Federal Charter

(redirected from Federal Charters)

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 ?
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.
John Sununu (R-New Hampshire) and Tim Johnson (D-South Dakota) calling for the creation of optional federal charters is expected to be introduced soon.
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.
There is danger in thinking that eliminating the differences between state and federal charters would result in a leveled playing field and less exposure to risk.
Brookline Bancorp, MHC, the Company's mutual holding company, and Brookline, the Company's bank subsidiary, also completed their conversions from state to federal charters.
The credit unions that switched to federal charters are aware of this loss to Utah's economy, and they are taking steps to make it up.
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.
One of our main issues during this summit is PIA's strong opposition to renewed proposals for optional federal charters for insurers," said PIA National President Ray L.
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.
Now the issue hinges on the fairness of converting from state to federal charters, as the federal government, at the urging of the state's bankers, takes a look at the economic and political ramifications of such conversions.
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.

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