetts-chartered banks -- Curry explained
that the idea for the legislation came from Massachusetts, which has long since
offered its state thrifts such flexibility.
“I have long thought that the system that has worked so well in Massachusetts
should also be available to federal thrifts,” Curry said. “I am pleased to say
that we are making progress toward this goal. I believe that the responsible
and constructive manner in which Massachusetts bankers have used their
authority is one key reason why similar authority is now within reach for federal
thrifts, and I applaud you for it.” Read the speech.