The Federal Home Loan Bank Board issued final regulations yesterday governing the conversion of federally insured mutual savings and loan associations to stock corporations. The regulations contain only minor revisions of a draft published last fall.

Changes in the new regulations pertain to percentage limitations on subscriptions, public comment on conversion plans and penalties for early withdrawal of certificates of deposit.

Board chairman Robert H. McKinney said the regulations would take care of any "reasonable concerns" over insider abuses and windfall profits. He added that the regulations provide benefits to the consumer and the community at large. There are now 82 conversions awaiting board approval. Of the 4,048 federally insured S&Ls, 694 are now stock corporations.

Swift negative reaction came from the Mutual Savings Institution in New York. Its executive director, Kenneth Virch, called the new ruling "just as unfair and inequitable as its numerous previous versions." He claimed it was "a technical impossibility" to distribute the net worth and reserve values of mutual S&Ls that are owned by its depositors "without a windfall to someone."

"Under the bank board's conversion process," Virch continued, "S&L members who do not buy stock in the new corporation -- and that is 96.8 percent thus far in conversions -- are stripped of their voting and property rights for which they receive no compensation whatsoever."