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Statement on regulatory conversions issued by FFIEC
ARLINGTON, Va. (7/2/09)--The Federal Financial Institutions Examination Council (FFIEC) Wednesday issued a Statement on Regulatory Conversions to reaffirm that supervisors are unified in their approach to regulatory conversions and will not entertain applications that undermine the supervisory process. It is expected, said FFIEC, that prospective supervisors will follow existing supervisors' work on examination and enforcement actions, including consumer protection and safety and soundness issues. The statement's purpose is to ensure that charter conversions or changes in an institution's regulatory agencies support current or prospective supervisory actions. Conversion requests submitted while serious or material enforcement actions are pending with a current chartering authority or primary federal regulator should not be entertained because the requests could delay or undermine supervisory actions, said FFIEC. The statement also addresses institutions with a rating of 3, 4 or 5--or "Needs to Improve" or "Substantial Noncompliance" regarding Community Reinvestment Act (CRA) performance--or with a serious or material corrective program in place or being contemplated. In those cases, the prospective chartering authority will consult with the National Credit Union Administration, the Federal Reserve Board or the Federal Deposit Insurance Corp., as appropriate. FFIEC also said it expects that rating assigned under uniform rating systems and outstanding corrective programs will remain in place after a charter conversion and/or a supervisory agency change. To review the statement, use the link.
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