Not only would that increase the moral hazard -- and the need for bank-like supervision -- but it would also unbalance the competitive playing field between bank subs and independent firms engaging in the same business, a strange result for legislation whose ultimate purpose is to increase the competition for financial services.
The subsidy that is so integral to the op sub would surely induce banks and other financial institutions to organize in a form that would maximize their use of that subsidy. Indeed, stockholders would have every reason to be critical of management that did not avail itself of the opportunity to raise low cost funds.