Specifically, commercial firms have been permitted to own unitary thrifts.
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.
In the end, the conferees agreed on provisions that outlaw the future acquisition or creation of new unitary thrifts by commercial enterprises.
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.
Unless the loophole is closed, any commercial firm, including every Fortune 500 company, would have an entrance into the banking market by purchasing one of the 650 unitary thrifts already in existence.
900) urging them to support the Leach/Largent/Johnson amendment, which would close the unitary thrift loophole and prevent commercial firms from buying a unitary thrift.
Treasury Secretary Summers, who both support restricting unitary thrift transferability.
Johnson is expected to offer the text of the Senate language on unitary thrifts which passed the Senate by a more than 2 to 1 margin.
to close the unitary thrift holding company loophole in the current financial restructuring bill now before a House/Senate conference committee.
WHEREAS the board of directors of the Independent Community Bankers of America expressed its unanimous support for the Leach-Largent-Johnson efforts to close the unitary thrift holding company loophole that would permit giant commercial firms such as Wal-Mart to enter the financial services industry through the back door .