QUALIFIED THRIFT LENDERS.

SEC. 624. QUALIFIED THRIFT LENDERS. Section 10(m)(3) of the Home Owners’ Loan Act (12 U.S.C. 1467a(m)(3)) is amended—(1) by striking subparagraph (A) and inserting the following:“(A) In general.—A savings association that fails to become or remain a qualified thrift lender shall immediately be subject to the restrictions under subparagraph (B).”; and(2) in subparagraph (B)(i), by striking subclause (III) and inserting the following:“(III) Dividends.—The savings association may not pay dividends, except for dividends that—“(aa) would be permissible for a national bank;“(bb) are necessary to meet obligations of a company that controls such savings association; and“(cc) are specifically approved by the Comptroller of the Currency and the Board after a written request submitted to the Comptroller of the Currency and the Board by the savings association not later than 30 days before the date of the proposed payment.“(IV) Regulatory authority.—A savings association that fails to become or remain a qualified thrift lender shall be deemed to have violated section 5 of the Home Owners’ Loan Act (12 U.S.C. 1464) and subject to actions authorized by section 5(d) of the Home Owners’ Loan Act (12 U.S.C. 1464(d)).”.