WASHINGTON - Federal regulators may clamp down on depositor-owned thrifts that switch to state charters to take advantage of a spate of generous state laws governing stock conversions.

Both the Federal Deposit Insurance Corp. and the Office of Thrift Supervision - alarmed by reports of managements changing mutual thrifts' charters to capture large blocks of free or low-priced stock for themselves - have opened investigations aimed at producing new rules.

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