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Inactive Financial Institution Letters

The FDIC Board of Directors has issued for public comment a proposal to revise its fair housing regulation in the areas of advertising, poster and recordkeeping requirements. Comments on the proposal, contained in the attached Federal Register notice, are due by November 19, 1996. The proposed rule gives insured state nonmember banks more flexibility in using fair housing posters and advertising slogans by providing the option of using either the "Equal Housing Opportunity" poster required by Department of Housing and Urban Development regulations or the FDIC's "Equal Housing Lender" poster. Banks will also have the option of using the "Equal Opportunity Lender" slogan in lieu of "Equal Housing Lender" in oral and written advertisements. In addition, the proposal clarifies that either poster may be displayed in a single central location within the bank where deposits are received or where home loans are made. The proposed rule removes the FDIC's recordkeeping requirements that serve as a substitute monitoring program permitted by Regulation B of the Federal Reserve Board, which implements the Equal Credit Opportunity Act. The proposed rule also removes the data collection and reporting requirements that exceed those of Regulation C of the Federal Reserve Board, which implements the Home Mortgage Disclosure Act. Instead, the FDIC would simply cross-reference Regulations B and C, and require recording and reporting of loan denial reasons for loan applications otherwise covered by Regulation C. This action is being taken in accordance with the Riegle Community Development and Regulatory Improvement Act of 1994, which requires the Federal bank and thrift regulatory agencies to review and streamline their regulations and policies. The intended effect of these amendments is to reduce the regulatory burden on insured state nonmember banks and to conform the FDIC's fair housing regulation with those of the other Federal bank and thrift regulatory agencies. The FDIC encourages all interested parties to review the attached proposal. Written comments should be sent to the Office of the Executive Secretary, FDIC, 550 17th Street, N.W., Washington, D.C. 20429. For more information, please contact your Division of Compliance and Consumer Affairs Regional Office on the attached list or the FDIC personnel listed on Page 49420 of the attached Federal Register notice.

Distribution: FDIC-Supervised Banks (Commercial and Savings)

Note: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200).

Attachment

Last Updated 10/24/2007

communications@fdic.gov

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