HR 13080 · 95th Congress · Finance and Financial Sector

Savings and Loan Associations Mutual Capital Certificate Act

Introduced 1978-06-12· Sponsored by Rep. Brown, Garry E. [R-MI-3]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Banking, Finance and Urban Affairs.(1978-06-12)

Plain Language Summary

[AI summary unavailable — showing source text] 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only