Thrivent Financial Bank announced on Wednesday that it is considering a charter change to a credit union charter that would free the bank of strict Dodd-Frank insurance regulations by the end of the year.
Thrivent Financial Bank, a $543 million thrift charter, serves Upper Midwestern Lutherans and is currently waiting for regulators to approve the application that the bank filed last year, according to Credit Union Times.
“We are awaiting approval by [the National Credit Union Association], the Comptroller of the Currency, Federal Reserve Board, FDIC and the Wisconsin Insurance Commission on our proposed transition to a credit union,” a Thrivent Financial spokesperson said, Credit Union Times reports. “We are not able to offer an estimated timeline for approval at this point.”
Thrivent Financial emerged in 2001 as a result of the consolidation of a trust bank, community bank and three credit union affiliates. A thrift charter was chosen because of its flexibility.
Thrivent Financial CEO Todd Sipe said that the bank, a division of a Minnesota-based investment and insurance corporation, began considering a charter change last year in the face of mounting regulations, Credit Union Times reports.