Download or read book Comptroller's Licensing Manual: Conversions to Federal Charter written by Office of Office of the Comptroller of the Currency and published by . This book was released on 2019-10-09 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This booklet of the Comptroller's Licensing Manual provides the OCC's policies and procedures regarding the conversion of certain types of depository institutions to a national bank or a federal savings association (FSA).Under applicable federal and state law, certain types of depository institutions may convert to a national bank or a federal savings association (FSA). These types of institutions include commercial banks, state banks, state savings associations (mutual form or stock form), trust companies, and credit unions. A stock depository institution may convert to a stock FSA or national bank charter, and a mutual depository institution or a credit union may convert to a mutual FSA. An FSA may convert to a national bank, and a national bank may convert to an FSA. For information on FSAs electing to operate as covered savings associations (CSA) under section 206 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, refer to OCC Bulletin 2019-31, "Covered Savings Associations Implementation: Covered Savings Associations."A depository institution seeking to convert to a national bank or FSA must submit an application and obtain prior approval of the Office of the Comptroller of the Currency (OCC). In addition, a depository institution must include information in the application demonstrating compliance with applicable laws and regulations regarding the permissibility, requirements, and procedures for conversions, including any applicable stockholder or account holder approval requirements.If the OCC approves the conversion, the institution may not commence business as a national bank or FSA until the OCC grants authorization and issues a federal charter. In addition, the OCC does not grant approval to a national bank or FSA with a parent holding company until the Board of Governors of the Federal Reserve System (FRB) has approved any applications filed by the holding company.