n a surprise announcement today at an mutual bank virtual forum co-hosted by the FDIC and OCC, a Federal Reserve official announced that the Federal Reserve has, via interpretive letter, determined that OCC-regulated savings associations that choose to exercise the option to become a “covered savings association” under Section 206 of the 2018 S. 2155 regulatory reform law will now be treated as national banks for purposes of regulation by the Federal Reserve.

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