FDIC Federal Register Citations

[Federal Register: May 7, 1997 (Volume 62, Number 88)]

[Notices]

[Page 24927]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr07my97-71]

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FEDERAL DEPOSIT INSURANCE CORPORATION

Changes in Control in Insured Nonmember Banks; Rescission of

Statement of Policy

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Rescission of statement of policy.

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SUMMARY: As part of the FDIC's systematic review of its regulations and

written policies under section 303(a) of the Riegle Community

Development and Regulatory Improvement Act of 1994 (CDRI), the FDIC is

rescinding its Statement of Policy ``Changes in Control in Insured

Nonmember Banks'' (Statement of Policy). The Statement of Policy is

duplicative and unnecessary because all substantive information that it

contains is also provided in FDIC change in bank control regulations.

DATES: The Statement of Policy is rescinded May 7, 1997.

FOR FURTHER INFORMATION CONTACT: Charles J. Magyar, Review Examiner,

(202/898-6752), Division of Supervision; Sandy Comenetz, Counsel, (202/

898-3582), Legal Division, FDIC, 550 17th Street, N.W., Washington,

D.C. 20429.

SUPPLEMENTARY INFORMATION: The FDIC is conducting a systematic review

of its regulations and written policies. Section 303(a) of the CDRI (12

U.S.C. 4803(a)) requires the FDIC to streamline and modify its

regulations and written policies in order to improve efficiency, reduce

unnecessary costs, and eliminate unwarranted constraints on credit

availability. Section 303(a) also requires the FDIC to remove

inconsistencies and outmoded and duplicative requirements from its

regulations and written policies.

As part of this review, the FDIC has determined that the Statement

of Policy is duplicative and unnecessary, and that the FDIC's written

policies can be streamlined by its elimination.

The FDIC developed the Statement of Policy to provide general

supervisory information and guidance to persons seeking to acquire

control of an insured state nonmember bank. The Statement of Policy was

adopted by the Board of Directors on January 24, 1979. 44 FR 7122 (Jan.

24, 1979).

The relevant supervisory information and guidance contained in the

Policy Statement is provided in 12 CFR Part 303, Sec. 303.4, and 12 CFR

Part 308, Subpart D.

For the above reasons, the Policy Statement is rescinded.

By order of the Board of Directors.

Federal Deposit Insurance Corporation.

Dated at Washington, D.C. this 29th day of April, 1997.

Robert E. Feldman,

Deputy Executive Secretary.

[FR Doc. 97-11821 Filed 5-6-97; 8:45 am]

BILLING CODE 6714-01-P