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Public Statements

H.R. 4173, The Dodd-Frank Wall Street Reform and Consumer Protection Act--Clarification of Intent With Respect to Section 625

Floor Speech

By:
Date:
Location: Washington, DC

* Mr. MOORE of Kansas. Madam Speaker, as a House conferee for H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), I rise to reaffirm the intent of section 625 of the Dodd-Frank Act, which the President signed into law earlier this year (P.L. 111-203).

* For years, many federal mutual holding companies have waived receipt of dividends in reliance on current Office of Thrift Supervision (``OTS'') regulations which permit waivers of such dividends. These regulations also provide that such dividend waivers would not affect the exchange ratio in the event of a full conversion to stock form.

* Section 625 of the Dodd-Frank Act seeks to maintain the current OTS regulation regarding dividend waivers for federal mutual holding companies which, prior to December 1, 2009, had waived the receipt of dividends pursuant to current OTS regulations permitting such dividend waivers. Section 625 authorizes that these mutual holding companies may continue to do so as long as they provide proper notice beforehand and no finding is made that such dividend waivers constitute a safety and soundness violation. Section 625 also provides that such dividend waivers shall not affect the exchange ratio in the event of a later full conversion by the mutual holding company to stock form. The OTS's regulations (which remain unaltered from when the Dodd-Frank Act was being debated and became law) define a mutual holding company as the top-tier company and includes any mid-tier stock holding company. Therefore, regardless of what level of the federal mutual holding company had or continues to waive the receipt of dividends, the clear intent behind Section 625 is to preserve the current OTS regulations with respect to these institutions.

* I commend Chairman FRANK for his leadership in drafting the Dodd-Frank Act, as well as his assistance in working with me to fully preserve and protect the thrift charter, including the dividend treatment of federal mutual holding companies. I also urge the Congress to carefully oversee the implementation of the Dodd-Frank Act, including provisions like Section 625, to ensure the regulators implement them in such a way as Congress intended.


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