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Reps. Womack, Himes urge SEC to treat savings and loan holding firms same as bank holding firms

Steve Womack

Reps. Steve Womack (R-Ark.) and Jim Himes (D-Conn.) said in a letter to regulators last week that they hope the Securities and Exchange Commission will treat savings and loan holding firms just like bank holding companies.

The Jumpstart Our Business Startups Act amended the Securities Exchange Act of 1934 by increasing the registration threshold from 500 to 2,000 and deregistration threshold from 300 to 1,200.

“The JOBS Act did not expressly extend the new shareholder thresholds to savings and loan holding companies as defined by the Home Owners Loan Act,” the congressmen said in the letter to Mary Schapiro, the chairman of the SEC. “As the sponsors of the original bill, H.R. 1965, which raised the shareholder registration threshold, it was not our intention to treat [savings and loan holding companies] differently from bank and bank holding companies.”

The congressmen also said that the House Appropriations Committee included language in the Fiscal Year 2013 Financial Services and General Government Appropriations bill “to clarify that Congress intended for Title VI of the JOBS Act to apply to SLHCs and to urge the SEC to use its existing authority to ensure this result.”

Womack and Himes said that while the provision took effect upon enactment of the JOBS Act, they expect the SEC to update its rules to reflect the changes.

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