Sep 14, 2022
After a long legislative and regulatory advocacy effort, federal thrifts can finally elect “covered savings association” status, allowing them to exercise national bank powers without having to change their charters, holding companies or cultural identities as savings institutions. On the latest episode of the ABA Banking Journal Podcast — sponsored by Jack Henry — two experts walk through why eligible federal savings associations may wish to approach this election.
Luse Gorman attorney Larry Spaccasi and ABA SVP Joseph Pigg discuss ABA’s role in winning passage of HOLA flexibility under the S. 2155 regulatory reform law and its more recent advocacy with the Federal Reserve to ensure institutions can benefit from the election at the holding company level, as well as the factors that thrift leaders can consider when deciding to make the election to become a CSA. Spaccasi and Pigg will be joined by a bank CEO to elaborate on these topics in greater detail at ABA’s Annual Convention, Oct. 2-4 in Austin.