OCC Request for Comment: Proposed Rule Permitting Certain Federal Thrifts to Elect the Rights and Duties of National Banks
The OCC is inviting comment on proposed rules implementing a new section of HOLA that was enacted as part of S.2155. The new law would offer qualifying federal savings associations the opportunity to elect to operate as a “covered savings association,” such that they would be treated as national banks in certain respects without having to apply for a national bank charter. The OCC believes the new law, and the rules that it is now proposing, offer federal savings associations opportunities to increase, for example, commercial or consumer lending, and to better serve their communities.
Comments on the proposed rule are due on or before November 19, 2018. WBA’s Regulatory Compliance Bulletin discussing the proposed rules, and containing instructions on how to submit comments, can be viewed here.