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KANSAS CITY, Mo. (AP) - H&R Block Inc. said Friday that the Office of Thrift Supervision has rescinded its requirement that the company hold a 3 percent tangible capital reserve -a restriction that had prevented the company from buying back stock.
Regulators eliminated the requirement after H&R Block closed the sale of its mortgage servicing business, which had operated under its Option One Mortgage Corp. unit.
The sale, along with the reduction of debt, lowered the company's risk profile, allowing the OTS to eliminate the reserve requirement.
H&R Block is subject to OTS rules because it owns H&R Block Bank. A separate 3 percent capital reserve requirement still applies to the bank.
"We are elated with the OTS action, which eliminates a significant constraint on the structure of H&R Block's balance sheet," said Chairman Richard Breeden in a release.
In morning trading, H&R Block shares rose 50 cents to $22.36.
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