On the recordMay 13, 1998
This amendment would simply change the law to allow federally chartered financial institutions that have the word ``Federal'' in their name or in their title to opt for a State banking charter if they so choose. Last year, when this issue came up in the Committee on Banking and Financial Services during markup of H.R. 10, this same amendment passed unanimously. Over 500 financial institutions across the country are hamstrung because they have the word ``Federal'' in their name. Some of these banks and thrifts may be over 100 years old and would like to benefit from the dual banking system and would simply like to change from a national charter to a State charter without having to change their name. I urge my colleagues to support this amendment to bring parity and fairness for all financial institutions.
Source
govinfo.gov
