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FDIC Federal Register Citations

[November 30, 2000 (Volume 65, Number 231)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua30no00_053-27]

[Page 74911]

Federal Deposit Insurance Corporation (FDIC) Completed Actions

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4621. ACTIVITIES OF INSURED STATE BANKS AND INSURED SAVINGS ASSOCIATIONS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 378; 12 USC 1813; 12 USC 1815; 12 USC 1816; 12
USC 1817; 12 USC 1818; 12 USC 1820; 12 USC 1823; 12 USC 1828; 12 USC
1828a; 12 USC 1831a; 12 USC 1831e; 12 USC 1831p-1; 12 USC 1831w; 12 USC
1835a; 12 USC 3104; 12 USC 3105; 12 USC 3108; 12 USC 3207; 15 USC 1601-
1607; 12 USC 375a(4); 12 USC 375b; 12 USC 1818(a); 12 USC 1819; 12 USC
1820(d)(10); 12 USC 1821(f); 12 USC 1828(j)(2); 12 USC 1831f; 12 USC
1831f-1; 12 USC 1819(a)(Tenth); 12 USC 1828(m)

CFR Citation: 12 CFR 362; 12 CFR 303; 12 CFR 337

Legal Deadline: Final, Statutory, March 11, 2000.

Abstract: This rulemaking amends the FDIC's regulations governing
activities and investments of insured state banks to require that
notices be filed before insured state nonmember banks conduct
activities through a subsidiary if those activities must be conducted
in a financial subsidiary of a national bank. This subpart allows the
FDIC to impose standards and prudential safeguards when insured state
nonmember banks engage in activities that a national bank must conduct
in a financial subsidiary. It also requires insured state nonmember
banks to meet the mandatory CRA compliance requirement before engaging
in these activities under this subpart. In addition, this subpart
contains the required prudential separations between certain securities
affiliates and insured state nonmember banks. The rulemaking also
removes and reserves the provisions addressing, ``Securities Activities
of Subsidiaries of Insured State Banks: Bank Transactions with
Affiliated Securities Companies.'' The effect of these amendments will
be to require banks to notify the FDIC prior to conducting securities
or other activities through subsidiaries that are not permissible for
national banks directly. The rulemaking also adds certain technical
amendments to correct missing citations or incorrect cross-references
and similar matters.

Timetable:
________________________________________________________________________

Action Date FR Cite

________________________________________________________________________

Interim Final Rule 03/23/00 65 FR 15526
Interim Final Rule Effective 03/11/00
Interim Final Rule Comment
Period End 05/22/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Curtis L. Vaughn, Examination Specialist, Division of
Supervision, Federal Deposit Insurance Corporation, Washing

Last Updated 11/30/2000 regs@fdic.gov