Citing the "the current stressed environment," the FederalFinancial Institutions Examination Council has made a policystatement on the issue of financial institutions changing theircharters.

"Institutions that intend to change their charter or bankingsupervisor, through either a direct conversion or a conversion bymerger, will continue to seek approval through an applicationprocess with the prospective chartering authority and primaryfederal regulator, in consultation with the appropriate stateregulatory authorities," the statement said.

"The prospective chartering authority agrees to consult with theFDIC (NCUA when appropriate), in its role as deposit insurer andreceiver, and the [Fed], as the consolidated holding companysupervisor, on any application involving an institution for whichits current supervisor has either rated or proposes to rate thatinstitution a 3, 4, or 5 (or "Needs to Improve" or "SubstantialNoncompliance" with respect to Community Reinvestment Actperformance), or has instituted or plans to institute a serious ormaterial corrective program with respect to that institution."