§101.4. Treatment of covered savings associations.
12 C.F.R. § 101.4
In general—
National bank activities. Except as provided in this section, a covered savings association may engage in any activity that is permissible for a similarly located national bank to engage in as part of, or incidental to, the business of banking, or explicitly authorized by statute for a national bank, subject to the same authorization, terms, and conditions that would apply to a similarly located national bank, as determined by the OCC for purposes of this part.
Treatment as a Federal savings association. A covered savings association shall continue to comply with the provisions of law that apply to Federal savings associations for purposes of:
Governance (including incorporation, bylaws, boards of directors, shareholders, members, and distribution of dividends);
Consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership;
Provisions of law applicable only to Federal mutual savings associations;
Offers and sales of securities at an office of a Federal savings association;
Savings bank activities authorized by section 5(i)(4) of HOLA;
Issuance of subordinated debt securities and mandatorily redeemable preferred stock;
Increases in permanent capital of a Federal stock savings association;
Rules of practice and procedure in adjudicatory proceedings;
Rules for investigative proceedings and formal examination proceedings;
Removals, suspensions, and prohibitions where a crime is charged or proven;
Security procedures;
Maintenance of records and recordkeeping and confirmation requirements for securities transactions;
Accounting and disclosure standards;
Nondiscrimination; and
Advertising.
Existing branches. A covered savings association may continue to operate any branch or agency that the covered savings association operated on the effective date of the election.
Assets greater than $20 billion. A covered savings association may continue to operate as a covered savings association if, after the effective date of the election, it has total consolidated assets greater than $20 billion.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 93a, 1462a, 1463, 1464, 1464a, and 5412(b)(2)(B).
Source
Source: 84 FR 24005, May 24, 2019, unless otherwise noted.