36 Response to written questions of Senator Riegle .... Jonathan L. Fiechter, Acting Director, Office of Thrift Supervision, Washing- Response to written questions of Senator Riegle Response to oral questions of Senator D'Amato Derrick D. Cephas, superintendent of banks, State of New York, New York II. What parties, if any, should receive priority rights in a conver- III. To what extent should management and insiders be allowed to participate in a conversion? IV. How effective is the current appraisal process? William J. Drumm, superintendent, Division of Savings and Loan Associations and Division of Savings Banks, State of Ohio, Columbus, OH ....... Prepared statement ........ Background information Increasing capital requirements and the savings bank charter Savings bank regulations Mutual ownership of savings banks...... Mutual-to-stock conversion activity ..... Summary discussion..... Response to written questions of Senator Riegle David E. A. Carson, chairman, president, and chief executive officer, People's Page 17 52 52 53 53 53 54 54 80 Bank, Bridgeport, CT; testifying on behalf of Savings and Community Prepared statement 19 61 Response to written questions of Senator Riegle Chris Lewis, banking and housing policy director, Consumer Federation of Prepared statement Growing problem ......... The insider's outside friends Conclusion..... Response to written questions of Senator Riegle 82 21 66 66 67 67 68 68 69 82 |