SLHCASemi Long Hair Cat Association (UK)
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(45) Congress subsequently took action to close the unitary thrift loophole in the form of amendments to the SLHCA, included in the Gramm-Leach-Bliley Act (GLBA), which subjected unitary thrift holding companies to the same restrictions on nonbanking activities as multiple thrift holding companies.
(49.) Although the OTS maintained that it would continue considering Wal-Mart's application until the GLBA became law on November 12, 1999, some suggest Congress included the amendments to the SLHCA in the GLBA and selected the May, 1999, cut-off partially to prevent Wal-Mart, who applied for a thrift in June, 1999, from operating a thrift.
The Savings and Loan Holding Company Act (SLHCA) of 1967 (3) provided that a company owning only one single thrift was a unitary thrift holding company and was not subject to any restrictions on other activities undertaken.