TFS Financial's Third Federal Savings & Loan Association of Cleveland MoU Terminated by OCC
Third Federal Savings & Loan Association of Cleveland ("Third Federal"), a subsidiary of TFS Financial Corporation (Nasdaq: TFSL), received written notification today that the Memorandum of Understanding ("MOU") put in place on February 7, 2011, by the Office of Thrift Supervision ("OTS") on Third Federal, has been terminated by the Office of the Comptroller of the Currency ("OCC"). The issues in the terminated MOU applied to the thrift operations of Third Federal.
The MOU impacting TFS Financial Corporation and its mutual holding company also put in place on February 7, 2011, by the OTS, is still active. Now under the regulation of the Federal Reserve, the MOU covers enterprise risk management and places restrictions on stock dividends and buybacks. The MOU will remain in effect until terminated, suspended, or modified by the Federal Reserve.
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