OCC BULLETIN 2018-29
Subject: Covered Savings Associations
Date: September 18, 2018
To: Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: Notice of Proposed Rulemaking
On September 18, 2018, the Office of the Comptroller of the Currency (OCC) issued a proposed rule to allow federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017, to elect national bank powers and operate as covered savings associations. The proposed rule aims to provide certain federal savings associations with additional flexibility to adapt to new economic conditions and business environments without changing their charters. The deadline for comments on the proposed rule is November 19, 2018.
Section 206 of the Economic Growth, Regulatory Relief, and Consumer Protection Act created a new Section 5A in the Home Owners’ Loan Act that requires the OCC to issue regulations to allow federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017, to elect national bank powers and operate as covered savings associations.
Under the proposed rule, a covered savings association would
Please contact Charlotte Bahin, Senior Advisor for Thrift Supervision, 202-649-6281, Lazaro Barreiro, Director for Governance and Operational Risk Policy, 202-649-6550, Alison MacDonald, Special Counsel, 202‑649‑5490, or Frances C. Augello, Special Counsel, 202-649-5500, Chief Counsel’s Office.