Mr. PATMAN. Thank you, Mr. Chairman, no questions. Mr. MULTER. Mr. Bolton? Mr. BOLTON. Thank you, Mr. Chairman. Mr. McMurray, I noticed in your testimony you said there were 1,953 Federal savings and loan institutions and 2,960-odd State. At the same time, you stated that the capital of the Federal institutions was larger than that of the State. Am I correct in stating that the permissive branching legislation for savings and loan institutions differs in most States from that of regular commercial banks? Mr. MCMURRAY. The branching requirements of the various States, of course, differ considerably one from the other. Also, the branching regulations with regard to savings and loan associations differ very much from one State to another. The Federal Home Loan Bank Board, if I may go a little further, takes the position that it will permit branches to the extent that any financial institution in that State can branch--that is the most liberal branching privilege given to any financial institution. The Federal Home Loan Bank Board follows that policy, and permits branches in any State which grants branching powers to any State financial institution. For example, a State bank may have much broader branching privileges than a State savings and loan association-we give Federal associations the right to branch to that same extent as the bank. Mr. BOLTON. In other words, it is a fair statement that in some States the Federal savings and loan institutions have the right to branch to a far greater degree than do the State savings and loan institutions in that State? Mr. MCMURRAY. That is correct. Mr. BOLTON. Would you feel that this was a reason for the greater accumulation of capital within the Federal savings and loan institutions where they are smaller by number, but greater by the amount of capital? Mr. MCMURRAY. I don't believe so, sir. For example, offhand I just think of Illinois, where there are no branching privileges. While the number of Federal institutions are much smaller, they are in terms of asset size larger-that is, individual associations-the total I am not quite sure. I think the word "Federal" makes a lot of difference. I think that is probably one of the primary reasons for the larger amount of assets. Although the branching privilege might in some instances contribute to the size. I would have to look at the statutes to give you an absolutely correct answer. Mr. BOLTON. Mr. McMurray, not directly bearing on this bill but coming up in conjunction with other legislation which the committee is considering, I wonder if I could ask you to submit for the record the number of associations, both State and Federal, within each State, the size of their capital, and a very brief summary of the State law regarding branching of savings and loan institutions within that State? I am sure you have a summary. Mr. MCMURRAY. We have the summary. I think we could give you the statistical information almost immediately. The summary of the branching, I am not sure. it in our files. Mr. BOLTON. I am not after creating work. But I know we have Mr. MCMURRAY. This, we pretty much have in hand. We can very easily provide it for you. (The documents referred to follow :) Number and assets of insured savings and loan associations, by type, |