Regulators beef up federal thrift lawsFederal regulators...

Newswatch on business

November 30, 1990

Regulators beef up federal thrift laws

Federal regulators took steps to close a loophole in federal thrift laws by beefing up rules covering S&Ls that convert into state-chartered savings banks.

The rules proposed yesterday, which will not come into effect for 30 days, will force thrifts that become savings banks to follow strict investment limits imposed on the savings and loan industry by the 1989 thrift bailout law.

This action should pave the way for a large number of thrifts to convert to state-chartered savings banks.

S&Ls want to convert to savings banks to avoid the higher cost of being regulated by both the OTS and the Federal Deposit Insurance Corp, which controls the thrift insurance fund.

Shoes for needy children:

Goodwill Industries of Baltimore Inc., in partnership with Sears Roebuck & Co. and Montgomery Ward & Co., is providing gift certificates for new shoes for 1,800 needy children.

Goodwill's "Shoes for School" program provides shoes for children in 250 elementary schools in Central Maryland.

Tax deductible contributions can be sent to Shoes for School, P.O. Box 2907, Baltimore, Md. 21229. For more information, call 247-3500.

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