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.

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"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 66.4% of the cost, compared to 33.6% for state charters.

Metsger Solicits Two-Year Budget

It also demonstrates reform is possible, even without a Federal guarantee, by having investors commit to bear risk now, and allows for the liquidation of Fannie and Freddie, ending their Federal charters and special status, without losing the value of operating assets critical to the mortgage market.

-Fairholme Capital Management to acquire Fannie Mae, Freddie Mac insurance units

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 OFC that wouldn't die: another congressional fight looms in 2011

The task of determining appropriate or optimal standards under federal charters may appear simple and straightforward.

The single-license solution: instead of federal chartering, states should compete with each other to produce efficient insurance regulation

Even so, it will take a lot more than presidential friendship to end Fannie Mae's and Freddie Mac's dependence on their federal charters. Even when they are down they are dangerous adversaries when anyone tries to take away their special government status.

Fannie and Freddie post-election: the significance of the Democratic victories

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.

Financial fracas: banks and CUs battle at the federal level

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.

NAIFA ENDORSES OPTIONAL NATIONAL PRODUCER'S LICENSE INITIATIVE

The federal regulator would grant federal charters to qualified insurers and reinsurers and their agents.

Opportunity for option: opinion: insurers and consumers would benefit from an optional federal regulatory system that encourages market competition. (Industry Strategies)

Probably the most comprehensive proposal is by the ABAIA, which would create two new federal charters, one for insurance companies and the other for insurance agencies.

Insurance Commissioner Opposes Federal Regulation

If the three largest state-chartered credit unions in California were to convert to federal charters, the state's regulator would lose $1.7 million of its $7.2 million budget, leaving small and midsize state-chartered credit unions to subsidize that loss.

Cali's new assessment matrix

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.

Regulatory reform: Congress should preserve what worked, fix what failed

Federal charters also give credit unions greater ability to make business loans for their members.

Charting a new course: embattled state credit unions navigate issues around switching to federal charters