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News Breaks | | | | October 10, 2012 | | 08:33 EDT |  | HRB | H&R Block exploring strategic alternatives for H&R Block Bank
H&R Block announced it is exploring strategic alternatives for H&R Block Bank that could result in H&R Block, Inc. no longer being regulated by the Federal Reserve as a savings and loan holding company. In June 2012, the Federal Reserve announced proposed rules that would impose higher capital requirements on savings and loan holding companies such as H&R Block, Inc. The Federal Reserve proposed the rules in order to implement changes required by the Dodd-Frank Act. These proposed capital requirements, if enacted, would require H&R Block, Inc. to retain significant additional capital. The company believes the regulatory constraints that would result from these proposed rules and the manner in which the company believes they will be implemented are inconsistent with its strategic plans, operational needs, and growth objectives. In light of this, the company is utilizing Goldman, Sachs & Co. to explore strategic alternatives for H&R Block Bank that could result in H&R Block, Inc. ceasing to be regulated by the Federal Reserve as a savings and loan holding company. | |
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