On November 26th, the Federal Reserve Board, FDIC, and OCC, in conjunction with the Conference of State Bank Supervisors, issued guidance on the implementation of Section 612 of the Dodd-Frank Act entitled "Restrictions on Conversions of Troubled Banks." Section 612 imposes restrictions on conversions of certain national banks or federal savings associations to state-chartered institutions and on conversions of certain state-chartered banks or savings associations to national banks or federal savings associations. The agencies issued the policy statement to explain the requirements of Section 612. Interagency Statement. See also, OCC Bulletin.