Exempting Smaller Savings and Loan Associations from SEC Registration (H.R. 801)

What is H.R. 801?

(Updated July 18, 2017)

Gives savings and loan associations (S&Ls) the ability to avoid registering with the United States Securities and Exchange Commission (SEC). As part of the Jumpstart Our Business Startups Act (JOBS Act) of 2010, banks could avoid costly SEC registration if they had fewer than 2,000 shareholders, and could deregister if they had fewer than 1,200 shareholders. The Senate companion bill is identical and has not been voted on. 

Argument in favor

Provides substantial cost savings for smaller financial institutions and corrects an unintentional omission in the JOBS Act of 2010.

Argument opposed

All financial institutions should have to provide quarterly reports to the SEC, regardless of size.

Impact

If enacted, the bill would mean less paper-pushing for smaller S&L associations.

Cost of H.R. 801

The CBO estimates that the bill would have no significant effect on the federal budget.

Additional Info