Pa. Senate Clears Bill Requiring S&Ls To Convert To Banks

Law360, New York (March 14, 2013, 5:05 PM EDT) -- The Pennsylvania Senate on Wednesday unanimously passed legislation that would require the state's four remaining savings and loan associations to convert to savings banks in a push to modernize the state's banking code.

The legislation sponsored by Sen. Mike Brubaker, R-Lancaster, comes as the state Department of Banking and Securities is looking for ways to become more cost-effective and streamline its operations.

"Our current banking code, which regulates state-chartered savings and loan associations, is nearly 50 years old,” Brubaker said in a statement. “This bill will...
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