Unitary Thrift

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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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References in periodicals archive ?
Unitary thrifts have powers that banks do not, such as being able to branch anywhere very quickly, Bailey says.
The second issue, Bailey says, is the mixing of banking and commerce in general, where any company could buy a one-thrift holding company (a unitary thrift) and overnight begin banking nationwide.