TIAA-CREF said yesterday that its savings bank subsidiary can now expand its banking services, including orinating mortgages and investing in MBS, according to the charlotteobserver.com.
The firm's savings bank can now offer "deposit and loan products." It also intends to originate mortgages and invest in MBS, the report said, citing a regulatory filing from the Office of Thrift Supervision (OTS).
It plans to offer an Federal Deposit Insurance Corp.-insured, money market deposit account, but other services remain to be determined, the report quoted the company's spokesperson as saying.
The savings bank currently offers "trust services" including financial advising, estate planning and asset management.
The company filed its application to expand its services on Sept. 1, 2009, according to the OTS. The new services must get under way in the next four months, according the Web report said, citing the OTS' approval filing dated Aug 21.
The filing stated that TIAA-CREF's savings bank expects a considerable part of its deposit growth will be coming from its existing clients and those of other TIAA-CREF units.
The TIAA-CREF savings bank also said that it is expects to be profitable in each of its first three years of existence, according to the Web report that cited the filing.