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Unitary Thrift
(redirected from Unitary Thrifts)

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Unitary Thrift
A company that owns one thrift, which is a bank specializing in residential mortgages and checking/savings accounts. A unitary thrift has more freedom than a bank holding company: for example, up to 20% of its holdings may be commercial loans. New unitary thrifts were banned after the Gramm-Leach-Bliley Act.
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Unitary thrifts were seen as a potential entry-point into financial services by any firm that saw a potential "fit" in offering lucrative financial services to its customers.
Update from CCH Banking Law Group: Financial Services Reform Means a ... by PR Newswire
Unitary thrifts have powers that banks do not, such as being able to branch anywhere very quickly, Bailey says.
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A top priority of our two associations is adding language to the bill prohibiting existing unitary thrifts from selling themselves to commercial firms going forward," the letter said.
ICBA and ABA Join in Support to Close Thrift Loophole in Banking ... by PR Newswire
 
 
 
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