Fed Sees Massive Drop in Number of Federal Savings Associations

New data finds that federally chartered lenders are electing to become covered savings associations (CSAs). As the Federal Reserve Bank of Cleveland noted in a study published Monday (May 4), CSAs are a relatively new kind of depository institution created by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. This law permitted federal savings associations (FSA) — savings banks or savings and loans with a federal charter — with less than $20 billion in assets to choose