FOR IMMEDIATE RELEASE
September 10, 2018
Contact: William Grassano
Office of the Comptroller of the Currency Invites Comment on Proposed Rule to Enhance Business Flexibility for Federal Savings Associations
WASHINGTON—The Office of the Comptroller of the Currency (OCC) invites comment on a proposed rule that would provide more business flexibility to federal savings associations.
“The OCC has long advocated for greater flexibility for federal savings associations to adapt to the needs of their customers and the marketplace without the burdens and costs of changing federal charters,” Comptroller of the Currency Joseph Otting said. “I am pleased that the measure was included among the bipartisan, common sense reforms enacted this spring. The agency will work expeditiously to implement this important change.”
The proposed rule would implement section 206 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The Act 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 to operate with national bank powers. Federal savings associations that make the election generally would have the same rights and privileges as a national bank and be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that apply to national banks.
The proposed rule aims to provide federal savings associations with additional flexibility to adapt to new economic conditions and business environments without having to change their charters.
Comments are due 60 days after the proposed rule is published in the Federal Register.
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