Citing the "the current stressed environment," the Federal Financial Institutions Examination Council has made a policy statement on the issue of financial institutions changing their charters.

"Institutions that intend to change their charter or banking supervisor, through either a direct conversion or a conversion by merger, will continue to seek approval through an application process with the prospective chartering authority and primary federal regulator, in consultation with the appropriate state regulatory authorities," the statement said.

"The prospective chartering authority agrees to consult with the FDIC (NCUA when appropriate), in its role as deposit insurer and receiver, and the [Fed], as the consolidated holding company supervisor, on any application involving an institution for which its current supervisor has either rated or proposes to rate that institution a 3, 4, or 5 (or "Needs to Improve" or "Substantial Noncompliance" with respect to Community Reinvestment Act performance), or has instituted or plans to institute a serious or material corrective program with respect to that institution."