1.   Federally chartered thrifts can sell insurance, branch across state lines, and operate real estate development subsidiaries, activities that commercial banks have only in some states.

2.   John Hancock is the latest in a string of insurers to apply for a federally chartered thrift.

3.   State chartered thrifts would be treated as banks for the purpose of federal law.

4.   Yet insurers are able to own federally chartered thrifts, whose lending powers traditionally have been limited to mortgages and other forms of consumer debt.