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FDIC Law, Regulations, Related Acts

FEDERAL DEPOSIT INSURANCE CORPORATION     [Main Tabs]     [Index]     [Previous Page]     [Search] FEDERAL DEPOSIT INSURANCE CORPORATION REPORT BULLETIN NO. 8 April 28, 2008 550 Seventeenth Street, N.W. Washington, D.C. 20429 Order printed copies Supplement Highlights Supplement Highlights * Availability of Funds and Collection of Checks. The Board of Governors amended appendix A of Regulation CC to delete the reference to the Utica office of the Federal Reserve Bank of New York and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland and the head office of the Federal Reserve Bank of Philadelphia. The Board also amended appendix B of Regulation CC to delete the reference to the Utica office. In addition, the board is providing advance notice of future amendments to appendix A that are check-processing operations within the Federal Reserve System. 73 Fed. Reg. 1267, January 8, 2008. See pages 7418.23--7418.28 * The Board of Governors amended appendix A of Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Kansas City and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Dallas, and is amending appendix B of Regulation CC to delete the reference to the Kansas City head office. 73 Fed. Reg. 8787, February 15, 2008. See pages 7413--7414, 7418.23--7418.28 * Financial Crimes Enforcement Network; Amendment Regarding Financial Institutions Exempt from Establishing Anti-Money Laundering Programs. The Financial Crimes Network amended the provision in its regulations that defers, for certain categories of financial institutions, the application of the anti-money laundering program requirements in section 352 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (``USA PATRIOT'') Act of 2001. Two of the categories of financial institutions specifically exempted from having to establish an anti-money laundering program subsequently have been required by regulation to establish such programs, and this rulemaking will amend the regulations to reflect those changes. 73 Fed. Reg. 1975, January 11, 2008. See pages 8516.10-A--8516.10-B, 8516.11--8516.12 * Deposit Insurance Requirements After Certain Conversions; Definition of ``Corporate Reorganization;'' Optional Conversions (``Oakar Transactions''); Additional Grounds for Disapproval of Changes in Control; and Disclosure of Certain Supervisory Information. The FDIC amended certain regulations in order to conform them to certain Federal statutes recently amended by the Financial Services Regulatory Relief Act of 2006, the Federal deposit Insurance Reform Act of 2005, and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005. First, the FDIC amended its deposit insurance regulations to clarify that a deposit insurance application is required for each new bank that results from conversion of certain Federal savings associations into multiple banks. Second, the FDIC amended its merger regulations to define the term ``corporate reorganization'' to mean a merger that involves solely and insured depository institution and one or more of its affiliates. Third, the FDIC amended its merger regulations to remove any reference to ``Optional Conversions'' (sometimes referred to as ``Oakar Transactions''). Fourth, the FDIC is adding, as an additional grounds for disapproval of a change in control notice, unfavorable future prospects of the institution to be acquired. Finally, the FDIC is authorizing the disclosure of examination reports and other confidential supervisory information to certain additional agencies and entities. 73 Fed. Reg. 2143, January 14, 2008. See pages 2043--2044, 2151--2152, 2053--2054.01, 2057--2060, 2175--2176, and 2179--2180     [Main Tabs]     [Index]     [Next Page]     [Search]