Code · BILL · 113th Congress · H.R. 1603 (Introduced in House) — To support and promote community financial institutions in the mutual form, and for other purposes. · Sec. 2

Sec. 2. Findings

98 words·~1 min read·/bill/113/hr/1603/ih/section-2

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Congress finds the following: Mutual financial institutions have been an integral part of the American banking landscape for almost 200 years. Such institutions operate for the purpose of serving the local depositors and borrowers and the communities in which they operate. Mutual banks play a critical role in encouraging thrift, providing home loans and loans for small businesses. Mutual banks are among the strongest financial institutions in the country and are characterized by high capital ratios and conservative, community-focused management. Congress deems it necessary to provide for the support and continued development of these vital community financial institutions.