New OCC Licensing Manual booklet issued

OCC Bulletin 2020-102, issued yesterday, announced the new “Mutual to Stock Conversions” booklet of the Comptroller’s Licensing Manual. The new booklet incorporates provisions of the revised regulation (12 CFR 192) that became effective August 13, 2020. The new booklet:

• provides an overview of policy considerations and decision criteria that the OCC considers when reviewing applications by federal savings associations to convert from a mutual to stock form of ownership under 12 CFR 192.
• describes various types of mutual to stock conversions including standard conversions, merger conversions, conversion mergers, and voluntary supervisory conversions.
• describes the applications process, including the prefiling process, filing and review of the application, the decision, and the post-consummation phase of the mutual to stock conversion.
• outlines requirements and procedures federal savings associations should follow when filing an application to convert from mutual to stock form of ownership.
• lists references and links to informational resources and sample forms and documents that prospective filers may find helpful during the filing and conversion process.