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Agencies Release Interagency Statement on Restrictions on Conversions of Troubled Banks

 

Nov 27 - Section 612 of the Dodd-Frank Wall Street Reform and Consumer Protection Act imposes restrictions on conversions of certain national banks or federal savings associations to state-chartered institutions and conversions of certain state-chartered banks or savings associations to national banks or federal savings associations. The agencies that administer Section 612—the FDIC, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency — together with the Conference of State Bank Supervisors are issuing this interagency statement to outline supervisory expectations for conversions covered by this law.

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