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.
Browsing: Mutual institution policy
After spending more than a quarter century in de novo commercial banks, Dave Hanrahan made a career move to a mutual savings bank, and he hasn’t looked back.
The American Bankers Association and several trade groups sent a joint letter to Treasury Secretary Janet Yellen, once again urging the agency to revise its regulatory treatment of Emergency Capital Investment Program investments.
Time is running out for the Federal Reserve to make a simple but critical fix to ensure infusions of funds reach disadvantaged communities.
With the Treasury Department investing $8.7 billion in community development financial institutions and minority depository institutions through its Emergency Capital Investment Program, ABA and several other trade groups this week urged the Federal Reserve to revise quickly its regulatory treatment of ECIP investments to support the program’s success.
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.
As part of its ongoing actions to implement regulatory relief identified by the decennial Economic Growth and Regulatory Paperwork Reduction Act review, the OCC today proposed several rule changes and sought comments on prospective changes sought by ABA during the EGRPRA feedback process.
The OCC today named four bank CEOs to its Mutual Savings Association Advisory Committee, which advises the OCC about mutual banks, assesses their current condition, and offers feedback on regulatory changes affecting mutuals’ health and viability.
A multibank mutual holding company validates its model by adding a third bank.
Charlie Schmalz talks about policy issues facing community banks in 2019, the persistence of the mutual banking model, community bank technology plays — and the best place to get Wisconsin cheese curds.