The Federal Reserve approved the conversion of United Texas Bank from Fed supervision to OCC oversight under Dodd-Frank requirements.
The Federal Reserve Board announced it did not object to United Texas Bank’s conversion from a state member bank under its supervision to a national bank regulated by the Office of the Comptroller of the Currency (OCC). The decision complies with the Dodd-Frank Act, which mandates Fed approval for such transitions when enforcement actions are involved.
United Texas Bank, based in Dallas, was subject to enforcement actions by the Fed and the Texas Department of Banking. The OCC submitted a supervisory plan to address these matters, which the Fed also approved. The conversion process requires adherence to legal and regulatory frameworks governing bank supervision changes.
The move reflects a routine regulatory adjustment, with no immediate market reaction reported. The Fed’s decision ensures continuity in oversight while shifting supervisory authority to the OCC.