Federal Charter

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Federal Charter

A document placing a bank under federal regulation. A federal charter is required in order to operate in more than one state.
References in periodicals archive ?
NASCUS has made it clear that it believes federal credit unions aren't paying their fair share of (the) NCUA's operating budget, even though federal charters currently pay 66.
Brian Kennedy, chairman of NCOIL's Communications, Financial Services and Interstate Commerce Committee, said he remains concerned about optional federal charters, both because the states have done an excellent job in insurance consumer protection, and the potential loss of premium tax revenues.
The task of determining appropriate or optimal standards under federal charters may appear simple and straightforward.
This requires taking the battle from Utah to the federal level, and finding a way to close the loophole so that Utah credit unions that have converted to federal charters won't escape state taxes.
While continuing to affirm its support for state regulation, the National Association of Insurance and Financial Advisors board voted last week to strengthen the association's position on insurance regulatory reform by endorsing optional federal charters for insurance companies and agencies.
the "Company") (NASDAQ:ROME), sole shareholder of the Rome Savings Bank (the "Bank") and a majority-owned subsidiary of Rome, MHC (the "MHC"), announced today that the Board of Directors of the Company and the Bank and the Board of Trustees of the MHC adopted a Plan of Charter Conversion pursuant to which the Bank and the MHC will convert to federal charters.
If the three largest state-chartered credit unions in California were to convert to federal charters, the state's regulator would lose $1.
The president has not taken a public position on the issue of optional federal charters, and he has not indicated whether there will be an insurance component to his reform proposals.
Federal charters also give credit unions greater ability to make business loans for their members.
3766, would establish an Office of the National Insurers within the Department of the Treasury to authorize the issuance of federal charters for carrying Out the underwriting and sale of insurance or any other insurance operations.
the "Company") (AMEX:WFD), sole shareholder of Westfield Bank (the "Bank") and a majority-owned subsidiary of Westfield Mutual Holding Company (the "MHC"), announced today that the Board of Directors of the Company and the Bank and the Board of Trustees of the MHC adopted a Plan of Charter Conversion pursuant to which the Company, the Bank and the MHC will convert to federal charters.

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