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| TO: |
CHIEF EXECUTIVE OFFICER |
| SUBJECT: |
Rescission of Policy Statement on Assistance to Operating Insured Depository Institutions
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The FDIC Board of Directors has rescinded the FDIC's "Statement
of Policy on Assistance to Operating Insured Depository
Institutions." A copy of the Federal Register notice is
attached.
This action was taken as part of the FDIC's efforts to streamline
and remove obsolete and duplicative requirements. The policy
statement was duplicative of statutory requirements in the FDI
Act. Further, the statement was not required by the FDI Act nor
was it necessary for purposes of the FDIC's consideration of
assistance proposals it receives. Those proposals will be
evaluated against the applicable provisions of the FDI Act.
For more information, please contact Herbert J. Held, Assistant
Director in the Division of Resolutions and Receiverships (DRR),
(202) 898-7329; Sean C. Forbush, Resolutions Specialist in DRR,
(202) 898-8506; Barbara I. Taft, Assistant General Counsel in the
Legal Division, (202) 736-0183; or Michael B. Phillips, Counsel
in the Legal Division, (202) 898-3581.
Attachment: Federal Register Vol. 62, No. 89, May 8, 1997, pp 25191-25192;
Go to FDIC's website: News, Events & FOIA
Distribution: All Insured Banks and Savings Associations
NOTE: Paper copies of FDIC financial institution letters may be
obtained through the FDIC's Public Information Center, 801 17th
St., N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200 or
800-276-6003).
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