12 CFR §101.4

1. (a)In general—(1) National bank activities. Except as provided in this section, a covered savings association may engage in any activity that is permissible for a similarly located national bank to engage in as part of, or incidental to, the business of banking, or explicitly authorized by statute for a national bank, subject to the same authorization, terms, and conditions that would apply to a similarly located national bank, as determined by the OCC for purposes of this part.
   1. (2)Treatment as a Federal savings association. A covered savings association shall continue to comply with the provisions of law that apply to Federal savings associations for purposes of:
      1. (i)Governance (including incorporation, bylaws, boards of directors, shareholders, members, and distribution of dividends);
      2. (ii)Consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership;
      3. (iii)Provisions of law applicable only to Federal mutual savings associations;
      4. (iv)Offers and sales of securities at an office of a Federal savings association;
      5. (v)Savings bank activities authorized by section 5(i)(4) of HOLA;
      6. (vi)Issuance of subordinated debt securities and mandatorily redeemable preferred stock;
      7. (vii)Increases in permanent capital of a Federal stock savings association;
      8. (viii)Rules of practice and procedure in adjudicatory proceedings;
      9. (ix)Rules for investigative proceedings and formal examination proceedings;
      10. (x)Removals, suspensions, and prohibitions where a crime is charged or proven;
      11. (xi)Security procedures;
      12. (xii)Maintenance of records and recordkeeping and confirmation requirements for securities transactions;
          1. (xiii)Accounting and disclosure standards;
             1. (xiv)Nondiscrimination; and
                1. (xv)Advertising.
2. (b)Existing branches. A covered savings association may continue to operate any branch or agency that the covered savings association operated on the effective date of the election.
3. (c)Assets greater than $20 billion. A covered savings association may continue to operate as a covered savings association if, after the effective date of the election, it has total consolidated assets greater than $20 billion.