The Office of Thrift Supervision said Thursday that federal mutual thrifts may adopt a one-depositor/one-vote governing structure.

The rule, effective Aug. 31, applies to thrifts as well as credit unions that convert. The OTS proposed the change in April, several weeks after granting two converting credit unions a waiver that would let them keep their one-vote-per-member framework after becoming thrifts.

Typically, members of mutual thrifts are assigned voting power based on total deposits-one vote for every $100 deposited. Mutual thrifts are currently permitted to cap an individual's voting power at anywhere from 50 to 1,000 votes. Under the new rule, the cap could be anywhere from one to 1,000 votes.

-Scott Barancik

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