An Office of the Comptroller of the Currency proposal that would enable federal savings associations to adapt more easily to new economic conditions and business environments without changing their charters was published in the Federal Register.

As previously covered, Section 5 of the Home Owners' Loan Act ​– created by the Economic Growth, Regulatory Relief, and Consumer Protection Act ​– provides federal savings associations with total consolidated assets of $20 billion or less (as of December 31, 2017) the option to elect to operate as a covered savings association. A covered savings association has the same rights, privileges, duties and restrictions as a national bank, but retains its Federal savings association charter and existing governance framework.

Comments on the proposed rules must be received on or before November 19, 2018.