FDIC Federal Register Citations

[October 29, 1997 (Volume 62, Number 209)]

[Unified Agenda]

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

[Page 58408]

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Final Rule Stage

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4289. DETERMINATION OF ECONOMICALLY DEPRESSED REGIONS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1819; 12 USC 1823

CFR Citation: 12 CFR 357

Legal Deadline: None

Abstract: The FDIC is required by statute to consider proposals for

direct financial assistance by SAIF members having offices located in

economically depressed regions and meeting certain other specified

criteria, before grounds exist for the appointment of a conservator or

receiver. In fulfilling this mandate, the FDIC established a list of

ten such regions in 1990 with 12 CFR 357 (55 FR 11161). In 1992, the

FDIC published a proposal that would have updated the list of 10

regions, but that proposal was never finalized. This rulemaking

withdraws the 1992 proposal, and revises the regulation by providing

the methodology that the FDIC will use to determine which regions are

economically depressed, rather than identifying and periodically

updating a list of regions.

This action is the result of a CDRI section 303(a) review.

Timetable:

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Action Date FR Cite

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NPRM 12/18/92 57 FR 60140

NPRM Comment Period End 02/16/93

Second NPRM 08/06/96 61 FR 40756

Second NPRM Comment Period End 10/07/96

Final Action 12/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: John O'Keefe, Chief, Economic Analysis Section,

Division of Research and Statistics, Federal Deposit Insurance

Corporation, Washington, DC 20429

Phone: 202 898-3945

RIN: 3064-AB08

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