[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3615 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 3615

 To amend the Federal Deposit Insurance Act to require Federal Deposit 
 Insurance Corporation approval for conversions of insured banks from 
           mutual form to stock form, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           November 22, 1993

 Mr. Gonzalez (for himself, Mr. Neal of North Carolina, and Mr. Leach) 
 introduced the following bill; which was referred to the Committee on 
                   Banking, Finance and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Deposit Insurance Act to require Federal Deposit 
 Insurance Corporation approval for conversions of insured banks from 
           mutual form to stock form, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mutual Bank Conversion Act''.

SEC. 2. FDIC REGULATION OF MUTUAL BANK CONVERSIONS.

    (a) In General.--Section 18 of the Federal Deposit Insurance Act 
(12 U.S.C. 1828) is amended by adding at the end the following new 
subsection:
    ``(q) Mutual Bank Conversions.--
            ``(1) Approval required.--No insured State bank may convert 
        from the mutual form to the stock form on or after November 22, 
        1993, except in accordance with regulations which the 
        Corporation shall prescribe.
            ``(2) Regulations.--The regulations prescribed by the 
        Corporation pursuant to paragraph (1) shall be substantially 
        similar to the regulations prescribed by the Director of the 
        Office of Thrift Supervision under section 5(i)(2) of the Home 
        Owners' Loan Act.''.
    (b) Effective Date of Regulations.--The regulations required to be 
prescribed by the Federal Deposit Insurance Corporation pursuant to the 
amendment made by subsection (a) shall take effect on or before the end 
of the 90-day period beginning on the date of the enactment of this 
Act.

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