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House Passes Thrift Holding Company Relief Legislation

January 14, 2014

The United States House of Representatives passed, with strong bipartisan support, CBAI supported legislation to allow thrift holding companies to take advantage of the new 1,200-shareholder Securities and Exchange Commission deregistration threshold. The Holding Company Registration Threshold Equalization Act (H.R. 801) also would raise the registration threshold to 2,000 shareholders. Due to an oversight in the Jumpstart Our Business Startups (JOBS) Act, thrift holding companies could not take advantage of the increased shareholder threshold below which a bank or bank holding company may deregister with the SEC. The bill was co-sponsored by Illinois’ Mike Quigley (D-05).

Similar legislation (S. 872) has been introduced in the Senate. The bills are among many regulatory relief provisions in ICBA’s Plan for Prosperity platform for the 113th Congress.