3.0.0 4252 2023-01-11T13:26:50Z 2023-01-11T13:26:50Z House H HR 2014-03-14 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. ROTHFUS:H.R. 4252.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 of the Constitution of theUnited States ``[t]o regulate Commerce with foreign Nations,and among the several States, and with the Indian Tribes.''[[Page H2485]][Page H2484]]]> hsba00 Financial Services Committee House Standing Referred to 2014-03-14T13:01:05Z 2014-03-14 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2014-03-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-03-14 Introduced in House IntroReferral 1000 9 Library of Congress R000598 Rep. Rothfus, Keith J. [R-PA-12] Keith Rothfus R PA J. 12 N T000462 Rep. Tiberi, Patrick J. [R-OH-12] PATRICK TIBERI R OH J. 12 2014-05-06 False K000376 Rep. Kelly, Mike [R-PA-3] Mike Kelly R PA 3 2014-05-28 False S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2014-06-12 False L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 2014-06-18 False B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 2014-07-08 False W000798 Rep. Walberg, Tim [R-MI-7] Tim Walberg R MI 7 2014-07-15 False M001151 Rep. Murphy, Tim [R-PA-18] Tim Murphy R PA 18 2014-07-30 False J000295 Rep. Joyce, David P. [R-OH-14] David Joyce R OH P. 14 2014-07-30 False R000586 Rep. Renacci, James B. [R-OH-16] James Renacci R OH B. 16 2014-07-30 False Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Corporate finance and management Department of the Treasury Federal Reserve System Federally chartered organizations Finance and Financial Sector 00 2014-03-14 Introduced in House 2014-04-29T20:04:35Z Mutual Bank Choice and Continuity Act of 2014 - Amends the Federal Deposit Insurance Act to authorize a mutual depository to issue mutual capital certificates that qualify as common equity Tier 1 capital for purposes of capital requirements mandated by federal law or regulation.

Defines "mutual capital certificate" as a financial instrument issued by a mutual depository that entitles the holder to a payment of fixed, variable, or participating dividends but no voting or member rights, nor is it redeemable until five years after issuance.

Defines "mutual depository" as an insured depository institution operating in a non-stock form, including a federal non-stock depository and any form of non-stock depository provided for under state law, whose deposits are insured by an instrumentality of the federal government.

Amends the Revised Statutes of the United States to authorize the Comptroller of the Currency to charter mutual national banks either de novo or through conversion of an insured depository institution or insured credit union, in order to establish mutual institutions operating in non-stock form for the deposit of funds, the extension of credit, and other services.

Prescribes procedures for voluntary conversion of: (1) a mutual depository to a mutual national bank, (2) a mutual national bank to a stock national bank, or (3) a mutual national bank to a state national bank operating in stock form.

Prescribes procedures for: (1) a mutual national bank to reorganize as a federal mutual bank holding company, and (2) a mutual bank holding company organized under state law to convert to a federal mutual bank holding company.

Permits a mutual national bank to retain capital at the holding company level in order to comply with the capital requirements of the Board of Governors of the Federal Reserve System.

Grants a tax liable depositor in a savings, demand, or other authorized depository account in a depository institution subsidiary the same rights regarding the federal mutual bank holding company as that depositor would have had if the depository institution subsidiary had been a mutual national bank.

Subjects a federal mutual bank holding company to Federal Reserve Board regulation and supervision.

Prescribes procedures for a federal mutual bank holding company governing: (1) capital improvement, and (2) insolvency and liquidation.

Permits a mutual holding company, including any form of mutual depository holding company under state law, to convert to federal mutual bank holding company status.

]]> Mutual Bank Choice and Continuity Act of 2014 Display Title Mutual Bank Choice and Continuity Act of 2014 Official Title as Introduced To amend the Federal Deposit Insurance Act to allow mutual capital certificates to satisfy capital requirements for mutual depositories, to amend the Revised Statutes of the United States to establish mutual national banks, and for other purposes. Introduced in House IH Short Titles as Introduced Mutual Bank Choice and Continuity Act of 2014 Introduced in House 2014-03-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr4252ih/xml/BILLS-113hr4252ih.xml 2014-03-14 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.