Covered Savings Associations

Activity

American Bankers Association filed 1 comment on this docket between Nov 19, 2018 and Nov 19, 2018. 0 other organizations filed here. The comment window closed 2808d ago.

What American Bankers Association filed (1)

Abstract

The OCC is issuing a final rule to implement a new section of the Home Owners’ Loan Act (HOLA). The Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amended HOLA to add a new section that allows a Federal savings association with total consolidated assets equal to or less than $20 billion, as reported by the association to the Comptroller as of December 31, 2017, to elect to operate as a covered savings association. A covered savings association has the same rights and privileges as a national bank and is subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations as a national bank. A covered savings association retains its Federal savings association charter and existing governance framework. The new section of HOLA requires the OCC to issue rules that, among other things, establish streamlined standards and procedures for elections to operate as covered savings associations and clarify requirements for the treatment of covered savings associations.

• American Bankers AssociationTHIS ORG

  1 filing · confidence 97%