FFIEC Issues Statement on Regulatory Conversions

This story appeared in Bank Digest.

Federal Financial Institutions Examination Council has issued a “Statement on Regulatory Conversions“ to reaffirm that the supervisors are unified in their approach to regulatory conversions. The statement's purpose is to ensure that charter conversions or changes in an institution's regulatory agencies support current or prospective supervisory actions. Supervisors will only consider applications undertaken for legitimate reasons and will not entertain regulatory conversion applications that undermine the supervisory process. It is expected prospective supervisors will follow existing supervisors' work on examination and enforcement actions, including consumer protection and safety and soundness issues.