United States:
Federal Register: OCC Proposes Rules To Allow Greater Business Flexibility To Federal Savings Associations
06 October 2018
Cadwalader, Wickersham & Taft LLP
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An Office of the Comptroller of the Currency proposal that would
enable federal savings associations to adapt more easily to new
economic conditions and business environments without changing
their charters was published in the Federal Register.
As
previously covered, Section 5 of the Home
Owners' Loan Act – created by the
Economic Growth, Regulatory Relief, and Consumer Protection Act
– provides federal savings associations with total
consolidated assets of $20 billion or less (as of December 31,
2017) the option to elect to operate as a covered savings
association. A covered savings association has the same rights,
privileges, duties and restrictions as a national bank, but retains
its Federal savings association charter and existing governance
framework.
Comments on the proposed rules must be received on or before
November 19, 2018.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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