Interagency Statement on Restrictions on Conversions of Troubled Banks

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On November 26, the Fed, the FDIC, and the OCC, in conjunction with the Conference of State Bank Supervisions, issued “Interagency Statement on Section 612 of the Dodd-Frank Act: Restrictions on Conversions of Troubled Banks”. The statement describes the general prohibition on charter conversions by certain insured depository institutions. Bulletin. Statement.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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