CNA Trust Seeks OTS Approval to Operate Nationally

CNA Trust, which manages $1.5 billion in assets for more than 5,000 customers, said Tuesday that it has asked federal regulators for approval to convert its business from a state-chartered institution to a federal savings bank.

The move would allow CNA, the nation’s fourth-largest U.S. property and casualty insurance provider, to offer financial services across the country.

The company is the latest non-bank financial giant to seek a charter from the Office of Thrift Supervision. Insurers and banks are increasingly competing as laws separating financial services are dismantled.

CNA Trust specializes in individual and corporate retirement plans. The company has no plans to enter the consumer-loan business, a spokesman said.