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An operating subsidiary is a corporation, LLC, or similar entity that engages in activities that are part of, or incidental to, the business of banking as determined by the OCC or other statutory authority.
The final rule provides that a CSA be treated as a federal savings association for purposes of merger, consolidation, dissolution, conversion, conservatorship, and receivership, but a CSA is permitted to retain branches and agency offices that the federal savings association operated on the date of election.