Feds free up cash for H&R Block
H&R Block Inc. said the Office of Thrift Supervision has rescinded a requirement that Block hold 3 percent of its tangible capital assets in reserve to provide an extra measure of safety for its H&R Block Bank.
Block said the move primarily reflects the completion of the sale of its Option One Mortgage Corp. business last month and will give the company more flexibility to buy back stock from shareholders and also provide potential new services to its banking and tax clients. Other capital requirements set by the federal regulators remain unchanged, Block said.
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