After a long legislative and regulatory advocacy effort, federal thrifts can finally elect “covered savings association” status, allowing them to exercise national bank powers without having to change their charters, holding companies or cultural identities as savings institutions.
The Federal Reserve has released a long-awaited set of frequently asked questions regarding its approach with regard to OCC-regulated federal savings associations and federal mutual savings banks that choose to exercise the option to become a “covered savings association,” as allowed by Section 206 of the 2018 S. 2155 regulatory reform law.
n a surprise announcement today at an mutual bank virtual forum co-hosted by the FDIC and OCC, a Federal Reserve official announced that the Federal Reserve has, via interpretive letter, determined that OCC-regulated savings associations that choose to exercise the option to become a “covered savings association” under Section 206 of the 2018 S. 2155 regulatory reform law will now be treated as national banks for purposes of regulation by the Federal Reserve.
The Federal Reserve announced a six-month delay for the implementation of its revised framework for determining control of a company by another company under the Bank Holding Company Act and the Home Owners’ Loan Act.
The American Bankers Association today responded to a proposal from the Federal Reserve that would amend the regulatory framework for determining whether a bank or company exercises a “controlling influence” over another bank or company under the Bank Holding Company Act and the Home Owners’ Loan Act.
As the OCC’s long-awaited HOLA flexibility rule took effect this week, the agency issued several documents to help bankers understand the new rule and provide guidance to institutions wishing to elect to become “covered associations.”
The OCC has issued a long-awaited final rule implementing a new section of the Home Owners’ Loan Act permitting certain federal stock and mutual savings associations to elect the rights and duties of national banks.
The Federal Reserve today issued a proposal to revise its existing rules for determining control of a banking firm by another company under the Bank Holding Company Act and the Home Owners’ Loan Act.
The American Bankers Association today called on the OCC to quickly finalize a proposal to implement a new section of the Home Owners’ Loan Act permitting certain federal thrifts to elect the rights and duties of national banks, as mandated by the regulatory reform law S. 2155.
The OCC today issued a proposed rule that would implement a new section of the Home Owners’ Loan Act permitting certain federal thrifts to elect the rights and duties of national banks.