Federal Reserve: No Objection to United Texas Bank Converting Regulatory Agency

Techub News, the Federal Reserve announced it has no objection to United Texas Bank's conversion from a state member bank supervised by the Federal Reserve to a national bank supervised by the Office of the Comptroller of the Currency (OCC). This decision is based on the requirements of the Dodd-Frank Act and pertains to the conversion application of a bank under specific enforcement actions. The OCC has submitted a regulatory plan to address the enforcement actions between the bank, the Federal Reserve, and the Texas Department of Banking, to which the Federal Reserve also has no objection. This regulatory conversion involves a change in banking supervisory authority.